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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report__________</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from __________ to __________</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number: <span id="xdx_90F_edei--EntityFileNumber_c20230101__20231231_z55g1SjvtOee"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000022" name="dei:EntityFileNumber">001-41115</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_906_edei--EntityRegistrantName_c20230101__20231231_zLn2EPPQN18e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityRegistrantName">Genenta
Science S.p.A.</ix:nonNumeric></span></b></span></p>

<!-- Field: Rule-Page --><div style="text-align: center; width: 100%"><div style="border-top: Black 1.5pt solid; text-align: center; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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

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

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

<!-- Field: Rule-Page --><div style="text-align: center; width: 100%"><div style="border-top: Black 1.5pt solid; text-align: center; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of Registrant&#8217;s name into English)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zdW7vVX4Qk4g"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000024" name="dei:EntityIncorporationStateCountryCode">Italy</ix:nonNumeric></span></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20230101__20231231_zWtKuuGF6so5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000025" name="dei:EntityAddressAddressLine1">Via
Olgettina No. 58</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressPostalZipCode_c20230101__20231231_ziXXgTYlKM2e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressPostalZipCode">20132</ix:nonNumeric></span>
<span id="xdx_906_edei--EntityAddressCityOrTown_c20230101__20231231_z5ndtFfTJJt3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityAddressCityOrTown">Milan</ix:nonNumeric></span>, <span id="xdx_90F_edei--EntityAddressCountry_c20230101__20231231_zdX290bYS1W2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000028" name="dei:EntityAddressCountry">Italy</ix:nonNumeric></span></b></span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zT2lBcUrJnI5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000029" name="dei:EntityAddressAddressLine1">Via
Olgettina No. 58</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z2W1xtkgCnta"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000030" name="dei:EntityAddressPostalZipCode">20132</ix:nonNumeric></span>
<span id="xdx_902_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zVkpAOR96lkb"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000031" name="dei:EntityAddressCityOrTown">Milan</ix:nonNumeric></span>, <span id="xdx_90B_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zXSQ2Inernc7"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000032" name="dei:EntityAddressCountry">Italy</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attn:
<span id="xdx_90B_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zS2RKe1rKrp6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:ContactPersonnelName">Pierluigi Paracchi</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel:
<span id="xdx_90B_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPzjoIAVx2Rj"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:CityAreaCode">+39</ix:nonNumeric></span>-<span id="xdx_909_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z4snry8WKpgf"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:LocalPhoneNumber">02-2643-4681</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
<span id="xdx_904_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8R4i0r70T2a"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:ContactPersonnelEmailAddress">pierluigi.paracchi@genenta.com</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    symbol(s)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesEachAmericanDepositaryShareRepresentingOneOrdinaryShareMember_zjTHc43F3Kz5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesEachAmericanDepositaryShareRepresentingOneOrdinaryShareMember" id="Fact000037" name="dei:Security12bTitle">American
    depositary shares</ix:nonNumeric> </span>(each American depositary
    share representing one ordinary share)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--TradingSymbol_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesEachAmericanDepositaryShareRepresentingOneOrdinaryShareMember_zXxkp4yENo92"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesEachAmericanDepositaryShareRepresentingOneOrdinaryShareMember" id="Fact000038" name="dei:TradingSymbol">GNTA</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The <span id="xdx_903_edei--SecurityExchangeName_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesEachAmericanDepositaryShareRepresentingOneOrdinaryShareMember_zZgpZ5z5rB06"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesEachAmericanDepositaryShareRepresentingOneOrdinaryShareMember" format="ixt-sec:exchnameen" id="Fact000039" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market LLC</b></span></p>
                                                                             <p style="margin-top: 0; margin-bottom: 0"><b>(The Nasdaq
                                            Capital Market)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesNoParValueMember_zXpe2quNQqR"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesNoParValueMember" id="Fact000040" name="dei:Security12bTitle">Ordinary
    shares</ix:nonNumeric></span>, no par value</b>*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
                                            Nasdaq Stock Market LLC</b></span></p>
                                                                             <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>(The
                                            Nasdaq Capital Market)<span style="font-size: 10pt">&#160;</span></b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                            for trading, but only in connection with the listing of American depositary shares on The
                                            Nasdaq Capital Market.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the Issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
registrant had <span id="xdx_908_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231_zMSHmICiMtA"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000041" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,958</ix:nonFraction></span> ordinary shares outstanding as of December 31, 2023.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9744; Yes &#9746; <span id="xdx_909_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_z4KuEX8gY1W1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. &#9744; Yes &#9746; <span id="xdx_90A_edei--EntityVoluntaryFilers_c20230101__20231231_zd9QVr8uJO4g"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&#8212; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9746; <span id="xdx_908_edei--EntityCurrentReportingStatus_c20230101__20231231_ztrH6788VsBi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_903_edei--EntityInteractiveDataCurrent_c20230101__20231231_zX42Fy8vKRx7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>



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

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

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated
  filer &#9744;</span></td>
  <td style="text-align: justify; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer
  &#9744;</span></td>
    <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_edei--EntityFilerCategory_c20230101__20231231_zuZC6ji5q2J"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000046" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span> &#9746;</span></td>
    <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif">Emerging growth company <span id="xdx_90E_edei--EntityEmergingGrowthCompany_c20230101__20231231_zkDpRi4ORK7a"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000047" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_908_edei--EntityExTransitionPeriod_c20230101__20231231_zvUKomEfZbKl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sub>&#8224;</sub></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            term &#8220;new or revised financial accounting standard&#8221; refers to any update issued
                                            by the Financial Accounting Standards Board to its Accounting Standards Codification after
                                            April 5, 2012.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_909_edei--IcfrAuditorAttestationFlag_c20230101__20231231_z9MiP1J7x2O7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000049" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_906_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zlgoEw2dz41d"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="text-align: center; width: 28%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--DocumentAccountingStandard_c20230101__20231231_zO6OMZiQqfJl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></p>
</td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: center; width: 40%"><span style="font-family: Times New Roman, Times, Serif">International Financial Reporting
  Standards as issued by the International Accounting Standards Board &#9744;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: center; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr>
</table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. &#9744; Item 17 &#9744; Item 18</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). &#9744; Yes <span id="xdx_907_edei--EntityShellCompany_dbF_c20230101__20231231_zFJhtIIqHbi9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000052" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span> No</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. &#9744; Yes &#9744; No</span></p>

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

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

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


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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_001"><span style="font-size: 10pt">PART
    I</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_002"><span style="font-size: 10pt">Identity
    of Directors, Senior Management and Advisers</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.6in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_003"><span style="font-size: 10pt">Offer
    Statistics and Expected Timetable</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_004"><span style="font-size: 10pt">Key
    Information</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_005"><span style="font-size: 10pt"><i>[Reserved]</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_006"><span style="font-size: 10pt"><i>Capitalization
    and Indebtedness</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_007"><span style="font-size: 10pt"><i>Reasons
    for the Offer and Use of Proceeds</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>D.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#sj_008"><span style="font-size: 10pt"><i>Risk
    Factors</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#da_001">Information
    on the Company</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><a href="#da_002">History
    and Development of the Company</a></i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><a href="#da_003">Business
    Overview</a></i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><a href="#am_001">Organizational
    Structure</a></i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>D.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_002"><span style="font-size: 10pt"><i>Property,
    Plants and Equipment</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_003">Unresolved
    Staff Comments</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_004">Operating
    and Financial Review and Prospects</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_005"><span style="font-size: 10pt"><i>Operating
    Results</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_006"><span style="font-size: 10pt"><i>Liquidity
    and Capital Resources</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_007"><span style="font-size: 10pt"><i>Research
    and Development</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>D.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_008"><span style="font-size: 10pt"><i>Trend
    Information</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>E.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_009"><span style="font-size: 10pt"><i>Critical
    Accounting Estimates</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_010"><span style="font-size: 10pt">Directors,
    Senior Management and Employees</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_011"><span style="font-size: 10pt"><i>Directors
    and Senior Management</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_012"><span style="font-size: 10pt"><i>Compensation</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_013"><span style="font-size: 10pt"><i>Board
    Practices</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>D.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_014"><span style="font-size: 10pt"><i>Employees</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>E.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_015"><span style="font-size: 10pt"><i>Share
    Ownership</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>F.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_016"><span style="font-size: 10pt"><i>Disclosure
    of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_017"><span style="font-size: 10pt">Major
    Shareholders and Related Party Transactions</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_018"><span style="font-size: 10pt"><i>Major
    Shareholders</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_019"><span style="font-size: 10pt"><i>Related
    Party Transactions</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_020"><span style="font-size: 10pt"><i>Interests
    of Experts and Counsel</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_021"><span style="font-size: 10pt">Financial
    Information</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_022"><span style="font-size: 10pt"><i>Consolidated
    Statements and Other Financial Information</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_023"><span style="font-size: 10pt"><i>Significant
    Changes</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_024"><span style="font-size: 10pt">The
    Offer and Listing</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_025"><span style="font-size: 10pt"><i>Offer
    and Listing Details</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_026"><span style="font-size: 10pt"><i>Plan
    of Distribution</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><a href="#am_027">Markets</a></i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>D.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_028"><span style="font-size: 10pt"><i>Selling
    Shareholders</i></span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_029">Dilution</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_030"><span style="font-size: 10pt">Expenses
    of the Issue</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_031"><span style="font-size: 10pt">Additional
    Information</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.6in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_032"><span style="font-size: 10pt">Share
    Capital</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_033"><span style="font-size: 10pt">Memorandum
    and Articles of Association</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_034"><span style="font-size: 10pt">Material
    Contracts</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#am_035"><span style="font-size: 10pt">Exchange
    Controls</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_036">Taxation</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_001"><span style="font-size: 10pt">Dividends
    and Paying Agents</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_002"><span style="font-size: 10pt">Statement
    by Experts</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_003"><span style="font-size: 10pt">Documents
    on Display</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_004"><span style="font-size: 10pt">Subsidiary
    Information</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_005"><span style="font-size: 10pt">Annual
    Report to Security Holders</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_006"><span style="font-size: 10pt">Quantitative
    and Qualitative Disclosures About Market Risk</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_007"><span style="font-size: 10pt">Description
    of Securities Other Than Equity Securities</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_008"><span style="font-size: 10pt">Debt
    Securities</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_009"><span style="font-size: 10pt">Warrants
    and Rights</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_010"><span style="font-size: 10pt">Other
    Securities</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_011"><span style="font-size: 10pt">American
    Depositary Shares</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_012"><span style="font-size: 10pt">PART
    II</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_013"><span style="font-size: 10pt">Defaults,
    Dividend Arrearages and Delinquencies</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_014"><span style="font-size: 10pt">Material
    Modifications to the Rights of Security Holders and Use of Proceeds</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_015"><span style="font-size: 10pt">Controls
    and Procedures</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_016"><span style="font-size: 10pt">[Reserved]</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16&#176;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_017"><span style="font-size: 10pt">&#8212;
    Audit Committee Financial Expert</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16B</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_018"><span style="font-size: 10pt">&#8212;
    Code of Ethics</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16C</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_019"><span style="font-size: 10pt">&#8212;
    Principal Accountant Fees and Services</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16D</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_020"><span style="font-size: 10pt">&#8212;
    Exemption from the Listing Standards for Audit Committees</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16E</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_021"><span style="font-size: 10pt">&#8212;
    Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16F</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_022"><span style="font-size: 10pt">&#8212;
    Change in Registrant&#8217;s Certifying Accountant</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16G</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_023"><span style="font-size: 10pt">&#8212;
    Corporate Governance</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16H</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_024"><span style="font-size: 10pt">&#8212;
    Mine Safety Disclosure</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_025"><span style="font-size: 10pt">&#8212;
    Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_026"><span style="font-size: 10pt">&#8212;
    Cybersecurity</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_027"><span style="font-size: 10pt">PART
    III</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_028"><span style="font-size: 10pt">Consolidated
    Financial Statements</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_029"><span style="font-size: 10pt">Consolidated
    Financial Statements</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_030"><span style="font-size: 10pt">Exhibits</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#nja_031"><span style="font-size: 10pt">Signatures</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</span></td></tr>
  </table>


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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this Annual Report on Form 20-F (this &#8220;Annual Report&#8221;), unless otherwise indicated or the context otherwise requires,
references to</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;we,&#8221;
                                            &#8220;Genenta,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;the Company,&#8221; or
                                            &#8220;our company&#8221; are to Genenta Science S.p.A., including its subsidiaries;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ordinary
                                            shares&#8221; are to our ordinary shares, no par value;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ADSs&#8221;
                                            or &#8220;American Depositary Shares&#8221; are to our American depositary shares, each representing
                                            one ordinary share;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Nasdaq&#8221;
                                            are to the Nasdaq Capital Market;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Italy&#8221;
                                            are to the Republic of Italy, &#8220;E.U.&#8221; are to the European Union, and &#8220;U.S.&#8221;
                                            are to the United States of America;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;$,&#8221;
                                            &#8220;USD,&#8221; &#8220;dollars,&#8221; &#8220;USD$&#8221; or &#8220;U.S. dollars&#8221;
                                            are to the legal currency of the U.S.; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;&#8364;,&#8221;
                                            or &#8220;EURO&#8221; are to the legal currency of the E.U..</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
for the convenience of the reader, this Annual Report contains translations of certain EURO amounts into U.S. dollars at specified rates.
Except as otherwise stated in this Annual Report, all translations from EURO to U.S. dollars are based on the noon buying rate of &#8364;1.00
per $1.10392 in the City of New York for cable transfers of EUROs, as certified for customs purposes by the Federal Reserve Bank of New
York on December 29, 2023. No representation is made that such EURO amounts referred to in this Annual Report could have been or could
be converted into U.S. dollars at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts
listed are due to rounding.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited consolidated financial statements and notes thereto as of and for fiscal 2023, 2022 and 2021 included elsewhere in this Annual
Report have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;US GAAP&#8221;). Our fiscal semi-annual
year end is June 30 and our fiscal year end is December 31.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, we converted from a limited liability company (societ&#224; a responsabilit&#224; limitata, or &#8220;S.r.l.&#8221;) to
a joint stock company (societ&#224; per azioni, or an &#8220;S.p.A.&#8221;) (the &#8220;Corporate Conversion&#8221;). This change in
incorporation did not affect the financial information presented in this Annual Report, except for the transformation of our quotas into
ordinary shares.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report contains many statements that are &#8220;forward-looking&#8221; and uses forward-looking terminology such as &#8220;anticipate,&#8221;
&#8220;believe,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;future,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;ought to,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potentially,&#8221; &#8220;predicts,&#8221;
&#8220;project,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; negatives of such terms or other similar statements.
You should not place undue reliance on any forward-looking statement due to its inherent risk and uncertainties, both general and specific.
Although we believe the assumptions on which the forward-looking statements are based are reasonable and within the bounds of our knowledge
of our business and operations as of the date of this Annual Report, any or all of those assumptions could prove to be inaccurate. As
a result, the forward-looking statements based on those assumptions could also be incorrect. The forward-looking statements in this Annual
Report include, without limitation, statements relating to:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            goals and strategies;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            future business development, results of operations and financial condition;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            ability to protect our intellectual property rights;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">projected
                                            revenues, profits, earnings and other estimated financial information;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            ability to maintain strong relationships with our customers and suppliers;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            planned use of proceeds; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental
                                            policies regarding our industry.</span></td></tr></table>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forward-looking statements included in this Annual Report are subject to known and unknown risks, uncertainties and assumptions about
our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee
of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements
as a result of risk factors, some of which are described under the headings &#8220;Risk Factors&#8221;, &#8220;Operating and Financial
Review and Prospects,&#8221; &#8220;Information on our Company&#8221; and elsewhere in this Annual Report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
risks and uncertainties are not exhaustive. Other sections of this Annual Report include additional factors which could adversely impact
our business and financial performance. The forward-looking statements contained in this Annual Report speak only as of the date of this
Annual Report or, if obtained from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified
in their entirety by the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new
risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future
events. Except as otherwise required by the securities laws of the U.S., the E.U. and Italy, we undertake no obligation to update or
revise any forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence
of unanticipated events.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_001"></span><span style="font-size: 10pt"><b>PART
I</b></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_002"></span><span style="font-size: 10pt"><b>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Directors and Senior Management</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_003"></span><span style="font-size: 10pt"><b>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_004"></span><span style="font-size: 10pt"><b>ITEM
3. KEY INFORMATION</b></span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_005"></span><span style="font-size: 10pt"><b>A.
[Reserved]</b></span></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sj_006"></span>B.
Capitalization and Indebtedness</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_007"></span><span style="font-size: 10pt"><b>C</b>.
<b>Reasons for the Offer and Use of Proceeds</b></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="sj_008"></span><span style="font-size: 10pt"><b>D.
Risk Factors</b></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should carefully consider all of the information in this report, including various changing regulatory, competitive, economic, political
and social risks and conditions described below, before making an investment in our ordinary shares. One or more of a combination of
these risks could materially impact our business, results of operations and financial condition. In any such case, the market price of
our ADSs or ordinary shares could decline, and you may lose all or part of your investment.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
relating to our business include issues arising from the following matters and related adverse developments:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have a limited operating history and have incurred significant losses since our inception.
                                            We have never generated revenue and will require significant additional funds, which may
                                            not be available on acceptable terms or at all. As a result, you could lose your entire investment.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            lentiviral-based gene therapy product candidates are based on a novel technology that is
                                            in preliminary stages of evaluation, which makes it difficult to predict the time and cost
                                            of product candidate development or the likelihood of receiving required regulatory approvals.
                                            Our rights to the intellectual property underlying our novel technology derive solely from
                                            our license agreement with San Raffaele Hospital (&#8220;OSR&#8221;) and any failure to comply
                                            with the terms of such license agreement could have a material adverse effect on our intellectual
                                            property position and our ability to seek approval for and ultimately commercialize such
                                            product candidates.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
                                            if we do receive regulatory approvals for our product candidates, they may face commercialization
                                            issues from significantly larger oncology competitors, unfavorable pricing regulations or
                                            lack of acceptance by doctors, hospitals, patients and insurers. Our product candidates and
                                            the process for administering them may also cause undesirable side effects or have other
                                            properties that could delay or prevent their regulatory approval, limit their commercial
                                            potential, or result in significant negative consequences following any potential marketing
                                            approval.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            currently have very few employees and rely almost entirely on the efforts of third parties
                                            over which we have limited control and in certain cases are reliant on a sole supplier for
                                            our materials. Our contract research organizations (&#8220;CROs&#8221;) may fail to observe
                                            the standards to which our studies must be conducted, and our product candidates may not
                                            be approved as a result. Likewise, our contract manufacturing organizations (&#8220;CMOs&#8221;)
                                            may not continue producing the needed materials for preclinical and clinical testing, whether
                                            as a result of their commitments to other customers or otherwise. Any failure of these third
                                            parties to meet our expectations would have a materially adverse effect on our product development
                                            efforts.</span></td></tr></table>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            clinical trials for Temferon must be successful if we are to seek and obtain regulatory marketing
                                            application through the submission of a new Biological License Application (&#8220;BLA&#8221;)
                                            and marketing authorization application (&#8220;MAA&#8221;) with the U.S. Food and Drug Administration
                                            (&#8220;FDA&#8221;) and the European Medicines Agency (&#8220;EMA&#8221;), respectively.
                                            Advanced clinical trials are often not successful even if prior trials were successful, and
                                            even if we are able to conduct advanced clinical trials and those trials are successful,
                                            we may not obtain necessary regulatory approvals for Temferon or we may be unable to successfully
                                            commercialize our products even if we receive the necessary regulatory approvals.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Chief Executive Officer, directors and shareholders who own more than 5% of our outstanding
                                            ordinary shares currently own approximately 40% of our ordinary shares and will therefore
                                            be able to exert significant control over matters submitted to our shareholders for approval.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            a public company, we will need to comply with extensive additional U.S. and Italian governmental
                                            regulations and Nasdaq rules, which will be expensive, and require significant management
                                            attention.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            a company organized under the laws of Italy and whose shares are represented by ADSs, the
                                            rights of investors in the Company differ in several material respects from the rights of
                                            holders of shares of common stock of a U.S. domestic company and may not provide investors
                                            the same protections.</span></td></tr></table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will need additional capital in the future. Raising additional capital by issuing securities may cause dilution to existing shareholders.
Financing may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay,
limit or terminate our product candidate development efforts or other operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our cash and cash equivalents and marketable securities were approximately &#8364;18.8 million. If we continue to
use cash at our historical rates of use, we will need significant additional financing, which we may seek through a combination of private
and public equity offerings, debt financings and collaboration, in-licensing arrangements, joint ventures, strategic alliances or partnerships.
For example, on May 12, 2023, we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) a shelf registration statement,
which was declared effective by the SEC on May 24, 2023 and permits us to sell from time to time additional ordinary shares, ordinary
shares represented by ADSs or rights exercisable for ordinary shares or ADSs in one or more offerings in amounts, at prices and on the
terms that we will determine at the time of offering for aggregate gross sales proceeds of up to $100.0 million. To the extent
that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted,
and the terms of any such offerings may include liquidation or other preferences that may adversely affect the then existing shareholders
rights. Debt financing, if available, would result in increased fixed payment obligations, and we may be required to agree to certain
restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license
intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. If we
raise additional funds through collaborations, licensing arrangements, joint ventures, strategic alliances, or partnerships with third
parties, we may be required to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavorable
to us. Even if we believe that we have sufficient funds for our current or future operating plans, we may seek additional capital if
market conditions are favorable or if we have specific strategic considerations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future funding requirements will depend on many factors, including but not limited to:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            scope, progress, results and costs of drug discovery, laboratory testing, pre- and non-clinical
                                            development and clinical trials for our product candidates, including Temferon;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            cost, timing and outcome of regulatory review of our product candidates;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            costs of future activities, including product sales, marketing, manufacturing and distribution,
                                            for any of our product candidates for which we receive marketing approval;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            cost of preparing, filing and prosecuting patent and trademark applications, maintaining
                                            and enforcing our intellectual property rights and defending our intellectual property-related
                                            claims;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            product liability or other lawsuits related to our products;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            expenses needed to attract and retain skilled personnel; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            costs associated with being a public company.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to
develop and commercialize our product candidates. In addition, we cannot guarantee that future financing will be available in sufficient
amounts or on terms acceptable to us, if at all. Moreover, the terms of any financing may adversely affect the holdings or the rights
of holders of our securities and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance,
may cause the market price of our securities to decline.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our
research or development programs or the development or commercialization, if any, of any product candidates or be unable to expand our
operations or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition
and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Clinical
drug development involves a lengthy and expensive process with uncertain timelines and uncertain outcomes, and results of earlier trials
may not be predictive of future trial results. If clinical studies of our product candidates are prolonged or delayed, we may be unable
to obtain the required regulatory approvals, and therefore be unable to commercialize our product candidates on a timely basis or at
all.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a limited history of conducting large-scale or pivotal clinical studies, and no history commercializing pharmaceutical products,
which may make it difficult to evaluate the prospects for our future viability. Our operations to date have been limited to financing
and staffing our company, developing our technology, and developing Temferon for glioblastoma multiforme. We have not yet demonstrated
an ability to successfully complete a large-scale or pivotal clinical study, obtain marketing approval, manufacture a commercial scale
product, or conduct sales and marketing activities necessary for successful product commercialization. Consequently, predictions about
our future success or viability may not be as accurate as they could be if we had a history of successfully developing and commercializing
pharmaceutical products.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
clinical studies for our product candidates are prolonged, delayed or stopped, we may be unable to obtain regulatory approval and commercialize
our product candidates on a timely basis, which would require us to incur additional costs and delay or restrict our receipt of any product
revenue. There have been significant developments in the highly dynamic field of immuno-oncology such as the earlier availability of
product candidates or earlier approval of drugs for the same indications as our product candidates, which may lead us to adapt or alter
our clinical programs. At this stage, we cannot assure you of the safety or tolerability of Temferon as a monotherapy, or of its ability
to demonstrate efficacy in humans. The commencement of planned clinical studies could be substantially delayed or prevented by several
factors, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussions
                                            with the Italian Medicines Agency (Agenzia italiana del farmaco, or &#8220;AIFA&#8221;),
                                            FDA, EMA, or other regulatory agencies regarding the scope or design of our clinical studies;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            limited number of, and competition for, suitable sites to conduct our clinical studies, many
                                            of which may already be engaged in other clinical study programs, including some that may
                                            be for the same indication as our product candidates;</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approval
                                            of drugs for the same indications as our product candidates;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            delay or failure to obtain regulatory approval or agreement to commence a clinical study
                                            in any of the countries where enrollment is planned;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            to obtain sufficient funds required for a clinical study;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">clinical
                                            holds on, or other regulatory objections to, a new or ongoing clinical study;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
                                            or failure in the testing, validation, manufacture and delivery of sufficient supplies of
                                            product candidate for our clinical studies;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
                                            related to any lingering impact from the COVID-19 pandemic;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
                                            or failure to reach agreement on acceptable clinical study agreement terms with prospective
                                            sites or CROs, the terms of which can be subject to extensive negotiation and may vary significantly
                                            among different sites or CROs; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
                                            or failure to obtain institutional review board (&#8220;IRB&#8221;) or ethics committee approval
                                            to conduct a clinical study at a prospective site.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
completion of our clinical studies could in the future be substantially delayed or prevented by several factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">slower
                                            than expected rates of patient recruitment and enrollment, due to factors including, but
                                            not limited to, the availability of other drugs to treat potential patients, the unwillingness
                                            of patients to participate in low-dose groups of dose-ranging studies and lack of recruitment
                                            by clinical study sites;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
                                            relating to adding new clinical study sites;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                            of patients to complete the clinical study or return for post-treatment follow-up;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                            of our collaborators to provide us with products necessary for us to conduct our combination
                                            studies;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">safety
                                            issues, including severe or unexpected drug-related adverse effects experienced by patients,
                                            including possible deaths;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            AIFA, FDA, EMA, or other regulatory authorities requiring us to suspend or terminate a clinical
                                            study, or requiring us to submit additional data or imposing other requirements before permitting
                                            us to continue a clinical study;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
                                            of efficacy during clinical studies;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">errors
                                            in trial design or conduct;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">termination
                                            of our clinical studies by one or more clinical study sites;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            or unwillingness of patients or clinical investigators to follow our clinical study protocols,
                                            including clinical investigators&#8217; failure to comply with our clinical study protocols
                                            without our notice;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            to monitor patients adequately during or after treatment by us and/or our CROs; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            need to repeat or terminate clinical studies as a result of inconclusive or negative results
                                            or unforeseen complications in testing.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in regulatory requirements and guidance may also occur and we may need to significantly amend clinical study protocols or submit new
clinical study protocols to reflect these changes with the appropriate regulatory authorities. In addition, changes in the competitive
environment have occurred and may continue to occur. Amendments may require us to renegotiate terms with CROs or resubmit clinical study
protocols to IRBs or ethics committees for re-examination, which may impact the costs, timing or successful completion of a clinical
study.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
clinical studies may be suspended or terminated at any time by the AIFA, FDA, EMA, other regulatory authorities, the IRBs or ethics committees
overseeing the clinical study at issue, any of our clinical study sites, or us, due to a number of factors, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                            to conduct the clinical study in accordance with regulatory requirements or our clinical
                                            protocols;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">safety
                                            issues or any determination that a clinical study presents unacceptable health risks;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
                                            of adequate funding to continue the clinical study due to unforeseen costs or other business
                                            decisions;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
                                            a breach or pursuant to the terms of any agreement with, or for any other reason by, current
                                            or future collaborators that have responsibility for the clinical development of any of our
                                            product candidates; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">availability
                                            of a new effective treatment for the respective disease or condition that would be considered
                                            to be standard of care by regulatory bodies.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research, development and clinical costs will increase if we experience delays in clinical studies or marketing approvals or if we are
required to conduct additional clinical studies or other testing of our product candidates. We may be required to obtain additional funding
to conduct and complete such clinical studies. We cannot assure you that our clinical studies will begin as planned or be completed on
schedule, if at all, or that we will not need to restructure our trials after they have begun. Significant clinical study delays also
could shorten any periods during which we may have the exclusive right to commercialize our product candidates or allow our competitors
to bring products to market before we do, which may harm our business and results of operations. Any failure or significant delay in
completing clinical studies for our product candidates would adversely affect our ability to obtain regulatory approval and our commercial
prospects and ability to generate product revenue will be diminished.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a clinical-stage biopharmaceutical company with limited operating history, which may make it difficult for you to evaluate the success
of our business to date and to assess our future viability.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an emerging biotechnology company with a limited operating history. Investment in biopharmaceutical product development is highly
speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will
fail to demonstrate adequate effect or an acceptable safety profile, gain regulatory approval and become commercially viable. All of
our product candidates are in early development, and none have been approved for commercial sale. We have not demonstrated an ability
to successfully complete late-stage clinical trials, obtain regulatory approvals, manufacture our product candidates at commercial scale
or arrange for a third-party to do so on our behalf, conduct sales and marketing activities necessary for successful commercialization,
or obtain reimbursement in the countries of sale. We may encounter unforeseen expenses, difficulties, complications, and delays in achieving
our business objectives. Our short history as an operating company makes any assessment of our future success or viability subject to
significant uncertainty. If we do not address these risks successfully or are unable to transition at some point from a company with
a research and development focus to a company capable of supporting commercial activities, then our business will be materially harmed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have incurred significant losses in every year since our inception. We expect to continue to incur losses over the next several years
and may never achieve or maintain profitability.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no products approved for commercial sale, have not generated any revenue from commercial sales of our product candidates, and have
incurred losses each year since our inception. Our losses for the years ended December 31, 2023, 2022, and 2021, were approximately &#8364;11.6
million, &#8364;8.5 million, and &#8364;5.5 million, respectively. As of December 31, 2023, we had an accumulated deficit of approximately
&#8364;47.1 million. Substantially all of our operating losses resulted from costs incurred in connection with our research and development
activities, including pre- and non-clinical development of our gene therapy product candidates, namely our leading product candidate
Temferon, and from general and administrative costs associated with our operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that it will be several years, if ever, before we have any product approved for commercial sale. We have funded our operations
to date primarily through proceeds from our initial public offering of ADSs and ordinary shares in December 2021 (the &#8220;IPO&#8221;)
and, prior to our IPO, the private placement of ordinary shares to our founding shareholders. We expect to continue to incur significant
expenses and increasing operating losses for the foreseeable future. We anticipate that our expenses will increase substantially if,
and as, we:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue
                                            the research and development of our gene therapy product candidates, including continuing
                                            and conducting preclinical studies and clinical trials of Temferon and conducting preclinical
                                            studies and clinical trials for any additional product candidates that we may pursue in the
                                            future;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">develop
                                            and obtain regulatory approval for registration studies for our current product candidate,
                                            Temferon, and any additional product candidates that we may pursue in the future;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
                                            regulatory and marketing approvals for our product candidates that successfully complete
                                            clinical studies, including obtaining orphan drug designation;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish
                                            a sales, marketing, and distribution infrastructure to commercialize any product candidates
                                            for which we may obtain marketing approval;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">industrialize
                                            our lentivirus <i>ex-vivo</i> gene therapy approach into a robust, scalable and, if approved,
                                            commercially viable process;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain,
                                            protect, and expand our intellectual property portfolio;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hire
                                            and retain qualified technical personnel, such as clinical, quality control, commercial and
                                            scientific personnel;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expand
                                            our infrastructure and facilities to support our operations, including adding equipment and
                                            physical infrastructure to support our research and development; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur
                                            additional legal, accounting and other expenses associated with operating as a public company.</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have not generated revenue from product sales and may never be profitable.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to generate revenue from product sales and achieve profitability depends on our ability, alone or with partners, to successfully
complete the development of, and obtain the regulatory approvals necessary to commercialize, our product candidates. We do not anticipate
generating revenues from product sales for the next several years, if ever, and our ability to do so depends heavily on our success in
many areas, including but not limited to:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">completing
                                            research and pre- and non-clinical development of our products candidates;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seeking
                                            and obtaining regulatory and marketing approvals for product candidates for which we complete
                                            clinical studies, if any;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
                                            and maintaining supply and manufacturing processes and relationships with third parties that
                                            can provide adequate (in amount and quality) products and services, and at acceptable costs,
                                            to support clinical development and market demand for our product candidates, if marketing
                                            approval is received;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">negotiating
                                            favorable terms in any collaboration, licensing or other arrangements into which we may enter;
                                            and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
                                            market acceptance of our product candidates, if approved for marketing, as viable treatment
                                            options.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if one or more of the product candidates that we develop is approved for commercial sale, we anticipate incurring significant costs associated
with commercialization, with all associated risks and uncertainties. Therefore, we cannot predict when, or if, we will be able to achieve
profitability. Additional clinical trials or delays in the initiation and completion of clinical trials could cause our expenses to increase
significantly and profitability to be further delayed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
failure to become and remain profitable would decrease the value of our company and could impair our ability to raise capital, maintain
our research and development efforts, expand our business or continue our operations. A decline in the value of our company also could
cause you to lose all or part of your investment.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
lentivirus ex-vivo gene transfer therapy product candidates are based on a novel technology, which makes it difficult to predict the
time and cost of product candidate development and likelihood of subsequently obtaining regulatory approval.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have concentrated our research and development efforts on our lentivirus <i>ex-vivo</i> gene transfer strategy approach, and our future
success is highly dependent upon our successful development of commercially viable gene therapy product candidates. There can be no assurance
that we will not experience problems or delays in developing new product candidates and that such problems or delays will not cause unanticipated
costs, or that any such development problems can be solved. Because lentivirus <i>ex-vivo</i> gene transfer cell therapies represent
a relatively new field of cellular immunotherapy and cancer treatment generally, developing and commercializing our product candidates
subjects us to a number of risks and challenges, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
                                            regulatory approval for our product candidates, as the AIFA, FDA, EMA, and other regulatory
                                            authorities have limited experience with lentivirus <i>ex-vivo</i> gene transfer therapies
                                            for cancer;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
                                            and deploying consistent and reliable processes for engineering a patient&#8217;s hemapoietic
                                            stem progenitor cells (&#8220;HSPCs&#8221;) <i>ex vivo</i> and infusing the engineered HSPCs
                                            back into the patient;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sourcing
                                            clinical and, if approved, commercial supplies of the materials used to manufacture our product
                                            candidates;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
                                            programming modules with the desired properties, while avoiding adverse reactions;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">creating
                                            viral vectors capable of delivering multiple programming modules;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
                                            a reliable and consistent <i>ex vivo</i> gene modification and manufacturing process;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">securing
                                            manufacturing capacity suitable for the manufacture of our product candidates in line with
                                            expanding enrollment in our clinical studies and our projected commercial requirements;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">minimizing
                                            and avoiding infection and contamination during production of product candidates;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
                                            protocols for the safe administration of our product candidates;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">educating
                                            medical personnel regarding our lentivirus <i>ex-vivo</i> gene transfer technologies and
                                            the potential side effect profile of each of our product candidates, such as potential adverse
                                            effects related to pyrexia and infections;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
                                            integrated solutions in collaboration with specialty treatment centers in order to reduce
                                            the burdens and complex logistics commonly associated with the administration of lentivirus
                                            <i>ex-vivo</i> gene transfer cell therapies;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            and when we obtain any required regulatory approvals, establishing sales and marketing capabilities
                                            or partnerships to successfully launch and commercialize our product candidates and gaining
                                            market acceptance of a novel therapy; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            availability of coverage and adequate reimbursement from third-party payors.</span></td></tr></table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to successfully develop our lentivirus <i>ex-vivo</i> gene transfer product candidates or our technology in a manner
that will yield products that are safe, effective, scalable, or profitable. Additionally, because our technology involves the genetic
modification of patient cells <i>ex vivo</i>, we are subject to additional regulatory challenges and risks, including:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
                                            requirements governing gene and cell therapy products are evolving in response to new clinical
                                            data. To date, several cell therapy products that involve the genetic modification of patient
                                            cells have been approved in the United States and/or the European Union, including two lentivirus
                                            <i>ex-vivo</i> gene transfer products;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">genetically
                                            modified products could lead to lymphoma, leukemia or other cancers, or other aberrantly
                                            functioning cells in the event of improper insertion of a gene sequence into a patient&#8217;s
                                            chromosome, or due to other unknown causes;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">although
                                            our viral vectors are not able to replicate, there is a risk with the use of lentiviral vectors
                                            that they could lead to new or reactivated pathogenic strains of virus or other infectious
                                            diseases; and</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            FDA recommends a 15-year follow-up observation period for patients who receive treatment
                                            using gene therapies and guidance promulgated by the EMA requires a similar follow-up observation
                                            period for patients who receive cell therapeutic products, which has to be sufficient to
                                            observe the subjects for risks that may be due to the characteristics of the product, the
                                            nature and extent of the exposure, and the anticipated time of occurrence of delayed adverse
                                            reactions and could be as long as life-time, and we may need to adopt an observation period
                                            for our product candidates.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
public perception and awareness of cell and gene therapy safety issues may adversely influence the willingness of subjects to participate
in clinical trials of our product candidates, or if approved, of physicians to prescribe our products. Physicians, hospitals and third-party
payors often are slow to adopt new products, technologies and treatment practices that require additional upfront costs and training.
Treatment centers may not be willing or able to devote the personnel and establish other infrastructure required for the administration
of lentivirus <i>ex-vivo</i> gene transfer cell therapies. Physicians may not be willing to undergo training to adopt this novel and
personalized therapy, may decide the therapy is too complex to adopt without appropriate training and may choose not to administer the
therapy. Based on these and other factors, hospitals and payors may decide that the benefits of this new therapy do not or will not outweigh
its costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
gene therapy product candidates and the process for administering our product candidates may cause undesirable side effects or have other
properties that could delay, prevent their regulatory approval, limit their commercial potential, or result in significant negative consequences
following any potential marketing approval.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
treatment with our gene therapy product candidates, patients may experience changes in their health, including illnesses, injuries, discomforts
or a fatal outcome. It is possible that as we study and test Temferon or other product candidates in larger, longer and more extensive
clinical programs, or as use of our product candidates becomes more widespread if they receive regulatory approval, illnesses, injuries,
discomforts, side effects and other adverse events that were observed in earlier clinical trials, as well as conditions that did not
occur or went undetected in previous clinical trials, will be reported by patients. Gene therapies are also subject to the potential
risk that occurrence of adverse events will be delayed following administration of the gene therapy due to persistent biological activity
of the genetic material or other components of the vectors used to carry the genetic material. Many times, additional safety risks, contraindications,
drug interactions, adverse events and side effects are only detectable after investigational products are tested in larger scale clinical
trials or, in some cases, after they are made available to patients on a commercial scale after approval. Moreover, as noted above, the
FDA generally requires a long-term follow-up of study subjects for potential gene therapy-related adverse events for a 15-year period,
including a minimum of five years of annual examinations followed by ten years of annual queries, either in person or by questionnaire,
of study subjects. If additional clinical experience indicates that Temferon or any other product candidates or similar products developed
by other companies has side effects or causes serious or life-threatening side effects, the development of the product candidate may
fail or be delayed, or, if the product candidate has received regulatory approval, such approval may be revoked or limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been several significant adverse side effects in gene therapy treatments in the past, including reported cases of leukemia with
the use of gammaretrovirus vector and patient deaths in other clinical trials. There have been recent case reports of suspected unexpected
serious adverse reactions (&#8220;SUSARs&#8221;) involving an ex-vivo transduced lentivirus vector (&#8220;LVV&#8221;) gene therapy product,
BlueBird Bio&#8217;s elivaldogene autotemcel (&#8220;Lenti-D&#8221;), involving two SUSARs for cases of acute myeloid leukemia (&#8220;AML&#8221;),
and one case involving myelodysplastic syndrome.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2021, the EMA safety committee (Pharmacovigilance Risk Assessment Committee &#8211; PRAC) announced that there is no evidence the
LVV used in both Lenti-D and the E.U.-approved gene therapy Zynteglo spurred the AML cases.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BlueBird
Bio announced on August 9, 2021 that the SUSAR involving myelodysplastic syndrome occurred in one patient treated with Lenti-D over a
year previously, that this SUSAR &#8220;is likely mediated by Lenti-D lentiviral vector (LVV) insertion,&#8221; and that &#8220;[e]vidence
currently available suggests that specific design features of Lenti-D LVV likely contributed to this event.&#8221; As a result of this
SUSAR, the FDA has placed a clinical hold on BlueBird Bio&#8217;s Lenti-D phase 3 trial for cerebral adrenoleukodystrophy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gene
therapy is still a relatively new approach to disease treatment and additional adverse side effects could develop. Possible adverse side
effects that may occur with treatment with gene therapy products include an immunologic reaction early after administration that could
substantially limit the effectiveness of the treatment or represent safety risks for patients. Another safety concern for gene therapies
using viral vectors has been the possibility of insertional mutagenesis by the vectors, leading to malignant transformation of transduced
cells. While our lentivirus <i>ex-vivo</i> gene transfer therapy approach is designed to avoid immunogenicity after administration, there
can be no assurance that patients would not create antibodies that may impair treatment. Our approach involves the use of integrating
vectors which have the potential for genomic disruption and therefore could interfere with other genes with adverse clinical effects.
If any of our gene therapy product candidates demonstrates adverse side effects, we may decide or be required to halt or delay clinical
development of such product candidates.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
risks for gene therapy products can be identified, in addition to side effects caused by the product candidate itself, as part of the
entire process required for their manufacturing and administration. For Temferon manufacturing, each patient needs to be subjected to
a mobilization and harvesting process for HSPC collection. This procedure is associated with risks linked to the administration of mobilization
agents. The conditioning regimen required for administering our product candidate and the associated procedures can also cause adverse
side effects. A gene therapy patient is generally administered with cytotoxic drugs to remove stem cells from the bone marrow to create
sufficient space for the modified stem cells to engraft and produce their progeny. This procedure compromises the patient&#8217;s immune
system, and adverse events related to preconditioning have been observed in our ongoing clinical trial. If in the future we are unable
to demonstrate that such adverse events were caused by the conditioning regimens used, or by their administration process or related
procedure, the FDA, EMA or other regulatory authorities could order us to cease further development of, or deny the approval of, Temferon
or our other product candidates for any or all target indications. Even if we are able to demonstrate that adverse events are not related
to our drug product, such occurrences could affect the ability to enroll patients to complete the clinical trial, or the commercial viability
of any product candidates that obtain regulatory approval.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, Temferon has only been administered to a small number of human subjects in our ongoing Phase 1/2a study. Due to the lack of a broader
experience in human subjects, there is limited information available about the relationship of adverse events to administration of Temferon.
Adverse events experienced in our clinical trials and attributed to autologous stem cell transplant, concomitant medications, and disease
progression have included febrile neutropenia and other infectious complications, venous thromboembolism, poor performance status, liver
enzyme elevation, brain abscess and hemiparesis. While most of these adverse events were managed with treatment and supportive care,
three glioblastoma multiforme (&#8220;GBM&#8221;) patients died within 122 days due to complications following the conditioning
regimens and steroid use.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patient
deaths and severe adverse events caused by any investigational product candidates could result in the delay, suspension, clinical hold,
or termination of clinical trials by sponsors, ethics committees and regulatory authorities. If we elect or are required to delay, suspend,
or terminate any clinical trial of any product candidates that we develop, the commercial prospects of such product candidates will be
harmed and our ability to generate product revenue from any of these product candidates would be delayed or eliminated. Serious adverse
events observed in clinical trials could hinder or prevent market acceptance of the product candidate at issue. Any of these occurrences
may harm our business, prospects, financial condition, and results of operations significantly.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
if any of our product candidates receives marketing approval, the FDA could require us to adopt a Risk Evaluation and Mitigation Strategy
(&#8220;REMS&#8221;) and EMA or other non-U.S. regulatory authorities could impose other specific obligations as a condition of approval
to ensure that the benefits outweigh its risks, which may include, among other things, a medication guide outlining the risks of the
product for distribution to patients, a communication plan to health care practitioners, and restrictions on how or where the product
can be distributed, dispensed or used. Furthermore, if we or others later identify undesirable side effects caused by Temferon or any
of our other product candidates, several potentially significant negative consequences could result, including:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
                                            authorities may suspend or withdraw approvals of such a product candidate;</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
                                            authorities may require additional warnings or limitations of use in product labeling;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may be required to change the way a product candidate is distributed, dispensed, or administered
                                            or conduct additional clinical trials;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            could be sued and held liable for harm caused to patients; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            reputation may suffer.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could prevent us from achieving or maintaining market acceptance of our product candidates and could significantly harm
our business, prospects, financial condition and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are evaluating Temferon in a Phase 1/2a clinical trial in newly diagnosed unmethylated MGMT gene promoter glioblastoma tumor patients
(the &#8220;TEM-GBM Study&#8221;). To date, the TEM-GBM Study is ongoing and not complete.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are at a very early stage of development for all our gene therapy product candidates. At this stage, only our lead product candidate
Temferon has been authorized by AIFA to be evaluated in a Phase 1/2a clinical trial in Italy. A study testing Temferon in multiple myeloma
study was also approved by AIFA, but we closed the study due to lack of enrollment feasibility, rather than clinical events, as no multiple
myeloma patients have been treated with Temferon.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to commence a clinical trial in the U.S., we will be required to seek FDA acceptance of an investigational new drug application
(&#8220;IND&#8221;) for each of our product candidates, including Temferon. We cannot be sure any IND we submit to the FDA, or any similar
clinical trial application we submit in other countries, will be accepted. If we will be required by regulatory authorities to conduct
additional preclinical testing prior to filing an IND or similar application to clinically evaluate any of our product candidates, including
Temferon, this may result in delay in our product candidate development. The results of any such preclinical testing may not be positive
and may not support an application to study Temferon or any of our other product candidates in additional clinical trials. Currently,
we do not have plans to conduct a clinical trial outside of Italy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that the FDA or EMA will not view our ongoing or planned trials as providing adequate support for future clinical trials
or for an application for marketing approval, for any one or more reasons, including elements of the design or execution of the trials
or safety concerns or other trial results. If we are unable to confirm or replicate the results of our trials in larger patient group
or if negative results are obtained, we would likely be further delayed or prevented from advancing further clinical development of Temferon
or any of our other product candidates.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the FDA or EMA may disagree with the sufficiency of our proposed reliance upon the preclinical, manufacturing, or clinical data generated
by third-party academic-sponsored trials, or our interpretation of preclinical, manufacturing, or clinical data from our ongoing trials
with AIFA. If so, the FDA or EMA may require us to obtain and submit additional preclinical, manufacturing, or clinical data.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
need to complete our Phase 1/2a clinical trial for Temferon, as well as additional clinical trials to obtain regulatory approvals to
market Temferon. Carrying out later-stage clinical trials is a complicated process. We are a small organization with limited experience
in preparing, submitting, and prosecuting regulatory filings, and we have not previously submitted a BLA to the FDA or the equivalent
application to EMA for any product candidate.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have not yet conducted clinical trials of any our product candidates in the U.S. or Europe (outside of Italy), and we cannot
be certain how many clinical trials of Temferon or any of our other product candidates will be required or how such trials should be
designed. Consequently, we may be unable to successfully and efficiently execute and complete necessary clinical trials in a way that
leads to a BLA submission (or its equivalent for EMA) and approval of Temferon or any of our other product candidates. We may require
more time and incur greater costs than our competitors and may not succeed in obtaining regulatory approvals of product candidates that
we develop. Failure to commence or complete, or delays in, our planned clinical trials, could prevent us from or delay us in commercializing
Temferon.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may encounter substantial delays in commencement and completion of clinical trials.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
obtaining marketing approval from regulatory authorities for the sale of our product candidates, we must conduct extensive clinical studies
to demonstrate the safety and efficacy of the product candidates in humans. Clinical development is a long, expensive, and uncertain
process, and delay or failure can occur at any stage of any of our clinical trials. We cannot guarantee that any clinical studies will
be conducted or completed on schedule, if at all. Clinical trials can be delayed or prevented for several reasons, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
                                            in reaching a consensus with regulatory agencies on study design;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in regulatory requirements and guidance that require amending or submitting new clinical
                                            protocols;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            obtaining regulatory approval to commence a clinical trial or complying with conditions imposed
                                            by a regulatory authority regarding the scope or term of a clinical trial;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            obtaining IRB approval to conduct a clinical trial at a prospective site in the U.S.;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                            to perform in accordance with the FDA&#8217;s good clinical practices (&#8220;GCP&#8221;)
                                            or applicable regulatory guidelines in other countries;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
                                            in reaching or failing to reach agreement on acceptable terms with prospective CROs and trial
                                            sites, the terms of which can be subject to extensive negotiation and may vary significantly
                                            among different CROs and trial sites;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                            by CROs, other third parties or us to adhere to clinical trial protocol and record keeping
                                            requirements;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">trial
                                            sites or patients dropping out of a study;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            occurrence of serious adverse events associated with the product candidate that are viewed
                                            to outweigh its potential benefits;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insufficient
                                            or inadequate supply or quality of a product candidate or other materials necessary to conduct
                                            our clinical trials;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
                                            in the testing, validation, manufacturing and delivery of our product candidates to the clinical
                                            sites; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            the FDA or EMA or other regulatory authorities elect to enact policy changes.</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trials may also be delayed or terminated because of ambiguous or negative interim results. In addition, a clinical trial may be suspended
or terminated by us, AIFA, the FDA, EMA, the IRBs at the sites where the IRBs are overseeing a trial, a data safety monitoring board
overseeing the clinical trial at issue or by other regulatory authorities due to a number of factors, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                            to conduct the clinical trial in accordance with regulatory requirements or our clinical
                                            protocols;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inspection
                                            of the clinical trial operations or trial sites by AIFA, the FDA, EMA or other regulatory
                                            authorities;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unforeseen
                                            safety issues or lack of effectiveness; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
                                            of adequate funding to continue the clinical trial.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
inability to successfully complete preclinical and clinical development could result in additional costs to us or impair our ability
to generate revenues. This could result in increased costs, delays in advancing our product candidates, delays in testing the effectiveness
of our product candidates or termination of the clinical trials altogether.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we make changes to our product candidates, we may need to conduct additional studies to bridge our modified product candidates
to earlier versions, this will increase the costs and could delay our clinical development plan, or marketing approval for our product
candidates. For example, among our preclinical candidates, we are developing a &#8220;switchable&#8221; system. This system has the potential
to be a &#8220;switchable&#8221; on/off system that may limit the long-term exposure to any selected therapeutic payloads, but it requires
further preclinical testing as well as additional manufacturing validation. Moreover, our platform is designed to allow us to use other
therapeutic payloads, other than IFN-&#945;. This has the potential to open a multitude of therapeutic indications but further preclinical
testing as well as additional manufacturing validation are required. Any modification of our product candidates will likely require updates
to our clinical trial applications and INDs with the relevant regulatory authorities, which may result in delay, suspension, or termination
of ongoing or future clinical trials pending our submission, and the agencies&#8217; review, of such updates. Clinical study delays could
also shorten any periods during which we may have the exclusive right to commercialize our product candidates or allow our competitors
to bring products to market before we do, which could impair our ability to successfully commercialize our product candidates and may
harm our business and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
results of preclinical studies, early-stage clinical trials, data obtained from real-world use, and published third-party studies may
not be indicative of results in future clinical trials and we cannot assure you that any clinical trials will lead to results sufficient
for the necessary regulatory approvals.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of preclinical studies may not be predictive of the results of clinical trials, and the results of any completed clinical trials,
including studies derived from real-world use and studies in published literature, or clinical trials we commence may not be predictive
of the results of later-stage clinical trials. Additionally, interim results and analyses from our ongoing clinical trials do not necessarily
predict final results. Moreover, preliminary data and analyses from our ongoing clinical trials may change as more patient data becomes
available. In general, we conduct interim analyses at pre-specified times, which do not include data after the cut-off date and will
not be available until the next planned interim analysis. From time to time, preliminary data and analyses might be presented, typically
by academic investigators at scientific conferences or in scientific publications. Interim data and analyses are subject to the risk
that one or more of the clinical outcomes may materially change as patient enrollment continues and/or more patient data becomes available
to us. Interim and preliminary data/analyses also remain subject to audit and verification procedures that may result in the final data
being materially different from the preliminary data available to us or that we previously published. As a result, preliminary and interim
data/analyses should be viewed with caution until the final data are available. Material adverse changes in the final data compared to
the preliminary or interim data/analyses could significantly harm our business prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indeed,
our product candidates may fail to show the desired safety and efficacy in clinical development despite demonstrating positive results
in preclinical studies or having successfully advanced through initial clinical trials. Later clinical trial results may not replicate
earlier clinical trials for a variety of reasons, including differences in trial design, different trial endpoints (or lack of trial
endpoints in exploratory studies), subject population, number of subjects, subject selection criteria, trial duration, drug dosage and
formulation and lack of statistical power in the earlier studies. Our company has limited experience in designing and conducting clinical
trials and we may be unable to design and execute a clinical trial to support regulatory approval. There can be no assurance that any
of our clinical trials will ultimately be successful or support further clinical development of any of our product candidates. Several
companies in the pharmaceutical and biotechnology industries have suffered significant setbacks in clinical development even after achieving
promising results in earlier studies, and any such setbacks in our clinical development could have a negative impact on our business.
Any of our product candidates, including Temferon, may fail to show the desired safety and efficacy in clinical development despite positive
results in preclinical studies. Any such failure would cause us to abandon the product candidate.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
our ongoing clinical trial utilizes, and our planned clinical trials may utilize, an &#8220;open-label&#8221; trial design. An &#8220;open-label&#8221;
clinical trial is one where both the patient and investigator know whether the patient is receiving the investigational product candidate
or either an existing approved drug or placebo. Most typically, open-label clinical trials test only the investigational product candidate
and sometimes may do so at different dose levels. Open-label clinical trials are subject to various limitations that may exaggerate any
therapeutic effect as patients in open-label clinical trials are aware when they are receiving treatment. Open-label clinical trials
may be subject to a &#8220;patient bias&#8221; where patients perceive their symptoms to have improved merely due to their awareness
of receiving an experimental treatment. In addition, open-label clinical trials may be subject to an &#8220;investigator bias&#8221;
where those assessing and reviewing the physiological outcomes of the clinical trials are aware of which patients have received treatment
and may interpret the information of the treated group more favorably given this knowledge. The results from an open-label trial may
not be predictive of future clinical trial results with any of our product candidates for which we include an open-label clinical trial
when studied in a controlled environment with a placebo or active control.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identifying
and qualifying patients to participate in clinical trials of our product candidates is critical to our success. The timing of our clinical
trials depends on our ability and on the speed at which we can recruit patients to participate in testing our product candidates, as
well as the completion of required follow-up periods. We may experience delays in our clinical trials if we encounter difficulties in
enrollment. Patients may be unwilling to participate in our gene therapy clinical trials because of negative publicity from adverse events
related to the biotechnology or gene therapy fields, the safety profile of our product candidate under study, the perceived risks and
benefits of the product candidate under study; the perceived risks and benefits of gene therapy-based approaches to treatment of diseases,
including any required pretreatment conditioning regimens, the existence of competitive clinical trials for similar patient populations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may not be able to identify, recruit and enroll a sufficient number of patients due to the existence of efficacious alternative
treatments, the size of the patient population and process for identifying subjects, the design of the trial protocol, the exclusion/inclusion
criteria that we are currently targeting may limit the pool of patients that may be enrolled in our ongoing or planned clinical trials,
the proximity and availability of clinical trial sites for prospective subjects and the patient referral practices of physicians, and
the ability to obtain and maintain subject consent, as well as the risk that enrolled subjects will drop out before completion of the
trial.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
patients are unwilling to participate in our studies for any reason, the timeline for recruiting patients, conducting studies, and obtaining
regulatory approval of potential product candidates will be delayed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we experience delays in the commencement or completion or termination of any clinical trial of our product candidates, the commercial
prospects of our product candidates will be harmed, and our ability to generate product candidate revenue from any of these product candidates
could be delayed or prevented. In addition, any delays in completing our clinical trials will increase our costs, slow down our product
candidate development and approval process and jeopardize our ability to commence product candidate sales and generate revenue. Any of
these occurrences may harm our business, financial condition, and prospects significantly. In addition, many of the factors that cause,
or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval
of our product candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
results of clinical trials conducted at clinical sites outside the U.S. may not be accepted by the FDA and the results of clinical trials
conducted at clinical sites in the U.S. may not be accepted by international regulatory authorities.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date our only ongoing recruiting clinical trial has been conducted in Italy but we are eventually planning to globally develop Temferon,
including in the U.S. Although the FDA may accept data from clinical trials conducted outside the U.S., acceptance of this data is subject
to certain conditions imposed by the FDA. For example, the clinical trial must be well-designed and conducted and performed by qualified
investigators in accordance with GCPs, ethical principles such as or IRB or ethics committee approval and informed consent. Generally,
the subject population for any clinical trials conducted outside of the U.S. must be representative of the U.S. population, and the data
must be applicable to the U.S. population and U.S. medical practice in ways that the FDA deems clinically meaningful. In addition, while
these clinical trials are subject to the applicable local laws, FDA acceptance of the data will be dependent upon its determination that
the trials were conducted consistent with all applicable U.S. laws and regulations. There can be no assurance the FDA or international
regulatory authorities will accept data from trials conducted in Italy or outside of the location in which each regulatory authority
is based as adequate support of a marketing application in each jurisdiction. If the FDA does not accept the data from sites in our Italian
conducted clinical trials, or if international regulatory authorities do not accept the data from our future U.S. clinical trials, it
would likely result in the need for additional trials, which would be costly and time-consuming and could delay or permanently halt the
development of one or more of our product candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to successfully initiate, enroll and complete a clinical trial in any foreign country including the U.S., is subject to numerous
risks unique to conducting business in foreign countries, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty
                                            in establishing or managing relationships with CROs and physicians;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">different
                                            standards for the conduct of clinical trials;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            absence in some countries of established groups with sufficient regulatory expertise for
                                            review of gene therapy protocols;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            inability to locate qualified local consultants, physicians and partners; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            potential burden of complying with a variety of laws, medical standards and regulatory requirements,
                                            including the regulation of pharmaceutical and biotechnology products and treatment.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in methods of product candidate manufacturing or formulation may result in additional costs or delay.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
product candidates proceed through preclinical studies to late-stage clinical trials towards potential approval and commercialization,
it is common that various aspects of the development program, such as manufacturing methods and formulation, are altered along the way
to optimize processes and results. Such changes carry the risk that they will not achieve these intended objectives. We may also experience
delays in developing a sustainable, reproducible, and scalable manufacturing process or delays in transferring that process to commercial
partners, which may prevent us from initiating, completing, or expanding our clinical trials or commercializing our products, if any,
on a timely or profitable basis, if at all. For example, the anticipated transition of our cell processing to a different commercial
partner in the U.S., or to a commercial partner(s) relying on automated closed system, if available, using all disposable supplies would
require regulatory approvals, may not be successful or may experience unforeseen delays, which may cause shortages or delays in the supply
of our products available for clinical trials and future commercial sales, if any. In addition, there is no assurance that products manufactured
using a different commercial partner or an automated closed system, if and when available, will achieve the same results observed to
date in Temferon clinical and preclinical and non-clinical studies. Any of these changes could cause our product candidates to perform
differently and affect the results of planned clinical trials or other future clinical trials conducted with the materials manufactured
using altered processes. Such changes may also require additional testing such as comparability studies, FDA or EMA notification or FDA
approval. This could delay completion of clinical trials, require the conduct of bridging clinical trials or the repetition of one or
more clinical trials, increase clinical trial costs, delay approval of our product candidates and jeopardize our ability to commence
sales and generate revenue.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if we complete the necessary preclinical and clinical studies, we cannot predict when or if we will obtain regulatory approval to commercialize
a product candidate and the approval may be for a narrower indication than we seek.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot commercialize a product until the appropriate regulatory authorities have reviewed and approved the product candidate. Even if
our product candidates demonstrate safety and efficacy in preclinical and clinical studies, the regulatory agencies may not complete
their review processes in a timely manner, or we may not be able to obtain regulatory approval. Many companies in the pharmaceutical
and biotechnology industries have suffered significant setbacks in late-stage clinical trials even after achieving promising results
in preclinical testing and earlier-stage clinical trials. Additional delays may result if an FDA Advisory Committee or other regulatory
authority does not recommend approval or recommends restrictions on approval. In addition, we may experience delays or rejections based
upon additional government regulation from future legislation or administrative action, or changes in regulatory agency policy during
the period of product development, clinical studies, and the review process. Regulatory agencies also may approve a product candidate
for fewer or more limited indications than requested or may grant approval subject to the performance of post-marketing studies. In addition,
regulatory agencies may not approve the labeling claims that are necessary or desirable for the successful commercialization of our product
candidates. If we are unable to obtain necessary regulatory approvals, our business, prospects, financial condition, and results of operations
may suffer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may seek designations for our product candidates with the FDA, EMA and other comparable regulatory authorities that are intended to confer
benefits such as a faster development process or an accelerated regulatory pathway, but there can be no assurance that we will successfully
obtain such designations. In addition, even if one or more of our product candidates are granted such designations, we may not be able
to realize the intended benefits of such designations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA, EMA, and other comparable regulatory authorities, offer certain designations for product candidates that are intended to encourage
the research and development of pharmaceutical and biotechnology products addressing conditions with significant unmet medical need.
These designations may confer benefits such as additional interaction with regulatory authorities, a potentially accelerated regulatory
pathway and priority review. There can be no assurance that we will successfully obtain such a designation for Temferon. In addition,
while such designations could expedite the development or approval process, they do not change the standards for approval. Even if we
obtain such designations for one or more of our product candidates, there can be no assurance that we will realize their intended benefits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, we may seek a Breakthrough Therapy Designation from the FDA for one or more of our product candidates. A Breakthrough Therapy
Designation is defined as a therapy that is intended, alone or in combination with one or more other therapies, to treat a serious or
life-threatening disease or condition, if preliminary clinical evidence indicates that the therapy may demonstrate substantial improvement
over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical
development. For therapies that have Breakthrough Therapy Designation, interaction and communication between the FDA and the sponsor
of the trial can help to identify the most efficient path for clinical development while minimizing the number of patients placed in
ineffective control regimens. Therapies with Breakthrough Therapy Designation from the FDA are also eligible for accelerated approval.
Designation as a breakthrough therapy is within the discretion of the FDA. Accordingly, even if we believe one of our product candidates
meets the criteria for Breakthrough Therapy Designation, the FDA may disagree and instead determine not to make such designation. In
any event, the receipt of a Breakthrough Therapy Designation for a product candidate may not result in a faster development process,
review or approval compared to therapies considered for approval under conventional FDA procedures and does not assure ultimate approval
by the FDA. In addition, even if one or more of our product candidates qualify for Breakthrough Therapy Designation, the FDA may later
decide that such product candidates no longer meet the conditions for qualification.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also seek Fast Track Designation from the FDA for some of our product candidates. If a therapy is intended for the treatment of a
serious or life-threatening condition and the therapy demonstrates the potential to address unmet medical needs for this condition, the
therapy sponsor may apply for Fast Track Designation. The FDA has broad discretion whether or not to grant this designation, so even
if we believe a particular product candidate is eligible for this designation, there can be no assurance that the FDA would decide to
grant it. Even if we do receive Fast Track Designation, we may not experience a faster development process, review or approval compared
to conventional FDA procedures and receiving a Fast Track Designation does not provide assurance of FDA ultimate approval. The FDA may
withdraw Fast Track Designation if it believes that the designation is no longer supported by data from our clinical development program.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may seek a regenerative medicine advanced therapy (&#8220;RMAT&#8221;) designation for some of our product candidates. An
RMAT is defined as a cell therapy, therapeutic tissue engineering products, human cell and tissue products, or any combination products
using any such therapies or products. Gene therapies, including genetically modified cells that lead to a durable modification of cells
or tissues may meet the definition of regenerative medicine therapy. The RMAT program is intended to facilitate efficient development
and expedite review of RMATs, which are intended to treat, modify, reverse, or cure a serious or life-threatening disease or condition,
and for which preliminary clinical evidence indicates that the candidate has potential to address unmet medical needs for such disease
or condition. A new drug application or a BLA for an RMAT may be eligible for priority review or accelerated approval through (1) surrogate
or intermediate endpoints reasonably likely to predict long-term clinical benefit or (2) reliance upon data obtained from a meaningful
number of sites. Benefits of such designation also include early interactions with FDA to discuss any potential surrogate or intermediate
endpoint to be used to support accelerated approval. A regenerative medicine therapy that is granted accelerated approval and is subject
to post-approval requirements may fulfill such requirements through the submission of clinical evidence, clinical studies, patient registries,
or other sources of real-world evidence, such as electronic health records; the collection of larger confirmatory data sets; or post-approval
monitoring of all patients treated with such therapy prior to its approval. RMAT designation is within the discretion of the FDA. Accordingly,
even if we believe one of our product candidates meets the criteria for designation as a regenerative medicine advanced therapy, the
FDA may disagree and instead determine not to make such designation. In any event, the receipt of RMAT designation for a product candidate
may not result in a faster development process, review or approval compared to product candidates considered for approval under conventional
FDA procedures and does not assure ultimate approval by the FDA. In addition, even if one or more of our product candidates qualify for
RMAT designation, the FDA may later decide that the biological products no longer meet the conditions for qualification.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may seek a conditional marketing authorization in Europe for some or all of our current product candidates, but we may not be able to
obtain or maintain such a designation.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of its marketing authorization process, EMA may grant marketing authorizations for certain categories of medicinal products based
on less complete data than is normally required, where the benefit of immediate availability of the medicine outweighs the risk inherent
in the fact that additional data are still required or in the interests of public health. In such cases, it is possible for the Committee
for Medicinal Products for Human Use (&#8220;CHMP&#8221;) to recommend the granting of a marketing authorization, subject to certain
specific obligations to be reviewed annually, which is referred to as a conditional marketing authorization. This may apply to medicinal
products for human use that fall under the jurisdiction of the EMA, including those that aim at the treatment, the prevention, or the
medical diagnosis of seriously debilitating or life-threatening diseases and those designated as orphan medicinal products.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
conditional marketing authorization may be granted when the CHMP finds that, although comprehensive clinical data referring to the safety
and efficacy of the medicinal product have not been supplied, all the following requirements are met:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            risk-benefit balance of the medicinal product is positive;</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            applicant will provide the comprehensive clinical data post-authorization;</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unmet
                                            medical needs will be fulfilled; and</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            benefit to public health of the immediate availability on the market of the medicinal product
                                            concerned outweighs the risk inherent in the fact that additional data is still required.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
granting of a conditional marketing authorization is restricted to situations in which only the clinical part of the application is not
yet fully complete. Incomplete preclinical or quality data may only be accepted if duly justified and only in the case of a product intended
to be used in emergency situations in response to public health threats. Conditional marketing authorizations are valid for one year,
on a renewable basis. The holder will be required to complete ongoing trials or to conduct new trials with a view to confirming that
the benefit-risk balance is positive. In addition, specific obligations may be imposed in relation to the collection of pharmacovigilance
data.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granting
a conditional marketing authorization allows medicines to reach patients with unmet medical needs earlier than might otherwise be the
case and will ensure that additional data on a product is generated, submitted, assessed, and acted upon. Although we may seek a conditional
marketing authorization for one or more of our product candidates by the EMA, the CHMP may ultimately not agree that the requirements
for such conditional marketing authorization have been satisfied and hence delay the commercialization of our product candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have received orphan drug designation for Temferon for the treatment of GBM and we may seek orphan drug designation for additional indications
and for other product candidates. We may be unable to obtain orphan drug designation for our product candidates and, even if we obtain
such designation, we may not be able to realize the benefits of such designation, including potential marketing exclusivity of our product
candidates, if approved.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
authorities in some jurisdictions, including the U.S. and E.U., may designate drugs for relatively small patient populations as &#8220;orphan
drugs.&#8221; Under the Orphan Drug Act, the FDA may designate a product as an orphan drug if it is a drug intended to treat a rare disease
or condition, which is generally defined as a patient population of fewer than 200,000 individuals in the U.S. or a patient population
of 200,000 or more individuals in the U.S., but for which there is no reasonable expectation that the cost of developing the drug will
be recovered from sales in the U.S. In the E.U., the European Commission grants orphan drug designation to promote the development of
products that are intended for the diagnosis, prevention, or treatment of a life-threatening or chronically debilitating condition affecting
not more than five in 10,000 persons in the E.U. community. Additionally, designation is granted for products intended for the diagnosis,
prevention, or treatment of a life-threatening, seriously debilitating, or serious and chronic condition and when, without incentives,
it is unlikely that sales of the drug in the E.U. would be sufficient to justify the necessary investment in developing the drug or biologic
product. In either case, the applicant for orphan designation must also demonstrate that no satisfactory method of diagnosis, prevention,
or treatment for the condition has been authorized (or, if a method exists, the new product would be a significant benefit to those affected
compared to the product available).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temferon
has been granted orphan drug designation in the U.S. and E.U. for the treatment of GBM. If we request orphan drug designation from the
FDA for Temferon for additional indications, if we request the international equivalent from the applicable regulatory authorities for
Temferon or if we request orphan drug designation or the international equivalent for any of our other product candidates, there can
be no assurances that the FDA or international regulatory authorities will grant any of our product candidates such designation. This
designation of a product candidate as an orphan product does not mean that any regulatory agency will accelerate regulatory review of,
or ultimately approve, that product candidate, nor does it limit the ability of any regulatory agency to grant orphan drug designation
to product candidates of other companies that treat the same indications as our product candidates prior to our product candidates receiving
exclusive marketing approval.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
if a product candidate with an orphan drug designation subsequently receives the first marketing approval for the indication for which
it has such designation, the drug may be entitled to a period of marketing exclusivity, which precludes the FDA or EMA from approving
another marketing application for the same drug for the same indication for that time period, except in limited circumstances. If another
sponsor receives such approval before we do (regardless of our orphan drug designation), we will be precluded from receiving marketing
approval for our product for the applicable exclusivity period. The applicable period is seven years in the U.S. and ten years in the
E.U. The exclusivity period in the E.U. can be reduced to six years if a drug no longer meets the criteria for orphan drug designation
or if the drug is sufficiently profitable so that market exclusivity is no longer justified. Orphan drug exclusivity may be revoked if
any regulatory agency determines that the request for designation was materially defective or if the manufacturer is unable to assure
sufficient quantity of the drug to meet the needs of patients with the rare disease or condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we obtain orphan drug exclusivity for a product candidate, that exclusivity may not effectively protect the product candidate from
competition because different drugs can be approved for the same indication. Even after an orphan drug is approved, the FDA may subsequently
approve another drug for the same condition if the FDA concludes that the latter drug is not the same drug or is clinically superior
in that it is shown to be safer, more effective or makes a major contribution to patient care. In the E.U., marketing authorization may
be granted to a similar medicinal product for the same orphan indication if:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            second applicant can establish in its application that its medicinal product, although similar
                                            to the orphan medicinal product already authorized, is safer, more effective or otherwise
                                            clinically superior;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            holder of the marketing authorization for the original orphan medicinal product consents
                                            to a second orphan medicinal product application; or</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            holder of the marketing authorization for the original orphan medicinal product cannot supply
                                            enough orphan medicinal product.</span></td></tr></table>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if we obtain and maintain regulatory approval for a product candidate, our products will remain subject to ongoing regulatory oversight.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we obtain any regulatory approval for our product candidates, they will be subject to ongoing regulatory requirements for manufacturing,
labeling, packaging, storage, advertising, promotion, sampling, record-keeping and submission of safety and other post-market information.
Any regulatory approvals that we receive for our product candidates also may be subject to a REMS, limitations on the approved indicated
uses for which the product may be marketed or to the conditions of approval, or contain requirements for potentially costly post-marketing
testing, including Phase 4 clinical trials, and surveillance to monitor the quality, safety, and efficacy of the product. For example,
as noted above in the U.S., the holder of an approved BLA is obligated to monitor and report adverse events and any failure of a product
to meet the specifications in the BLA. FDA guidance advises that patients treated with some types of gene therapy undergo follow-up observations
for potential adverse events for as long as 15 years. The holder of an approved marketing application also must submit new or supplemental
applications and obtain FDA approval for certain changes to the approved product, product labeling or manufacturing process.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must comply with requirements concerning advertising and promotion for any product candidates for which we obtain marketing approval.
Promotional communications with respect to therapeutics are subject to a variety of legal and regulatory restrictions and continuing
review by the FDA, EMA, or comparable foreign regulatory authorities, Department of Justice, Department of Health and Human Services&#8217;
Office of Inspector General, state attorneys general, members of Congress, and the public. When the FDA, EMA, or comparable foreign regulatory
authorities issue regulatory approval for a product candidate, the regulatory approval is limited to those specific uses and indications
for which a product is approved. If we are not able to obtain FDA, EMA, or comparable foreign regulatory authority approval for desired
uses or indications for our current product candidates and any future product candidates, we may not market or promote them for those
indications and uses, referred to as off-label uses, and our business, financial condition, results of operations, stock price and prospects
will be materially harmed. We also must sufficiently substantiate any claims that we make for our products, including claims comparing
our products to other companies&#8217; products, and must abide by the FDA, EMA, or a comparable foreign regulatory authority&#8217;s
strict requirements regarding the content of promotion and advertising.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
physicians may choose to prescribe products for uses that are not described in the product&#8217;s labeling and for uses that differ
from those tested in clinical trials and approved by the regulatory authorities, we and any third parties engaged on our behalf are prohibited
from marketing and promoting the products for indications and uses that are not specifically approved by the FDA, EMA, or comparable
foreign regulatory authorities. Regulatory authorities in the U.S. generally do not restrict or regulate the behavior of physicians in
their choice of treatment within the practice of medicine. Regulatory authorities do, however, restrict communications by biopharmaceutical
companies concerning off-label use.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are found to have impermissibly promoted any of our current product candidates and any future product candidates, we may become subject
to significant liability and government fines. The FDA and other agencies actively enforce the laws and regulations regarding product
promotion, particularly those prohibiting the promotion of off-label uses, and a company that is found to have improperly promoted a
product may be subject to significant sanctions. The U.S. federal government has levied large civil and criminal fines against companies
for alleged improper promotion and has enjoined several companies from engaging in off-label promotion. The FDA has also requested that
companies enter consent decrees or permanent injunctions under which specified promotional conduct is changed or curtailed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the E.U., the advertising and promotion of our products are subject to E.U. laws governing promotion of medicinal products, interactions
with physicians, misleading and comparative advertising, and unfair commercial practices. In addition, other legislation adopted by individual
E.U. Member States may apply to the advertising and promotion of medicinal products. These laws require that promotional materials and
advertising for medicinal products are consistent with the product&#8217;s Summary of Product Characteristics (&#8220;SmPC&#8221;) as
approved by the competent authorities. The SmPC is a document that provides information to physicians concerning the safe and effective
use of the medicinal product. It forms an intrinsic and integral part of the marketing authorization granted for the medicinal product.
Promotion of a medicinal product that does not comply with the SmPC is considered to constitute off-label promotion. The off-label promotion
of medicinal products is prohibited in the E.U. The applicable laws at the E.U. level and in the individual E.U. Member States also prohibit
the direct-to-consumer advertising of prescription-only medicinal products. Violations of the rules governing the promotion of medicinal
products in the E.U. could be penalized by administrative measures, fines, and imprisonment. These laws may further limit or restrict
the advertising and promotion of our products to the general public and may also impose limitations on our promotional activities with
health care professionals.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, product manufacturers and their facilities are subject to payment of user fees and continual review and periodic inspections
by the FDA, EMA, and other regulatory authorities for compliance with current good manufacturing practices (&#8220;GMP&#8221;) requirements
and adherence to commitments made in the BLA or foreign marketing application. If we, or a regulatory authority, discover previously
unknown problems with a product, such as adverse events of unanticipated severity or frequency, or problems with the facility where the
product is manufactured or disagrees with the promotion, marketing or labeling of that product, a regulatory authority may impose restrictions
relative to that product, the manufacturing facility or us, including requiring recall or withdrawal of the product from the market or
suspension of manufacturing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to comply with applicable regulatory requirements, a regulatory authority may:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
                                            an untitled letter or warning letter that we are in violation of the law;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
                                            an injunction or impose administrative, civil or criminal penalties or monetary fines;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspend
                                            or withdraw regulatory approval;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspend
                                            any ongoing clinical trials;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refuse
                                            to approve BLA or comparable foreign marketing application (or any supplements thereto) submitted
                                            by us or our strategic partners;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrict
                                            the marketing or manufacturing of the product;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seize
                                            or detain the products or require the withdrawal of the product from the market;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refuse
                                            to permit the import or export of the products; or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refuse
                                            to allow us to enter supply contracts, including government contracts.</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
government investigation of alleged violations of law could require us to expend significant time and resources in response and could
generate negative publicity. The occurrence of any event or penalty described above may inhibit our ability to commercialize our product
candidates and adversely affect our business, financial condition, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the FDA&#8217;s policies, and those of the EMA and other regulatory authorities, may change and additional government regulations
may be enacted that could prevent, limit, or delay regulatory approval of our product candidates. We cannot predict the likelihood, nature
or extent of government regulation that may arise from future legislation or administrative action, either in the U.S. or abroad. If
we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies, or if we are not
able to maintain regulatory compliance, we may lose any marketing approval that we may have obtained and we may not achieve or sustain
profitability, which would materially and adversely affect our business, financial condition, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
marketing authorization holders and manufacturers of medicinal products are subject to comprehensive regulatory oversight by the EMA
and the competent authorities of the individual E.U. Member States both before and after grant of the manufacturing and marketing authorizations.
This includes control of compliance with GMP rules, which govern quality control of the manufacturing process and require documentation
policies and procedures. We and our third-party manufacturers would be required to ensure that all our processes, quality systems, methods,
and equipment are compliant with GMP. Failure by us or by any of our third-party partners, including suppliers, manufacturers, and distributors
to comply with E.U. laws and the related national laws of individual E.U. Member States governing the conduct of clinical trials, manufacturing
approval, marketing authorization of medicinal products, both before and after grant of marketing authorization, and marketing of such
products following grant of authorization may result in administrative, civil, or criminal penalties. These penalties could include delays
in or refusal to authorize the conduct of clinical trials or to grant marketing authorization, product withdrawals and recalls, product
seizures, suspension, or variation of the marketing authorization, total or partial suspension of production, distribution, manufacturing,
or clinical trials, operating restrictions, injunctions, suspension of licenses, fines, and criminal penalties. operating restrictions,
injunctions, suspension of licenses, fines, and criminal penalties.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, E.U. legislation related to pharmacovigilance, or the assessment and monitoring of the safety of medicinal products, provides
that EMA and the competent authorities of the E.U. Member States have the authority to require companies to conduct additional post-approval
clinical efficacy and safety studies. The legislation also governs the obligations of marketing authorization holders with respect to
additional monitoring, adverse event management and reporting. Under the pharmacovigilance legislation and its related regulations and
guidelines, we may be required to conduct a burdensome collection of data regarding the risks and benefits of marketed products and may
be required to engage in ongoing assessments of those risks and benefits, including the possible requirement to conduct additional clinical
trials, which may be time-consuming and expensive and could impact our profitability. Non-compliance with such obligations can lead to
the variation, suspension or withdrawal of marketing authorization or imposition of financial penalties or other enforcement measures.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not have sales, distribution, and marketing capabilities. If we are unable to develop these capabilities or enter into agreements
with third parties to market and sell Temferon and our other product candidates, we will be unable to generate any product revenue.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have no sales, distribution, or marketing organization. To successfully commercialize any of our current or future product
candidates, if approved, we will need to develop these capabilities, either on our own or with others. The establishment and development
of our own commercial team or the establishment of a contract sales force to market any product candidate we may develop will be expensive
and time-consuming and could delay any product launch. Moreover, we cannot be certain that we will be able to successfully develop this
capability. We may enter collaborations or alternative transactions and arrangements regarding any approved product candidates with other
entities to utilize their established marketing and distribution capabilities, but we may be unable to enter into such agreements on
favorable terms, if at all. If any future collaborators do not commit sufficient resources to commercialize our product candidates, or
we are unable to develop the necessary capabilities on our own, we will be unable to generate sufficient product revenue to sustain our
business. We compete with many companies that currently have extensive, experienced, and well-funded sales, distribution, and marketing
operations to recruit, hire, train and retain marketing and sales personnel. We also face competition in our search for third parties
to assist us with the sales and marketing efforts of our product candidates, if approved. Without an internal team or the support of
a third party to perform marketing and sales functions, we may be unable to compete successfully against these more established companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if any of our product candidates receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients,
third party payors and others in the medical community necessary for commercial success.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commercial success of Temferon will depend upon the acceptance of each product by the medical community, including physicians, patients,
and third party payors. The degree of market acceptance of any approved product will depend on a number of factors, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            efficacy and safety of the product;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            potential advantages of the product compared to available therapies;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            convenience and ease of administration compared to alternative treatments;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations
                                            or warnings, including use restrictions contained in the product&#8217;s approved labeling;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">distribution
                                            and use restrictions imposed by the FDA, the EMA or other regulatory authority or agreed
                                            to by us as part of a mandatory or voluntary risk management plan;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">availability
                                            of alternative treatments, including competitive products expected to be commercially launched
                                            in the near future;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pricing
                                            and cost effectiveness in relation to alternative treatments;</span></td></tr></table>

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

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

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            the product is included under physician treatment guidelines as a first-, second-, or third
                                            line therapy;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            strength of sales, marketing and distribution support;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            availability of third-party coverage and adequate reimbursement and the willingness of patients
                                            to pay out-of-pocket in the absence of coverage by third-party payors;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            strength of sales, marketing and distribution support;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            willingness of patients to pay for drugs out of pocket in the absence of third party coverage;
                                            and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            willingness of the target patient population to try new therapies and of physicians to prescribe
                                            these therapies.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Temferon is approved but does not achieve an adequate level of acceptance by physicians, third party payors and patients, we may not
generate sufficient revenue from the product, and we may not become or remain profitable. In addition, our efforts to educate the medical
community and third-party payors on the benefits of the product may require significant resources and may never be successful.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may choose to collaborate with third parties that have direct sales forces and established distribution systems, either
to augment our own sales force and distribution systems or in lieu of our own sales force and distribution systems. If we enter collaborations
or alternative transactions or arrangements with third parties to perform sales, marketing and distribution services for our products,
the resulting revenues, or the profitability from these revenues to us are likely to be lower than if we had sold, marketed, and distributed
our products ourselves. If we are unable to enter such arrangements on acceptable terms or at all, we may not be able to successfully
commercialize any of our product candidates that receive regulatory approval. Depending on the nature of the third party relationship,
we may have little control over such third parties, and any of these third parties may fail to devote the necessary resources and attention
to sell, market and distribute our products effectively. If we are not successful in commercializing our product candidates, either on
our own or through collaborations with one or more third parties, our future product revenue will suffer, and we may incur significant
additional losses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if we can commercialize any product candidates, the products may become subject to unfavorable pricing regulations or third-party coverage
and reimbursement policies, any of which could harm our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to commercialize any product candidates successfully will depend, in part, on the extent to which coverage and reimbursement
for these products and related treatments will be available from government health administration authorities, private health insurers
and other organizations. Government authorities and third-party payors, such as private health insurers and health maintenance organizations,
decide which medications they will pay for and impact reimbursement levels.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtaining
and maintaining adequate reimbursement for our products may be difficult. We cannot be certain if we will obtain an adequate level of
reimbursement for our products by third party payors. Even if we do obtain adequate levels of reimbursement, third-party payors, such
as government or private healthcare insurers, carefully review and increasingly question the coverage of, and challenge the prices charged
for, drugs. Reimbursement rates from private health insurance companies vary depending on the company, the insurance plan, and other
factors. A primary trend in the U.S. healthcare industry, and elsewhere around the world, is cost containment. Government authorities
and third party payors have attempted to control costs by limiting coverage and the amount of reimbursement for medications. Increasingly,
third party payors are requiring that drug companies provide them with predetermined discounts from list prices and are challenging the
prices charged for drugs. We may also be required to conduct expensive pharmacoeconomic studies to justify coverage and reimbursement
or the level of reimbursement relative to other therapies. If coverage and reimbursement are not available or reimbursement is available
only to limited levels, we may not be able to successfully commercialize any product candidate for which we obtain marketing approval,
and the royalties resulting from the sales of those products may also be adversely impacted.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be significant delays in obtaining reimbursement for newly approved drugs, and coverage may be more limited than the purposes for
which the drug is approved by the FDA, EMA, or other regulatory authorities outside the U.S. Moreover, eligibility for reimbursement
does not imply that a drug will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture,
sale, and distribution. Interim reimbursement levels for new drugs, if applicable, may also not be sufficient to cover our costs and
may not be made permanent. Reimbursement rates may vary according to the use of the drug and the clinical setting in which it is used,
may be based on reimbursement levels already set for lower cost drugs and may be incorporated into existing payments for other services.
Net prices for drugs may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors and
by any future relaxation of laws that presently restrict imports of drugs from countries where they may be sold at lower prices than
in the U.S. Our inability to promptly obtain coverage and adequate reimbursement rates from both government-funded and private payors
for any approved products that we develop could have a material adverse effect on our operating results, our ability to raise capital
needed to commercialize products and our overall financial condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regulations that govern marketing approvals, pricing, coverage, and reimbursement for new drug products vary widely from country to country.
Current and future legislation may significantly change the approval requirements in ways that could involve additional costs and cause
delays in obtaining approvals. Some countries require approval of the sale price of a drug before it can be reimbursed. In many countries,
the pricing review period begins after marketing or product licensing approval is granted. In some foreign markets, prescription drug
pricing remains subject to continuing governmental control, including possible price reductions, even after initial approval is granted.
As a result, we might obtain marketing approval for a product in a particular country, but then be subject to price regulations that
delay our commercial launch of the product, possibly for lengthy time periods, and negatively impact the revenues we are able to generate
from the sale of the product in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more
product candidates, even if our product candidates obtain marketing approval. There can be no assurance that our product candidates,
if they are approved for sale in the U.S. or in other countries, will be considered medically necessary or cost-effective for a specific
indication, or that coverage or an adequate level of reimbursement will be available.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Obtaining
and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining
regulatory approval of our product candidates in other jurisdictions. Our failure to obtain regulatory approval in international jurisdictions
would prevent our product candidates from being marketed around the world, and any approval we are granted for our product candidates
in Italy would not assure approval of product candidates in other jurisdictions, including the U.S.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
market any products outside of Italy, we must establish and comply with numerous and varying regulatory requirements of other countries,
including but not limited to the U.S., regarding clinical trial design, safety, and efficacy. The research, testing, manufacturing, labeling,
approval, sale, marketing, and distribution of drugs are subject to extensive regulation by regulatory authorities. These regulations
differ from country to country. Even if we obtain and maintain regulatory approval of our product candidates in one jurisdiction, such
approval does not guarantee that we will be able to obtain or maintain regulatory approval in any other jurisdiction, but a failure or
delay in obtaining regulatory approval in one jurisdiction may have a negative effect on the regulatory approval process in others. For
example, even if AIFA grants marketing approval of a product candidate, comparable regulatory authorities in foreign jurisdictions, including
the FDA, must also approve the manufacturing, marketing, and promotion of the product candidate in those countries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
procedures vary among jurisdictions and can involve requirements and administrative review periods different from those in Italy, including
additional non-clinical studies or clinical trials as investigations conducted in one jurisdiction may not be accepted by regulatory
authorities in other jurisdictions. In many jurisdictions, a product candidate must be approved for reimbursement before it can be approved
for sale in that jurisdiction. In some cases, the price that we intend to charge for our products is also subject to approval. These
regulatory procedures can result in substantial delays in such countries. In other countries, product approval depends on showing superiority
to an approved alternative therapy. This can result in significant expense for conducting complex clinical trials.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
of a product candidate in Italy by AIFA does not ensure approval of such product candidate by the FDA, EMA, or other regulatory authorities
in other countries or jurisdictions, and approval by EMA or another regulatory authority does not ensure approval by regulatory authorities
in other foreign countries or by the FDA. Sales of our product candidates outside of the U.S. will be subject to foreign regulatory requirements
governing clinical trials and marketing approval. Even if the FDA grants marketing approval for a product candidate, comparable regulatory
authorities of foreign countries also must approve the manufacturing and marketing of the product candidates in those countries. Approval
procedures vary among jurisdictions and can involve requirements and administrative review periods different from, and more onerous than,
those in the U.S., including additional preclinical studies or clinical trials. In many countries outside the U.S., a product candidate
must be approved for reimbursement before it can be approved for sale in that country. In some cases, the price that we intend to charge
for our products, if approved, is also subject to approval. We intend to submit an MAA to EMA for approval of our product candidates
in the E.U. but obtaining such approval from the European Commission following the opinion of EMA is a lengthy and expensive process.
Even if a product candidate is approved, the FDA or the European Commission may limit the indications for which the product may be marketed,
require extensive warnings on the product labeling or require expensive and time consuming additional clinical trials or reporting as
conditions of approval. Regulatory authorities in countries outside of the U.S. and E.U. also have requirements for approval of product
candidates with which we must comply prior to marketing in those countries. Obtaining foreign regulatory approvals and compliance with
foreign regulatory requirements could result in significant delays, difficulties, and costs for us and could delay or prevent the introduction
of our product candidates in certain countries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
we do not have any products approved for sale in any jurisdiction, including international markets, and we do not have experience in
obtaining regulatory approval. If we, or any third parties with whom we work, fail to comply with regulatory requirements in the U.S.
or international markets or to obtain and maintain required approvals or if regulatory approvals in international markets are delayed,
our target market may be reduced and our ability to realize the full market potential of our products will likely be harmed. The inability
to meet continuously evolving regulatory standards for approval may result in our failing to obtain regulatory approval to market our
current product candidates, which could significantly harm our business, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
on June 23, 2016, the electorate in the United Kingdom voted in favor of leaving the E.U., commonly referred to as &#8220;Brexit.&#8221;
On March 29, 2017, the country formally notified the E.U. of its intention to withdraw pursuant to Article 50 of the Lisbon Treaty and
the withdrawal of the United Kingdom from the E.U. took effect on January 31, 2020. There was a transition period, during which E.U.
pharmaceutical law remained applicable in the United Kingdom, however this ended on December 31, 2020. Since a significant proportion
of the regulatory framework governing the development and commercialization of medicinal products in the United Kingdom is derived from
E.U. Directives and Regulations, Brexit, now that the transition period is over, could materially impact the regulatory regime with respect
to the approval of our product candidates in the United Kingdom or the E.U., as United Kingdom legislation now has the potential to diverge
from E.U. legislation. Any delay in obtaining, or an inability to obtain, any regulatory approvals, because of Brexit or otherwise, would
prevent us from commercializing our product candidates in the United Kingdom and/or the E.U. and restrict our ability to generate revenue
and achieve and sustain profitability. If any of these outcomes occur, we may be forced to restrict or delay efforts to seek regulatory
approval in the United Kingdom and/or E.U. for our product candidates, which could significantly and materially harm our business.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development and commercialization of new biopharmaceutical products is highly competitive and subject to rapid and significant technological
advancements. We face competition from major multi-national pharmaceutical companies, biotechnology companies and specialty pharmaceutical
companies with respect to our current and future product candidates that we may develop and commercialize in the future. There are several
large pharmaceutical and biotechnology companies that currently market and sell products or are pursuing the development of product candidates
for the treatment of cancer. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative
arrangements with large, established companies. Potential competitors also include academic institutions, government agencies and other
public and private research organizations. Our competitors may succeed in developing, acquiring, or licensing technologies and products
that are more effective, more effectively marketed and sold or less costly than any product candidates that we may develop, which could
render our product candidates noncompetitive and obsolete.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our competitors, either alone or with their strategic collaborators, have substantially greater financial, technical, and human resources
than we do. Accordingly, our competitors may be more successful than we are in obtaining approval for treatments and achieving widespread
market acceptance, which may render our treatments obsolete or noncompetitive. Mergers and acquisitions in the biotechnology and pharmaceutical
industries may result in even more resources being concentrated among a smaller number of our competitors. These competitors also compete
with us in recruiting and retaining qualified scientific and management personnel and establishing clinical study sites and patient registration
for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective,
have fewer or less severe side effects, are more convenient or are less expensive or better reimbursed than any products that we may
commercialize. Our competitors also may obtain EMA, FDA, or other regulatory approval for their products more rapidly than we do, which
could result in our competitors establishing a strong market position for either the product or a specific indication before we are able
to enter the market.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
product candidates may face competition sooner than anticipated from biosimilar products.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we are successful in achieving regulatory approval to commercialize a product candidate faster than our competitors, our product candidates
may face competition from biosimilar products. In the U.S., our product candidates are regulated by the FDA as biologic products, and
we intend to seek approval for these product candidates pursuant to the BLA pathway. The Biologics Price Competition and Innovation Act
of 2009 (the &#8220;BPCIA&#8221;) created an abbreviated pathway for the approval of biosimilar and interchangeable biologic products.
The abbreviated regulatory pathway establishes legal authority for the FDA to review and approve biosimilar biologics, including the
possible designation of a biosimilar as &#8220;interchangeable&#8221; based on its similarity to an existing brand product. Under the
BPCIA, an application for a biosimilar product cannot be approved by the FDA until 12 years after the original branded product was approved
under a BLA. The law is complex and is still being interpreted and implemented by the FDA. As a result, its ultimate impact, implementation,
and meaning are subject to uncertainty.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a risk that any exclusivity we may be afforded if any of our product candidates are approved as a biologic product under a BLA could
be shortened due to congressional action, the results of recent litigation, or otherwise, or that the FDA will not consider our product
candidates to be reference products for competing products, potentially creating the opportunity for generic or biosimilar competition
sooner than anticipated. Moreover, the extent to which a biosimilar product, once approved, will be substituted for any one of our reference
products in a way that is like traditional generic substitution for non-biologic products is not yet clear, and will depend on a number
of marketplace and regulatory factors that are still developing. In addition, a competitor could decide to forego the biosimilar approval
path and submit a full BLA after completing its own preclinical studies and clinical trials. In such cases, any exclusivity to which
we may be eligible under the BPCIA would not prevent the competitor from marketing its product as soon as it is approved.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, critics of the 12-year exclusivity period in the biosimilar pathway law will likely continue to seek to shorten the data exclusivity
period and/or to encourage the FDA to interpret narrowly the law&#8217;s provisions regarding which new products receive data exclusivity.
In December 2019, the U.S. agreed to remove from the United States-Mexico-Canada Agreement a requirement for at least 10 years of data
exclusivity for biologic products. Also, the FDA is considering whether subsequent changes to a licensed biologic would be protected
by the remainder of the reference product&#8217;s original 12-year exclusivity period (a concept known in the generic drug context as
&#8220;umbrella exclusivity&#8221;). If the FDA were to decide that umbrella exclusivity does not apply to biological reference products
or were to make other changes to the exclusivity period, this could expose us to biosimilar competition at an earlier time. There also
have been, and may continue to be, legislative and regulatory efforts to promote competition through policies enabling easier generic
and biosimilar approval and commercialization, including efforts to lower standards for demonstrating biosimilarity or interchangeability,
limit patents that may be litigated and/or patent settlements and implement preferential reimbursement policies for biosimilars.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Europe, the European Commission has granted marketing authorizations for several biosimilar products pursuant to a set of general and
product class-specific guidelines for biosimilar approvals issued over the past few years. In the European Economic Area (&#8220;EEA&#8221;),
innovative medicinal products generally receive eight years of data exclusivity and an additional two years of marketing exclusivity.
Data exclusivity prevents biosimilar applicants from referencing the innovator&#8217;s preclinical and clinical trial data when applying
for a biosimilar marketing authorization, during a period of eight years from the date on which the reference product was first authorized
in the EEA. During the additional two-year period of market exclusivity, biosimilar marketing authorization can be submitted, and the
innovator&#8217;s data may be referenced, but no biosimilar product can be marketed until the expiration of the market exclusivity period.
This 10-year marketing exclusivity period may be extended to 11 years if, during the first eight of those 10 years, the marketing authorization
holder obtains an approval for one or more new therapeutic indications that bring significant clinical benefits compared with existing
therapies. However, even if an innovative medicinal product gains the prescribed period of data exclusivity, another company may market
another version of the product if such company obtained marketing authorization based on an application with a complete independent data
package of pharmaceutical tests, preclinical tests and clinical trials. In addition, companies may be developing biosimilar products
in other countries that could compete with our products, if approved.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
competitors can obtain marketing approval for biosimilars referencing our product candidates, if approved, such products may become subject
to competition from such biosimilars, with the attendant competitive pressure and potential adverse consequences. Such competitive products
may be able to immediately compete with us in each indication for which our product candidates may have received approval.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
product liability lawsuits are brought against us, we may incur substantial liabilities, even if we have appropriate insurance policies,
and we may be required to limit commercialization of our product candidates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to potential product liability and professional indemnity risks that are inherent in the research, development, manufacturing,
marketing, and use of biopharmaceutical and biotechnology products. Currently, we have no products that have been approved for marketing
or commercialization; however, the use of our product candidates in clinical trials, and the sale of these product candidates, if approved,
in the future, may expose us to liability claims. Product liability claims may be brought against us or our partners by participants
enrolled in our clinical trials, patients, health care providers, biotechnology and pharmaceutical companies, our collaborators or others
using, administering, or selling any of our future approved products. If we cannot successfully defend ourselves against any such claims,
we may incur substantial liabilities, even if we have product liability or other applicable insurance policies in effect. We may not
be able to maintain adequate levels of insurance for these liabilities at reasonable cost and/or reasonable terms. Excessive insurance
costs or uninsured claims would add to our future operating expenses and adversely affect our financial condition. As a result of such
lawsuits and their potential results, we may be required to limit commercialization of our product candidates. Regardless of the merits
or eventual outcome, liability claims may result in:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">decreased
                                            demand for our product candidates;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">termination
                                            of clinical trial sites or entire trial programs;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">injury
                                            to our reputation and negative media attention;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
                                            recalls or increased warnings on product labels;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">withdrawal
                                            of clinical trial participants;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs
                                            of to defend the related litigation;</span></td></tr></table>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion
                                            of management and our resources;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">substantial
                                            monetary awards to, or costly settlements with, clinical trial participants, patients or
                                            other claimants;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">higher
                                            insurance premiums;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                            of initiation of investigations by regulators or other authorities; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            inability to successfully commercialize our product candidates, if approved.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gene
therapies are novel, complex and difficult to manufacture. We could experience production problems that result in delays in our development
or commercialization programs or otherwise adversely affect our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biological
products are inherently difficult to manufacture, and gene therapy products are complex biological products, the development and manufacture
of which necessitates substantial expertise and capital investment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temferon
is individually manufactured for each patient using complex processes in specialized facilities. Our production process requires a variety
of raw materials, some of which are highly specialized, including the viral vector that encodes for the therapeutic payload. Some of
these raw materials have limited and, in some cases, sole suppliers. Even though we plan to have back-up supplies of raw materials whenever
possible, we cannot be certain such supplies will be sufficient if our primary sources are unavailable. A shortage of a critical raw
material or a technical issue during manufacturing may lead to delays in clinical development or commercialization of our product candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
product candidate, Temferon, is being studied for GBM patients with unmethylated methylguanine methyltransferase (&#8220;MGMT&#8221;)
status, as determined by a laboratory test. If approved for use only in uMGMT-GBM patients, use of such a laboratory test would be required
for each patient before treatment with Temferon. There are several currently marketed, CE-marked tests for uMGMT status in the E.U.,
one or more of which may be used in our clinical trials and which we would expect to be used in clinical practice upon approval of Temferon.
If a regulatory authority were, however, to deem that no currently-available tests are appropriate for use with Temferon, or if appropriate
tests were to become commercially unavailable, we might be required to develop and obtain regulatory approval for our own version of
such a companion diagnostic test, or work with another entity to develop such a test, in which case we could experience significant delays
in obtaining regulatory approval or interruptions in our ability to market Temferon.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
factors could cause production interruptions, including equipment malfunctions, facility contamination, raw material shortages or contamination,
natural disasters, disruption in utility services, human error, or disruptions in the operations of our suppliers. We have limited experience
manufacturing our product candidates. We have contracted with a third party CMO for the manufacture of our viral vectors and certain
of our drug products for clinical trials. We expect this CMO will be capable of providing enough of our viral vectors and gene therapy
products to meet the anticipated scales for our clinical trials, in due course, and commercial demands, if approved. However, to meet
our projected needs for further commercial manufacturing and large-scale clinical trials, third parties with whom we currently work might
need to increase their scale and frequency of production, and we will likely need to secure alternate suppliers or develop our own capabilities.
We believe that there are alternate sources of supply that can satisfy our requirements, although we cannot be certain that identifying
and establishing relationships with such sources, if necessary, would not result in significant delay or material additional costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
manufacturers of pharmaceutical products must comply with strictly enforced requirements and complex regulations. Any failure by our
CMO to adhere to or document compliance to such regulatory requirements could lead to a delay or interruption in the availability of
our product candidate for clinical trials or result in sanctions, including clinical holds, fines, injunctions, civil penalties, delays,
suspension or withdrawal of approvals, license revocation, seizures or recalls of raw materials, product candidates or products, operating
restrictions and criminal prosecutions, any of which could have significant adverse consequences on us. Our potential future dependence
upon others for the manufacture of our gene therapies may also adversely affect our future profit margins and our ability to commercialize
any product candidates that receive regulatory approval on a timely and competitive basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Delays
in obtaining regulatory approval of our or our CMOs&#8217; manufacturing process and facility or disruptions in our manufacturing process
may delay or disrupt our commercialization efforts.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
we can begin to commercially manufacture our viral vector or product candidates in our own facility, or the facility of a CMO, we must
obtain regulatory approval from AIFA and eventually the FDA, EMA, or other regulatory authorities for our manufacturing processes and
for the facility in which manufacturing is performed. A manufacturing authorization must also be obtained from the appropriate regulatory
authorities. In addition, we must pass a pre-approval inspection of our or our CMOs manufacturing facility by AIFA, the FDA, EMA, or
other relevant regulatory authorities before any of our gene therapy product candidates can obtain marketing approval. To obtain approval,
we will need to ensure that all of our processes, quality systems, methods, equipment policies and procedures are compliant with GMP,
and perform extensive audits of vendors, contract laboratories, CMOs and suppliers. If any of our vendors, contract laboratories, CMOs
or suppliers is found to be out of compliance with GMP, we may experience delays or disruptions in manufacturing while we work with these
third parties to remedy the violation or while we work to identify suitable replacement vendors. The GMP requirements govern quality
control of the manufacturing process and documentation policies and procedures. In complying with GMP, we will be obligated to expend
time, money and effort in production, record keeping and quality control to assure that the product meets applicable specifications and
other requirements. If we fail to comply with these requirements, we will be subject to possible regulatory action and may not be permitted
to sell any products that we may develop.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to comply with ongoing regulatory requirements could cause us to suspend production or put in place costly or time-consuming remedial
measures.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regulatory authorities may, at any time following approval of a product for sale, audit the manufacturing facilities for such a product.
If any such inspection or audit identifies a failure to comply with applicable regulations, or if a violation of product specifications
or applicable regulations occurs independent of such an inspection or audit, the relevant regulatory authority may require remedial measures
that may be costly or time-consuming to implement and that may include the temporary or permanent suspension of a clinical trial or commercial
sales or the temporary or permanent closure of a manufacturing facility. Any such remedial measures imposed upon our CMO or us could
harm our business, financial condition, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our CMOs or we fail to comply with applicable GMP regulations, AIFA, the FDA, EMA or other regulatory authorities can impose regulatory
sanctions including, among other things, refusal to approve a pending application for a new product candidate or suspension or revocation
of a pre-existing approval. Such an occurrence may cause our business, financial condition, results of operations and prospects to be
harmed.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
if supply from any CMO or us is delayed or interrupted, there could be a significant disruption in the clinical or commercial supply
of our product candidates. We have agreements in place with our CMO pursuant to which we are collaborating on GMP manufacturing processes
and analytical methods for the manufacture and release of our viral vectors and certain drug products. Therefore, if we are unable to
enter into an agreement with our CMO to manufacture clinical or commercial material for our product programs, or if our agreement with
our CMOs were terminated, we would have to find suitable alternative manufacturers. This could delay our or our collaborators&#8217;
ability to conduct clinical trials or commercialize our current and future product candidates. The regulatory authorities also may require
additional clinical trials and other nonclinical and or analytical evaluations if a new manufacturer is relied upon for clinical or commercial
production. Switching manufacturers may involve substantial costs, require significant comparability studies, and could result in a delay
in our desired clinical and commercial timelines.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
contamination in our manufacturing process, shortages of materials or failure of any of our key suppliers to deliver necessary components
could result in interruption in the supply of our product candidates and delays in our clinical development or commercialization schedules.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the nature of biological manufacturing, there is a risk of contamination in our manufacturing processes. Any contamination could materially
adversely affect our ability to produce product candidates on schedule and could, therefore, harm the results of operations and cause
reputational damage.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the materials required in our manufacturing process are derived from biologic sources. Such materials are difficult to procure and
may be subject to contamination or recall. A material shortage, contamination, recall or restriction on the use of biologically derived
substances in the manufacture of our product candidates could adversely impact or disrupt the commercial manufacturing or the production
of clinical material, which could materially and adversely affect our development timelines and our business, financial condition, results
of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Patients&#8217;
cellular source material must be transported from the clinical collection site to the manufacturing facility and the cryopreserved drug
product must be returned to the clinical site for administration into the patient using controlled temperature shipping containers.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
collected from the patient, the cellular source material must be transported to the manufacturing facility using a shipping container
that maintains the material at a required temperature and be delivered typically within three days of collection. While we intend to
use reputable couriers and agents for the transport of such materials, if the shipping container is opened or damaged such that the required
temperature is not maintained, the cellular source material may be adversely impacted, and it may not be feasible to manufacture a drug
product for the patient. Similarly, if a shipment is delayed due to adverse weather, misrouting, other events or held up at a customs
point, the cellular source material may not be delivered within a time window that will allow for its use for the successful manufacture
of a drug product. Similarly, the patient&#8217;s autologous drug product must be returned to the clinical site for administration into
the patient using a specialized shipping container that maintains the material at a very low temperature for a period of typically up
to ten days. While we intend to use reputable couriers and agents for the transport of our drug products, if the shipping container is
opened or damaged such that the very low temperature is not maintained, the drug product may be adversely impacted, and it may be unsuitable
for administration to the patient or harmful. Similarly, if a shipment is delayed due to adverse weather, misrouting, held up at customs
or other events, and is not delivered to the clinical site within the time period that the very low temperature is maintained, the drug
product may be unsuitable for administration to the patient or harmful.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
gene therapies are for autologous use only. Therefore, if a drug product is administered to the wrong patient, the patient could suffer
harm.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gene therapies are autologous, so they must be administered back only to the patient from which the cellular source material was collected.
While we implement specific identifiers, lot numbers and labels with cross checks for our products and operations from collection of
cellular source material, through manufacture of drug product, transport of product to the clinical site up to thawing and administration
of the product, it is possible that a product may be administered into the wrong patient. If an autologous gene therapies were to be
administered into the wrong patient, the patient could suffer harm, including experiencing a severe adverse immune reaction and this
event, should it happen, could adversely affect our business, financial condition, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
focus on developing our current product candidates may not yield any commercially viable products, and our failure to successfully identify
and develop additional product candidates could impair our ability to grow.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our growth strategy, we intend to identify, develop, and market additional product candidates beyond our existing product candidate,
namely Temferon. We may spend several years completing our development of any current or future product candidates, and failure can occur
at any stage. The product candidates to which we allocate our resources may not end up being successful. Because we have limited resources,
we may forego or delay pursuit of opportunities with certain programs or product candidates or for indications that later prove to have
greater commercial potential than Temferon or our other product candidates. Our spending on current and future research and development
programs may not yield any commercially viable product candidates. If we do not accurately evaluate the commercial potential for a particular
product candidate, we may relinquish valuable rights to that product candidate through collaborations, licensing arrangements, joint
ventures, strategic alliances, partnerships, or other arrangements in cases in which it would have been more advantageous for us to retain
sole development and commercialization rights to such product candidate. If any of these events occur, we may be forced to abandon our
development efforts with respect to a particular product candidate or fail to develop a potentially successful product candidate.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, certain of our current or future product candidates may not demonstrate in patients any or all the pharmacological benefits
we believe they may possess or compare favorably to existing, approved therapies. We have not yet succeeded and may never succeed in
demonstrating efficacy and safety of our product candidates or any future product candidates in preclinical studies, clinical trials
or in obtaining marketing approval thereafter and, therefore, may not result in the discovery and development of commercially viable
products.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unsuccessful in our development efforts, we may not be able to advance the development of our product candidates, commercialize
products, raise capital, expand our business, or continue our operations.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
utilize, and expect to continue to utilize, third parties to conduct some or all aspects of our vector production and product manufacturing
for the foreseeable future, and these third parties may not perform satisfactorily.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently rely on our CMO to produce our viral vectors and certain of our drug products for our ongoing clinical trials and preclinical
studies. For future clinical trials, we intend to utilize materials manufactured by GMP-compliant CMOs. If our partners do not successfully
carry out their contractual duties, meet expected deadlines or manufacture our viral vector and product candidates in accordance with
regulatory requirements or if there are disagreements between us and our CMO, we will not be able to complete, or may be delayed in completing,
the clinical trials required to support approval of our product candidates or AIFA, the FDA, EMA, or other regulatory agencies may refuse
to accept our clinical or preclinical data. In such instances, we may need to enter an appropriate replacement third party relationship,
which may not be readily available or available on acceptable terms, which would cause additional delay or increased expense prior to
the approval of our product candidates and would thereby have a negative impact on our business, financial condition, results of operations
and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have partnered with a commercial GMP-compliant CMO and intend to utilize viral vectors and gene therapy products manufactured by such
CMO for our future clinical trials and products for which we obtain marketing approval. There is no assurance that our CMO, or any other
future third party manufacturer that we engage, will be successful in producing any or all of our viral vector or product candidates,
that any such product will, if required, pass the required comparability testing, or that any materials produced by any other third-party
manufacturer that we engage will have the same effect in patients that we have observed to date. We believe that our manufacturing network
will have sufficient capacity to meet demand for our clinical and existing and expected initial commercial needs, but there is a risk
that if supplies are interrupted or result in poor yield or quality, it would materially harm our business. Additionally, if the gene
therapy industry were to grow, we may encounter increasing competition for the raw materials and consumables necessary to produce our
product candidates. Furthermore, demand for CMO GMP manufacturing capabilities may grow at a faster rate than existing manufacturing
capacity, which could disrupt our ability to find and retain third party manufacturers capable of producing sufficient quantities of
our viral vectors or product candidates for future clinical trials or to meet expected initial commercial demand.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
certain circumstances, our current CMO is entitled to terminate its engagements with us. If we need to enter alternative arrangements,
it could delay our development activities. Our reliance on our CMO for certain manufacturing activities will reduce our control over
these activities but will not relieve us of our responsibility to ensure compliance with all required regulations. In addition to our
current CMO, we may rely on additional third parties to manufacture ingredients of our viral vectors and/or drug product in the future
and to perform quality testing, and reliance on these third parties entails risks including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
                                            control for certain aspects of manufacturing activities;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">termination
                                            or nonrenewal of manufacturing and service agreements with third parties in a manner or at
                                            a time that is costly or damaging to us; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruptions
                                            to the operations of our third-party manufacturers and service providers caused by conditions
                                            unrelated to our business or operations, including the bankruptcy of the manufacturer or
                                            service provider.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could lead to clinical trial delays or failure to obtain regulatory approval or impact our ability to successfully commercialize
any of our product candidates. Some of these events could be the basis for AIFA, the FDA, EMA, or other regulatory authority action,
including injunction, recall, seizure or total or partial suspension of product manufacture.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on third parties to conduct our preclinical and clinical studies and perform other tasks for us. If these third parties do not successfully
carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory
approval for or commercialize our product candidates and our business could be substantially harmed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect to independently conduct all aspects of our lentiviral vector protocol development, research, and preclinical and clinical
testing. We currently rely, and plan to continue to rely, upon third party CROs to monitor and manage data for our ongoing preclinical
and clinical programs. Pursuant to the amended and restated license agreement with OSR, we agreed to use OSR as the primary site in any
preclinical study or clinical trial (including all phases thereof) relating to any licensed products in the field of use, subject to
OSR maintaining any required quality standards and providing its services on customary and reasonable terms and consistent with then-applicable
market standards. We rely on these parties, including OSR, for execution of our preclinical and clinical studies, but we can only control
limited aspects of their activities. Nevertheless, we are responsible for ensuring that each of our studies is conducted in accordance
with the applicable protocol, legal, regulatory, and scientific standards, and our reliance on the CROs does not relieve us of our regulatory
responsibilities. We and our CROs and other vendors are required to comply with current GMP, GCP, and Good Laboratory Practices (&#8220;GLP&#8221;),
which are regulations and guidelines enforced by the FDA, the Competent Authorities of the Member States of the EEA, and comparable foreign
regulatory authorities for all our product candidates in clinical development. Regulatory authorities enforce these regulations through
periodic inspections of study sponsors, principal investigators, study sites and other contractors. If we or any of our CROs or vendors
fail to comply with applicable regulations, the clinical data generated in our clinical studies may be deemed unreliable and AIFA, the
FDA, EMA, or other comparable regulatory authorities may require us to perform additional clinical studies before approving our marketing
applications. We cannot assure you that upon inspection by a given regulatory authority, such regulatory authority will determine that
any of our clinical studies comply with GCP regulations. In addition, our clinical studies must be conducted with product candidates
which are produced under GMP regulations. Our failure to comply with these regulations may require us to repeat clinical studies, which
would delay the regulatory approval process.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
and our collaborators and contract manufacturers are subject to significant regulation with respect to manufacturing our product candidates.
The manufacturing facilities on which we rely may not meet regulatory requirements and have limited capacity.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
manufacturers and their facilities are required to comply with extensive regulatory requirements, including ensuring that quality control
and manufacturing procedures conform to GMPs. These GMP regulations cover all aspects of manufacturing relating to our product candidates
and components used in clinical studies. These regulations govern manufacturing processes and procedures (including record keeping) and
the implementation and operation of quality systems to control and assure the quality of investigational product candidates and products
approved for sale. Poor control of production processes can lead to the introduction of contaminants or to inadvertent changes in the
properties or stability of our product candidates that may not be detectable in final product testing. We, our collaborators, or our
contract manufacturers must supply all necessary documentation in support of a BLA or MAA on a timely basis and must adhere to GLP and
GMP regulations enforced by AIFA, the FDA, EMA, and other regulatory authorities through their facilities inspection program. The facilities
and quality systems of some or all our collaborators and third-party contractors must pass a pre-approval inspection for compliance with
the applicable regulations as a condition of regulatory approval of our product candidates or any of our other potential product candidates.
In addition, the regulatory authorities may, at any time, audit or inspect a manufacturing facility involved with the preparation of
our product candidates or our other potential product candidates or the associated quality systems for compliance with the regulations
applicable to the activities being conducted. We do not control the manufacturing process of, and are completely dependent on, our contract
manufacturing partners for compliance with the regulatory requirements. If these facilities do not pass a pre-approval plant inspection,
regulatory approval of the product candidates may not be granted or may be substantially delayed until any violations are corrected to
the satisfaction of the regulatory authority, if ever. Moreover, if our contract manufacturers fail to achieve and maintain high manufacturing
standards, in accordance with applicable regulatory requirements, or there are substantial manufacturing errors, this could result in
patient injury or death, product shortages, product recalls or withdrawals, delays or failures in product testing or delivery, cost overruns
or other problems that could seriously harm our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on a limited number of suppliers and, in some instances, a sole supplier, for some of our components and materials used
in our product candidates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently depend on a limited number of suppliers and, in some instances, a sole supplier, for some of the components and equipment necessary
to produce our viral vectors and drug product. We cannot be sure that these suppliers will remain in business, or that they will not
be purchased by one of our competitors or another company that is not interested in continuing to produce these materials for our intended
purpose. Our use of a sole or a limited number of suppliers of raw materials, components and finished goods exposes us to several risks,
including disruptions in supply, price increases, late deliveries, and an inability to meet customer demand. There are, in general, relatively
few alternative sources of supply for these components, and in some cases, no alternatives. These vendors may be unable or unwilling
to meet our future demands for our clinical trials or commercial sale. Establishing additional or replacement suppliers for these components
could take a substantial amount of time and it may be difficult to establish replacement suppliers who meet regulatory requirements.
Any disruption in supply from any supplier or manufacturing location could lead to supply delays or interruptions which would damage
our business, financial condition, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are required to switch to a replacement supplier, the manufacture and delivery of our viral vectors and product candidates could be
interrupted for an extended period, adversely affecting our business. Establishing additional or replacement suppliers may not be accomplished
quickly. If we can find a replacement supplier, the replacement supplier would need to be qualified and may require additional regulatory
authority approval, which could result in further delay. For example, AIFA, the FDA, EMA, or other regulatory authorities could require
additional supplemental data, manufacturing data and comparability data up to and including clinical trial data if we rely upon a new
supplier. We may be unsuccessful in demonstrating the comparability of clinical supplies which could require the conduct of additional
clinical trials. While we seek to maintain adequate inventory of the components and materials used in our product candidates, any interruption
or delay in the supply of components or materials, or our inability to obtain components or materials from alternate sources at acceptable
prices in a timely manner, could impair our ability to conduct our clinical trials and, if our product candidates are approved, to meet
the demand of our customers and cause them to cancel orders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as part of the regulatory process for approval of our product candidates, the regulatory authorities must review and approve
the individual components of our production process, which includes raw materials, the manufacturing processes, and facilities of our
suppliers. Some of our current suppliers have not undergone this process nor have they had any components included in any product approved
by regulatory authorities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reliance on these suppliers subjects us to a number of risks that could harm our reputation, business, and financial condition, including,
among other things:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            interruption of supply resulting from modifications to or discontinuation of a supplier&#8217;s
                                            operations;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
                                            in product shipments resulting from uncorrected defects, reliability issues, or a supplier&#8217;s
                                            variation in a component;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            lack of long-term supply arrangements for key components with our suppliers;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            inability to obtain adequate supply in a timely manner, or to obtain adequate supply on commercially
                                            reasonable terms;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty
                                            and cost associated with locating and qualifying alternative suppliers for our components
                                            in a timely manner;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">production
                                            delays related to the evaluation and testing of products from alternative suppliers, and
                                            corresponding regulatory qualifications;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            delay in delivery due to our suppliers prioritizing other customer orders over ours;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage
                                            to our reputation caused by defective components produced by our suppliers;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
                                            cost of our warranty program due to product repair or replacement based upon defects in components
                                            produced by our suppliers; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuation
                                            in delivery by our suppliers due to changes in demand from us or their other customers.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of these risks materialize, costs could significantly increase and our ability to conduct our clinical trials and, if our product
candidates are approved, to meet demand for our products could be impacted.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
collaborations, licensing arrangements, joint ventures, strategic alliances, or partnerships that we may enter in the future may not
be successful, which could adversely affect our ability to develop and commercialize our current and potential future product candidates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may seek collaborations, licensing arrangements, joint ventures, strategic alliances or partnerships with biotechnology or pharmaceutical
companies or other third parties for the development or commercialization of our current and potential future product candidates. We
may enter these transactions or arrangements on a selective basis depending on the merits of retaining commercialization rights for ourselves
as compared to entering selective transactions or arrangements with other biotechnology or pharmaceutical companies or other third parties
for each product candidate, both in the U.S. and internationally. To the extent that we decide to enter these transactions or arrangements,
we will face significant competition in seeking appropriate collaborators. Moreover, collaborations or alternative transactions or arrangements
are complex, and time consuming to negotiate, document and implement. We may not be successful in our efforts to establish and implement
collaborations or other alternative transactions or arrangements should we choose to enter into such transactions or arrangements. The
terms of any collaborations or other transactions or arrangements that we may establish may not be favorable to us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we may not be able to exercise sole decision-making authority regarding the transaction or arrangement, which could create the potential
risk of creating impasses on decisions, and our collaborators may have economic or business interests or goals that are, or that may
become, inconsistent with our business interests or goals. It is possible that conflicts may arise with our collaborators, such as conflicts
concerning the achievement of performance milestones, or the interpretation of significant terms under any agreement, such as those related
to financial obligations, the ownership or control of intellectual property developed during the collaboration or the scope of our or
our collaborators&#8217; other rights or obligations related to development or commercialization activities. If any conflicts arise with
our current or future collaborators, they may act in their self-interest, which may be averse to our best interest, and they may breach
their obligations to us. In addition, we have limited control over the amount and timing of resources that our current collaborators
or any future collaborators devote to our collaborators&#8217; or our future products. Disagreements between us and our collaborators
can lead to delays in the development process or commercializing the applicable product candidate or product, may result in litigation
or arbitration, which would increase our expenses and divert the attention of our management, and may result in termination or dissolution
of the transaction or arrangement and, in such event, we may not continue to have rights to the product candidate or products relating
to such transaction or arrangement or may need to purchase such rights at a premium. These disagreements can be difficult to resolve
if neither of the parties has final decision-making authority.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaborations
with biotechnology or pharmaceutical companies and other third parties often are terminated or allowed to expire by the other party.
Any such termination or expiration could adversely affect us financially and could harm our business reputation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them
or that our trade secrets will be misappropriated or otherwise disclosed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we rely on third parties to develop and manufacture our product candidates, we must, at times, share trade secrets with them. We seek
to protect our proprietary technology in part by entering into confidentiality agreements and, if applicable, material transfer agreements,
collaborative research agreements, consulting agreements or other similar agreements with our collaborators, advisors, employees, and
consultants prior to beginning research or disclosing proprietary information. These agreements typically limit the rights of the third
parties to use or disclose our confidential information, such as trade secrets. Despite the contractual provisions employed when working
with third parties, the need to share trade secrets and other confidential information increases the risk that such trade secrets become
known by our competitors, are inadvertently incorporated into the technology of others, or are disclosed or used in violation of these
agreements. Given that our proprietary position is based, in part, on our know-how and trade secrets, a competitor&#8217;s discovery
of our trade secrets or other unauthorized use or disclosure would impair our competitive position and may have a material adverse effect
on our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, these agreements typically restrict the ability of our collaborators, advisors, employees, and consultants to publish data
potentially relating to our trade secrets. Our principal investigators, physicians and academic collaborators typically have rights to
publish data, if we are notified in advance and may delay publication for a specified time in order to secure our intellectual property
rights arising from the collaboration. Despite our efforts to protect our trade secrets, our competitors may discover our trade secrets,
either through breach of these agreements, independent development or publication of information including our trade secrets in cases
where we do not have proprietary or otherwise protected rights at the time of publication. A competitor&#8217;s discovery of our trade
secrets would impair our competitive position and have an adverse impact on our business.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on a license agreement with OSR to permit us to use patents and patent applications, as well as to exploit specific OSR know-how.
Termination of these rights or the failure to comply with obligations under this agreement could materially harm our business and prevent
us from developing or commercializing our product candidates (Temferon in particular). </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are party to an amended and restated license agreement (the &#8220;ARLA&#8221;) with OSR under which we were granted rights to patents
and patent applications, as well as proprietary technologies, that are important and necessary to our business, including our Temferon
based product candidates. Our rights to use these patents and patent applications and employ the inventions claimed in these licensed
patents, as well as the exploitation of OSR proprietary technology, are subject to the continuation of, and our compliance with, the
terms of the ARLA.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ARLA imposes upon us various diligence, payment and other obligations, including the following:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            obligation to pay OSR various milestone payments upon the achievement of certain milestone
                                            events, such as the initiation of different phases of clinical trials of a licensed product,
                                            MAA approval by a major market country, MAA approval in the U.S., the first commercial sale
                                            of a licensed product in the U.S. and certain E.U. countries, and achievement of certain
                                            net sales levels;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            obligation to pay OSR royalties based on net sales of each licensed product;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            obligation to pay OSR a royalty of our net sublicensing income for each licensed product;
                                            and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            obligation to pay costs associated with the preparation, prosecution and maintenance of the
                                            licensed patent rights.</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not currently own any patents, and we are heavily reliant upon the ARLA to licensed patents that are important or necessary to the
development of our technology and product candidates, including the patents relating to Temferon. Our license is exclusive only to specific
fields of use, namely: the field(s) of Interferon (&#8220;IFN&#8221;) gene therapy by lentiviral based-HSPC gene transfer with respect
to (a) any Solid Cancer Indication (as defined in the ARLA) (including GBM and solid liver cancer) and/or (b) any Lympho-Hematopoietic
Indication (as defined in the ARLA) for which we exercise an option to be included as part of the field of use, as provided in the ARLA;
and (2) certain specified gene therapy products developed during the license term for use in the aforementioned field(s). Although we
have exclusive option rights to license additional fields of use, or indications, upon the payment of additional fees to OSR, there is
no guarantee that we will be in a position to do so within the time period specified to exercise such right.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not control the preparation, prosecution and maintenance of the licensed patent rights under the ARLA, or the enforcement of the licensed
patent rights and know-how rights against infringement by third parties. Thus, the licensed patent rights were not drafted by us or our
attorneys, and we do not control or have any input into the prosecution of these patent rights. We cannot be certain that drafting or
prosecution of the licensed patent rights has been conducted in compliance with applicable laws and regulations or will result in valid
and enforceable patents. OSR maintains control of the preparation, prosecution and maintenance of the licensed patent rights, and controls
enforcement of the licensed patent rights and know-how rights.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the ARLA, OSR may terminate the agreement in the event we breach certain of our obligations or fail to make certain payments and upon
our liquidation. In addition, OSR may terminate our rights as to certain fields of use for our failure to achieve certain development
milestones for specified licensed products within certain time periods. In addition, OSR may terminate the agreement in the event that
commercialization of a licensed product is not started within 24 months from the grant of both (i) the MAA approval and (ii) the pricing
approval of such licensed product, provided that such termination will relate solely to such licensed product and to such country or
region to which both such MAA approval and pricing approval were granted. If the ARLA is terminated, we may not be able to develop, manufacture,
market or sell the product candidates covered by the agreement and those being tested or approved in combination with such products.
Such an occurrence could materially adversely affect the value of the product candidates being developed under the ARLA.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disputes
may arise regarding intellectual property subject to, and any of our rights and obligations under, the ARLA or any other license or other
strategic agreement, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            scope of rights granted under the license agreement and other interpretation-related issues;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent to which our technology and processes infringe, misappropriate or violate the intellectual
                                            property of the licensor that is not subject to the license agreement;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            diligence obligations under the license agreement and what activities satisfy those diligence
                                            obligations;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            sublicensing of patent and other rights to third parties under any such agreement or collaborative
                                            relationships;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            inventorship and ownership of inventions and know-how resulting from the joint creation or
                                            use of intellectual property by our licensors and us and our partners; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            priority of invention of patented technology.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the agreements under which we license intellectual property or technology to or from third parties are complex, and certain
provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement
that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology or increase
what we believe to be our financial or other obligations under the relevant agreement, either of which could have a material adverse
effect on our business, financial condition, results of operations and prospects. Moreover, if disputes over intellectual property that
we have licensed prevent or impair our ability to maintain our current licensing arrangements on commercially acceptable terms, we may
be unable to successfully develop and commercialize the affected product candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business also would suffer if any current or future licensors fail to abide by the terms of the license, if the licensors fail to enforce
licensed patents against infringing third parties, if the licensed patents or other rights are found to be invalid or unenforceable,
or if we are unable to enter necessary licenses on acceptable terms. Moreover, our licensors may own or control intellectual property
that has not been licensed to us, and as a result, we may be subject to claims, regardless of their merit, that we are infringing, misappropriating
or otherwise violating the licensor&#8217;s rights.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we are unable to successfully obtain rights to required third-party intellectual property rights or maintain the existing
intellectual property rights we have, we may have to seek alternative options, such as developing new product candidates with design-around
technologies, which may require more time and investment, or abandon development of the relevant research programs or product candidates
and our business, financial condition, results of operations and prospects could suffer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have been granted licenses in certain fields of use to patent applications. There can be no assurance that any of the patent applications
for which we have licenses will result in issued patents. As a result, our ability to protect our proprietary technology in the marketplace
may be limited.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been granted licenses in certain fields of use to patent applications in many countries worldwide. These applications cover a range
of areas including applications relating, in general terms, to the use of gene vectors comprising a miRNA target sequence, and the use
of gene vectors comprising an interferon-alpha transgene operably linked to a miRNA-130a or miRNA-126 target sequence. Unless and until
the pending patent applications are issued, their protective scope is impossible to determine. It is also impossible to predict whether
or how many of the patent applications will result in issued patents. Even if pending applications are issued, they may be issued with
coverage significantly narrower than what is currently sought.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
proprietary position for our product candidates currently depends in part upon licenses to patents protecting methods of use, which may
not prevent a competitor or other third party from using the same product candidate for another use.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition
of matter patent claims on the active pharmaceutical ingredient (&#8220;API&#8221;) in pharmaceutical drug products are generally considered
to be the favored form of intellectual property protection for pharmaceutical products, as such patents generally provide protection
without regard to any method of use, manufacture or formulation of the API used. Method of use patent claims protect the use of a product
for the specified method and dosing. These types of patent claims do not prevent a competitor or other third party from making and marketing
an identical API for an indication that is outside the scope of the method claims or from developing a different dosing regimen. Moreover,
even if competitors or other third parties do not actively promote their product for our targeted indications or uses for which we may
obtain patents, physicians may recommend that patients use these products off-label, or patients may do so themselves. Although off-label
use may infringe or contribute to the infringement of method of use patents, the practice is common and such infringement is difficult
to prevent or prosecute.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if patents are issued based on patent applications to which we have been granted a license, because the patent positions of pharmaceutical
and biotechnology products are complex and uncertain, we cannot predict the scope and extent of patent protection for our product candidates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
patents that may be issued based on patent applications that we have been granted licenses to will not ensure sufficient protection with
respect to our activities for a number of reasons, including without limitation the following:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            issued patents may not be broad or strong enough to prevent competition from other gene therapy
                                            products including identical or similar products;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            patents are not issued or if issued patents expire, there would be no protections against
                                            competitors making generic equivalents;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                            may be prior art of which we are not aware that may affect the validity or enforceability
                                            of a patent claim;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                            may be other patents existing, now or in the future, in the patent landscape for Temferon,
                                            or any other product candidates that we seek to commercialize or develop, if any, that will
                                            affect our freedom to operate;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            patents that we have been granted licenses to are challenged, a court could determine that
                                            they are not valid or enforceable;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            court could determine that a competitor&#8217;s technology or product does not infringe patents
                                            that we have been granted licenses to;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">patents
                                            to which we have been granted licenses could irretrievably lapse due to failure to pay fees
                                            or otherwise comply with regulations, or could be subject to compulsory licensing; and,</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            we encounter delays in our development or clinical trials, the period of time during which
                                            we could market our products under patent protection would be reduced.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Obtaining
and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements
imposed by governmental patent agencies, and patent protection could be reduced or eliminated for noncompliance with these requirements.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Periodic
maintenance fees on any issued patent are due to be paid to the U.S. Patent and Trademark Office (&#8220;USPTO&#8221;) and foreign Intellectual
Property Offices in several stages over the term of the patent. Maintenance fees are also due for pending patent applications in some
countries. The USPTO and various foreign governmental patent agencies require compliance with a number of procedural, documentary, fee
payment, and other similar provisions during the patent application process. While an inadvertent lapse can in many cases be cured by
payment of a late fee or by other means in accordance with the applicable rules, there are situations in which noncompliance can result
in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction.
Noncompliance events that could result in abandonment or lapse of a patent or patent application include, but are not limited to, failure
to respond to office actions within prescribed time limits, non-payment of fees and failure to properly legalize and submit formal documents.
In such an event, our competitors might be able to enter the market, which would have a material adverse effect on our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
life of patent protection is limited, and third parties could develop and commercialize products and technologies similar or identical
to ours and compete directly with us after the patent licensed to us expires, which could materially and adversely affect our ability
to commercialize our products and technologies.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
life of a patent and the protection it affords is limited. For example, in the U.S., if all maintenance fees are timely paid, the natural
expiration of a patent is generally 20 years from its earliest U.S. non-provisional filing date. In Europe, the expiration of an invention
patent is 20 years from its filing date. Even if we successfully obtain patent protection for an approved drug candidate, it may face
competition from generic or biosimilar medications. Manufacturers of generic or biosimilar drugs may challenge the scope, validity or
enforceability of the patents underlying our technology in court or before a patent office, and the patent holder may not be successful
in enforcing or defending those intellectual property rights and, as a result, we may not be able to develop or market the relevant product
candidate exclusively, which would materially adversely affect any potential sales of that product.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the amount of time required for the development, testing and regulatory review of new drug candidates, patents protecting such drug candidates
might expire before or shortly after such drug candidates are commercialized. As a result, the patents and patent applications licensed
to us may not provide us with sufficient rights to exclude others from commercializing products similar or identical to ours. Even if
we believe that the U.S. patents involved are eligible for certain (and time-limited) patent term extensions, there can be no assurance
that the applicable authorities, including the FDA and the USPTO, and any equivalent regulatory authority in other countries, will agree
with our assessment of whether such extensions are available, and such authorities may refuse to grant extensions to such patents, or
may grant more limited extensions than requested. For example, depending upon the timing, duration, and specifics of any FDA marketing
approval of any product candidates we may develop, one or more of the U.S. patents licensed to us may be eligible for limited patent
term extension under the Drug Price Competition and Patent Term Restoration Action of 1984 (the &#8220;Hatch-Waxman Amendments&#8221;).
The Hatch-Waxman Amendments permit a patent extension term of up to five (5) years as compensation for patent term lost during the FDA
regulatory review process. A patent term extension cannot extend the remaining term of a patent beyond a total of 14 years from the date
of product approval, only one patent may be extended and only those claims covering the approved drug, a method for using it, or a method
for manufacturing it may be extended. However, we may not be granted an extension because of, for example, failing to exercise due diligence
during the testing phase or regulatory review process, failing to apply within applicable deadlines, failing to apply prior to expiration
of relevant patents, or otherwise failing to satisfy applicable requirements. Moreover, the applicable period or the scope of patent
protection afforded could be less than requested. If we are unable to obtain patent term extension or term of any such extension is less
than requested, our competitors may obtain approval of competing products following our patent expiration, and our business could be
harmed. Changes in either the patent laws or interpretation of the patent laws in the U.S. and other countries may diminish the value
of our patents or narrow the scope of our patent protection.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
patents and pending patent applications licensed to us for our product candidates are expected to expire on various dates as described
in &#8220;Business&#8212; Intellectual Property.&#8221; Upon the expiration, we will not be able to assert such licensed patent rights
against potential competitors, which would materially adversely affect our business, financial condition, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may need to license intellectual property from third parties, and such licenses may not be available or may not be available on commercially
reasonable terms or at all.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be intellectual property rights existing now, or in the future, relevant to Temferon, or any other product candidates that we seek
to commercialize or develop, if any, that may affect our ability to commercialize such product candidates. Although the Company is not
aware of any such intellectual property rights, a third party may hold intellectual property rights, including patent rights, that are
important or necessary to the development or manufacture of our product candidates. Even if all our main product candidates are covered
by patents, it may be necessary for us to use the patented or proprietary technology of third parties to commercialize our product candidates,
in which case we would be required to obtain a license from these third parties. Such a license may not be available on commercially
reasonable terms, or at all, and we could be forced to accept unfavorable contractual terms. In that event, we may be required to expend
significant time and resources to redesign our technology, product candidates, or the methods for manufacturing them or to develop or
license replacement technology, all of which may not be feasible on a technical or commercial basis. If we are unable to do so, our business
could be harmed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
licensing or acquisition of third party intellectual property rights is a competitive area, and several more established companies may
pursue strategies to license or acquire third party intellectual property rights that we may consider attractive or necessary. These
established companies may have a competitive advantage over us due to their size, capital resources and greater clinical development
and commercialization capabilities. In addition, companies that perceive us to be a competitor may be unwilling to assign, or license
rights to us. We also may be unable to license or acquire third party intellectual property rights on terms that would allow us to make
an appropriate return on our investment or at all. If we are unable to successfully obtain rights to required third party intellectual
property rights or maintain the existing intellectual property rights we have, we may have to abandon development of the relevant program
or product candidate, which could have a material adverse effect on our business, financial condition, results of operations, and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may become involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and unsuccessful.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the possibility of litigation relating to infringement claims asserted against it, we may become a party to other patent
litigation and other proceedings, including <i>inter partes</i> review proceedings, post-grant review proceedings, derivation proceedings
declared by the USPTO and similar proceedings in foreign countries, regarding intellectual property rights with respect to our current
or future technologies or product candidates or products. Pursuant to the ARLA, OSR has the right to enforce the patents at its own expense.
However, if OSR fails to do so, we have the right to enforce the licensed patents in the field of use, at our expense. The cost to us
of any patent litigation or other proceeding, even if resolved in our favor, could be substantial. Some of our competitors may be able
to sustain the costs of such litigation or proceedings more effectively than we can because of their substantially greater financial
resources. Patent litigation and other proceedings may also absorb significant management time. Uncertainties resulting from the initiation
and continuation of patent litigation or other proceedings could impair our ability to compete in the marketplace.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitors
may infringe or otherwise violate our intellectual property. As a result, we may be required to file claims to stop third-party infringement
or unauthorized use. Any such claims could provoke these parties to assert counterclaims against us, including claims alleging that we
infringe their patents or other intellectual property rights, and/or that any of our intellectual property (&#8220;IP&#8221;), including
licensed IP, is invalid and/or unenforceable. This can be prohibitively expensive, particularly for a company of our size, and time-consuming,
and even if we are successful, any award of monetary damages or other remedy we may receive may not be commercially valuable. In addition,
in an infringement proceeding, a court may decide that our asserted intellectual property is not valid, or is unenforceable, or may refuse
to stop the other party from using the technology at issue on the grounds that our intellectual property does not cover its technology.
An adverse determination in any litigation or defense proceedings could put our intellectual property at risk of being invalidated or
interpreted narrowly and could put our patent applications at risk of not being issued.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the breadth or strength of our patent or other intellectual property rights is compromised or threatened, it could allow third parties
to exploit and commercialize our technology or products or result in our inability to exploit and/or commercialize our technology and
products without infringing third-party intellectual property rights. Further, third parties may be dissuaded from collaborating with
us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interference
or derivation proceedings brought by the USPTO, or its foreign counterparts may be necessary to determine the priority of inventions
with respect to our patent applications, and we may also become involved in other proceedings, such as re -examination proceedings, before
the USPTO or its foreign counterparts. Due to the substantial competition in the pharmaceutical space, the number of such proceedings
may increase. This could delay the prosecution of our pending patent applications or impact the validity and enforceability of any future
patents that we may obtain. In addition, any such litigation, submission or proceeding may be resolved adversely to us and, even if successful,
may result in substantial costs and distraction to our management.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation, even if some jurisdictions have specific
rules to maintain confidentiality during the proceedings. Moreover, intellectual property law relating to the fields in which we operate
is still evolving and, consequently, patent, and other intellectual property rights in our industry, are subject to change and are often
uncertain. We may not prevail in any of these suits or other efforts to protect our technology, and the damages or other remedies awarded,
if any, may not be commercially valuable. During this type of litigation, there could be public announcements of the results of hearings,
motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, the
market price for our common stock could be significantly harmed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intellectual
property litigation could cause us to spend substantial resources and distract our personnel from their normal responsibilities.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation
or other legal proceedings relating to intellectual property claims, with or without merit, is unpredictable and generally expensive
and time consuming and is likely to divert significant resources from our core business, including distracting our technical and management
personnel from their normal responsibilities. Furthermore, because of the substantial amount of discovery required in connection with
intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during
this type of litigation. In addition, there could be public announcements of the results of hearings, motions or other interim proceedings
or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect
on the price of our common stock and negatively impact our ability to raise additional funds. Such litigation or proceedings could substantially
increase our operating losses and reduce the resources available for development activities or any future sales, marketing, or distribution
activities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors may
be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources
and more mature and developed intellectual property portfolios. Accordingly, despite our efforts, we may not be able to prevent third
parties from infringing upon or misappropriating or from successfully challenging our intellectual property rights. Uncertainties resulting
from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on our ability to
compete in the marketplace.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
trademarks we may obtain may be infringed or successfully challenged, resulting in harm to our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to rely on trademarks, including Temferon, as one means to distinguish any of our product candidates that are approved for marketing
from the products of our competitors. Other than Temferon, which we have registered in the E.U. and the U.S., we have not yet selected
trademarks for our product candidates and have not yet begun the process of applying to register trademarks for any other of our product
candidates. Once we select trademarks and apply to register them, our trademark applications may not be approved. Third parties may oppose
our trademark applications, or otherwise challenge our use of the trademarks. If our trademarks are successfully challenged, we could
be forced to rebrand our products, which could result in loss of brand recognition and could require us to devote resources to advertising
and marketing new brands. Our competitors may infringe upon our trademarks and we may not have adequate resources to enforce our trademarks.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any proprietary name we propose to use with our clinical-stage product candidates or any other product candidate in the U.S.
must be approved by the FDA, regardless of whether we have registered it, or applied to register it, as a trademark. The FDA typically
conducts a review of proposed product names, including an evaluation of the potential for confusion with other product names. If the
FDA objects to any of our proposed proprietary product names, we may be required to expend significant additional resources to identify
a suitable proprietary product name that would qualify under applicable trademark laws, not infringe the existing rights of third parties
and be acceptable to the FDA. The EMA may also object to our proposed proprietary product name that infringes the existing rights of
third parties.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest
and our business may be adversely affected. Over the long term, if we are unable to establish name recognition based on our trademarks
and trade names, then we may not be able to compete effectively, and our business may be adversely affected. Our efforts to enforce or
protect our proprietary rights related to trademarks, trade secrets, domain names, copyrights or other intellectual property may be ineffective
and could result in substantial costs and diversion of resources and could adversely affect our business, financial condition, results
of operations and growth prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to enforce intellectual property rights throughout the world.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing,
prosecuting, and defending patent applications and issued patents on product candidates in all countries throughout the world would be
prohibitively expensive, and intellectual property rights that we have been granted licenses to in some countries outside the U.S. and
Italy can be less extensive than those in the U.S. and Italy. In addition, the laws of some foreign countries do not protect intellectual
property to the same extent as laws in the U.S. and Italy. Consequently, we may not be able to seek to prevent third parties from practicing
inventions that are the subject of patents that we have been granted licenses to in all countries outside the U.S. and Italy, or from
selling or importing products made using inventions that are the subject of patents that we have been granted licenses to in and into
the U.S. or other jurisdictions. Competitors, for example, may use technologies that are the subject of patents that we have been granted
licenses to in jurisdictions where we have not licensed patents to develop their own products and further, may export otherwise infringing
products to territories where we have been granted licenses to patents, but enforcement is not as strong as that in the U.S. and Italy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
companies have encountered significant problems in protecting and defending intellectual property in foreign jurisdictions. The legal
systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets and other
intellectual property, particularly those relating to pharmaceutical and biotechnology products, which could make it difficult for us
to stop the infringement of patents that we have been granted licenses to or marketing of competing products in violation of our proprietary
rights generally. To date, we have not sought to enforce any issued patents in these foreign jurisdictions. Proceedings to enforce patent
rights that we have been granted licenses to in foreign jurisdictions could result in substantial costs and divert our efforts and attention
from other aspects of our business, could put patents that we have been granted licenses to at risk of being invalidated or interpreted
narrowly and patent applications that we have been granted licenses to at risk of not issuing and could provoke third parties to assert
claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be
commercially meaningful. The requirements for patentability may differ in certain countries, particularly developing countries. Certain
countries in Europe and developing countries, including China and India, have compulsory licensing laws under which a patent owner may
be compelled to grant licenses to third parties. In those countries, we and our licensors may have limited remedies if patents are infringed
or if we or our licensors are compelled to grant a license to a third party, which could materially diminish the value of those patents.
This could limit our potential revenue opportunities. Accordingly, our efforts to enforce intellectual property rights that we have been
granted licenses to around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that
we develop or license.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to maintain effective proprietary rights for our product candidates, we may not be able to compete effectively in our markets.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the protection afforded by any issued patents to which we have been granted licenses and future patents that may be granted,
our license agreement with OSR provides rights to access know-how, or trade secrets. We seek to preserve the integrity and confidentiality
of our data, trade secrets and intellectual property by maintaining physical security of our premises and physical and electronic security
of our information technology systems, as well as by entering into confidentiality agreements. Agreements or security measures may be
breached or could expire, and we may not have adequate remedies for any breach and/or expiration. In addition, our trade secrets may
otherwise become known or be independently discovered by competitors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot provide any assurances that trade secrets and other confidential proprietary information will not be disclosed in violation of
confidentiality agreements or that competitors will not otherwise gain access to trade secrets or independently develop substantially
equivalent information and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of trade secrets could impair
our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken to maintain trade secrets
and intellectual property are deemed inadequate, we may have insufficient recourse against third parties for misappropriating any trade
secret.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Third
parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would
be uncertain and could have a material adverse effect on the success of our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial success depends upon our ability to develop, manufacture, market and sell our platform technology without infringing the proprietary
rights of third parties. There is considerable intellectual property litigation in the biotechnology and pharmaceutical industries. While
no such judicial litigation has been brought against us and we have not been held by any court to have infringed a third party&#8217;s
intellectual property rights, we cannot guarantee that our technology or use of our technology does not infringe third-party patents.
It is also possible that we have failed to identify relevant third-party patents or applications. For example, applications filed before
November 29, 2000, and certain applications filed after that date that will not be filed outside the U.S. remain confidential until patents
issue. Patent applications in the U.S. and elsewhere are published approximately 18 months after the earliest filing, which is referred
to as the priority date in cases where priority is claimed. Therefore, patent applications covering our technology could have been filed
by others without our knowledge. Additionally, pending patent applications which have been published can, subject to certain limitations,
be later amended in a manner that could cover our technology.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2013, the U.S. transitioned to a &#8216;first to file&#8217; system in which the first inventor to file a patent application will
be entitled to the patent. Third parties are allowed to submit prior art prior to the issuance of a patent by the USPTO and may become
involved in post-grant review or derivation proceedings for applications filed on or after March 16, 2013, interference proceedings for
applications filed before March 16, 2013, <i>ex parte</i> reexamination, or <i>inter partes</i> review challenging our patent rights
or the patent rights of others. An adverse determination in any such submission, proceeding or litigation could reduce the scope of,
or invalidate, our patent rights, which could adversely affect our competitive position with respect to third parties. We may become
party to, or threatened with, future adversarial proceedings or litigation regarding intellectual property rights with respect to our
technology, including <i>inter partes</i> review, interference, or derivation proceedings before the USPTO and similar bodies in other
countries. Third parties may assert infringement claims against us based on existing intellectual property rights and intellectual property
rights that may be granted in the future.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are aware of issued patents in the U.S. that cover the lentiviral vectors used in the manufacture of our product candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are found to infringe a third party&#8217;s intellectual property rights, we could be required to obtain a license from such third
party to continue developing and marketing our technology. However, we may not be able to obtain any required license on commercially
reasonable terms or at all. Any inability to secure licenses or alternative technology could result in delays in the introduction of
our products or lead to prohibition of the manufacture or sale of products by us. Even if we were able to obtain a license, it could
be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. We could be forced, including by court
order, to cease commercializing the infringing technology. In addition, we could be found liable for monetary damages, including treble
damages and attorneys&#8217; fees if we are found to have willfully infringed a patent. A finding of infringement could prevent us from
commercializing our technology or force us to cease some of our business operations, which could materially harm our business. Claims
that we have misappropriated the confidential information or trade secrets of third parties could have a similar negative impact on our
business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to claims asserting that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets,
inventions, or intellectual property rights of their current or former employers or claims asserting ownership of what we regard as intellectual
property that we have been granted licenses to.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our employees, consultants or advisors are currently, or were previously, employed at universities or other biotechnology or pharmaceutical
companies, including our competitors or potential competitors. Although we try to ensure that our employees, consultants, and advisors
do not use the proprietary information or know-how of others in their work for us, we may be subject to claims that these individuals
or we have used or disclosed intellectual property, including trade secrets or other proprietary information, of any such individual&#8217;s
current or former employer. Litigation may be necessary to defend against these claims. If we fail to defend any such claims, in addition
to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in defending against
such claims, litigation could result in substantial costs and be a distraction to management. Our licensors may face similar risks, which
could have an adverse impact on intellectual property that is licensed to us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this respect, our key people Mr. Luigi Naldini and Mr. Bernhard Gentner are also employees of OSR &#8211;- San Raffaele Hospital, and
have been appointed, according to a consultancy agreement, as directors of our scientific committee for the purpose of designing and
developing the preclinic research and clinic experimentation program around cancers (Prof. Naldini) and mieloma (Dr. Gentner) gene therapy.
The relevant consultancy agreements do not set forth any specific representation and warranty in our favor that their activities do not
infringe any third party&#8217;s intellectual property rights (in particular, of OSR). In this respect, Dr. Naldini and Dr. Gentner have
executed a statement whereby they have declared that their consultancy activities in our favor have been carried out by the same without
infringing upon the intellectual property rights of OSR. OSR is not part of this statement and, therefore, OSR could in any case address
claims against us with respect to an infringement of its intellectual property right by Dr. Naldini and Dr. Gentner in relation to their
activity in our favor.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
may be claims challenging the inventorship of patents and other intellectual property that we have been granted licenses to.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be claims that former employees, collaborators, or other third parties have an interest in patents or other intellectual property
that we have been granted licenses to as an inventor or co-inventor. For example, we may have inventorship disputes arise from conflicting
obligations of consultants or others who are involved in developing our product candidates. Litigation may be necessary to defend against
these and other claims challenging inventorship. If we fail in defending any such claims, in addition to paying monetary damages, there
may be a loss of valuable intellectual property rights to us or our licensors, such as exclusive ownership of, or right to use, valuable
intellectual property. Such an outcome could have a material adverse effect on our business. Even if we are successful in defending against
such claims, litigation could result in substantial costs and be a distraction to management and other employees. In addition, we may
receive less revenue from future products if any of our employees successfully claim compensation for their work in developing intellectual
property, which in turn could have an impact on our future profitability.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Under
applicable employment laws, we may not be able to prevent our employees or key consultants, after the termination of their relationship
with us or &#8211;- with reference to key consultants &#8211;- during the same, to perform competitive activity in favor of other companies
nor to enforce covenants not to compete and therefore may be unable to prevent our competitors from benefiting from the expertise of
such employees or consultants. In addition, employees and consultants may be entitled to seek compensation for their inventions irrespective
of their agreements with us.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have not entered into non-competition agreements with our current employees to prevent them, after the termination of their
employment, to perform competitive activity in favor of other employers. Therefore, we cannot exclude the fact that such employers may
benefit from the expertise of our current employees developed while working for us, after the termination of their employment. We sometimes
enter into non-competition agreements with certain key consultants. These agreements prohibit key consultants, if they cease working
for us, from competing directly with us or working for our competitors or clients for a limited period. We may be unable to enforce these
agreements under the laws of the jurisdictions in which our consultants work and it may be difficult for us to restrict our competitors
from benefitting from the expertise our former consultants developed while working for us. Under Italian law, a non-competition agreement
could be invalidated if, for example, the geographic scope of the non-competition agreement is too broad, or, alternatively, such an
agreement could be deemed by an Italian court to be an occupation ban. Such actions would make enforcing our non-competition agreements
more challenging and could make it easier for our competitors to employ or benefit from the expertise of our key consultants. In addition,
we cannot exclude that our current independent consultants may perform activities &#8211;during their relationship with us- which could
result in competition / conflict with our activity (e.g., in case they perform their activity for the benefit of other employers or companies).
Lastly, with reference to the key consultants with whom no non-competition agreement has been entered into, we cannot exclude that, after
the termination of their relationship with us or during the same, other employers or companies may benefit from the expertise of such
consultants developed while working for us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under Italian law, in case of inventions developed by our employees, which were developed while performing their employment
activities, but outside the performance of their contractual duties, the rights to the inventions belong to us but we are required to
compensate the employees for the rights to their respective inventions. Regarding independent consultants, Italian law provides that,
save for the case in which the inventive activity of the same has been set forth as the subject of the consulting agreement and compensated
for this purpose, the rights to economically exploit the original contributions and inventions realized in the execution of the consulting
agreement will belong to consultant.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, neither the employment agreements nor the consultancy agreements provide any specific compensation related to the inventive activity.
Therefore, employees and independent consultants may ask for a fair compensation due to such inventions and, regarding independent consultants,
the failure to pay a fair compensation could prevent us from obtaining rights on their inventions, and this could have a material adverse
effect on our operations and ability to effectively compete.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intellectual
property rights do not necessarily address all potential threats.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations
and may not adequately protect our business or permit us to maintain our competitive advantage. For example:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            product candidates we may develop will eventually become commercially available in generic
                                            or biosimilar product forms;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">others
                                            may be able to make products that are similar to any product candidates we may develop or
                                            utilize similar technology but that are not covered by the claims of the patents that we
                                            may own or license now or in the future;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we,
                                            or any future license partners or collaborators, might not have been the first to make the
                                            inventions covered by the issued patent or pending patent application that we own or license
                                            now or in the future;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we,
                                            or any future license partners or collaborators, might not have been the first to file patent
                                            applications covering certain of our or their inventions;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">others
                                            may independently develop similar or alternative technologies or duplicate any of our technologies
                                            without infringing our intellectual property rights;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is possible that pending patent applications currently licensed or those to which we may
                                            enter into a license regarding in the future will not lead to issued patents;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is possible that there are prior public disclosures that could invalidate the issued patents
                                            that have been licensed to us, or parts of such issued patents;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is possible that there are unpublished applications or patent applications maintained in
                                            secrecy that may later issue with claims covering our product candidates or technology similar
                                            to ours;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issued
                                            patents to which we hold rights to may be held invalid or unenforceable, including as a result
                                            of legal challenges by our competitors;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            claims of patent applications, if and when issued, may not cover our product candidates;</span></td></tr></table>

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


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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            competitors might conduct research and development activities in countries where we do not
                                            have patent rights and then use the information learned from such activities to develop competitive
                                            products for sale in our major commercial markets;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            laws of foreign countries may not protect our proprietary rights or the proprietary rights
                                            of license partners or current or future collaborators to the same extent as the laws of
                                            the U.S.;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            inventors of our patent applications may become involved with competitors, develop products
                                            or processes that design around our patents, or become hostile to us or the patents or patent
                                            applications on which they are named as inventors;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            engage in scientific collaborations and will continue to do so in the future, and our collaborators
                                            may develop adjacent or competing products that are outside the scope of our patents;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            product candidates we develop may be covered by third parties&#8217; patents or other exclusive
                                            rights;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            patents of others may harm our business;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may not develop additional proprietary technologies that are patentable; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may choose not to file a patent to maintain certain trade secrets or know-how, and a third-party
                                            may subsequently file a patent covering such intellectual property.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
any of these events occur, they could have a material adverse effect on our business, financial condition, results of operations, and
prospects. The patent positions of biotechnology and pharmaceutical companies generally are highly uncertain, involve complex legal,
technical, and factual questions and have in recent years been the subject of much litigation. As a result, the issuance, scope, validity,
enforceability, and commercial value of our patents, including those patent rights licensed to us by third parties, are highly uncertain.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a company currently with substantial operations outside of the U.S., our business is subject to global economic conditions, macro events,
political, regulatory, pandemic, and other risks associated with international operations and macro-economic trends.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company with substantial operations in Italy, our business is subject to risks associated with conducting business outside the U.S.
Many of our suppliers and clinical trial relationships are located outside the U.S. The global economy, including credit and financial
markets, has experienced extreme volatility and disruptions, including, among other things, severely diminished liquidity, and credit
availability, declines in consumer confidence, declines in economic growth, supply chain shortages, increases in inflation rates, higher
interest rates and uncertainty about economic stability. For example, during 2022 and 2023, the U.S. Federal Reserve raised interest
rates multiple times in response to concerns about inflation. Higher interest rates, coupled with reduced government spending and volatility
in financial markets may increase economic uncertainty and affect investor confidence. Similarly, the ongoing wars between Russia and
Ukraine and Israel and Hamas has created extreme volatility in the global capital markets and is expected to have further global economic
consequences, including disruptions of the global supply chain and energy markets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such volatility and disruptions may adversely affect our business or the third parties on whom we rely. If the equity and credit markets
deteriorate because of the political unrest or war, it may make any debt or equity financing more costly or more dilutive or more difficult
to obtain in a timely manner or on favorable terms, if at all. Accordingly, our future results could be harmed by a variety of factors,
including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic
                                            downturns, recessions, inflation, increasing interest rates, supply chain shortages, rising
                                            fuel prices, or political instability in particular non-U.S. economies and markets could
                                            negatively impact our budget projections, clinical trial cost estimates, and potential clinical
                                            timeline;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">instability
                                            in the domestic and international banking systems where the Company has accounts;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differing
                                            and changing regulatory requirements for product approvals in the U.S. and Italy;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differing
                                            jurisdictions could present different issues for securing, maintaining or obtaining freedom
                                            to operate in such jurisdictions;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially
                                            reduced protection for intellectual property rights that could impact our ability to develop
                                            and/or license our technology;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            in compliance with different, complex, and changing laws, regulations and court systems of
                                            multiple jurisdictions and compliance with a wide variety of foreign laws, treaties and regulations
                                            that could affect our need to hire subject matter experts or retain third-party experts;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in non-U.S. regulations and customs, tariffs, and trade barriers;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign
                                            exchange risks and currency controls due to maintaining our cash and cash equivalents both
                                            in U.S. dollars and Euros;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in a specific country&#8217;s or region&#8217;s political or economic environment;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">trade
                                            protection measures, import or export licensing requirements or other restrictive actions
                                            by governments;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differing
                                            reimbursement regimes and price controls in certain non-U.S. markets;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative
                                            consequences from changes in tax laws;</span></td></tr></table>

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


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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
                                            with tax, employment, immigration and labor laws for employees living or traveling abroad,
                                            including, for example, the variable tax treatment in different jurisdictions of options
                                            granted under our share incentive plans;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">workforce
                                            uncertainty in countries where labor unrest is more common than in the U.S.;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation
                                            or administrative actions resulting from claims against us by current or former employees
                                            or by employees of third party contractors or consultants, individually or as part of class
                                            actions, including: (i) claims of wrongful terminations and payment of the related damages,
                                            (ii) discrimination, (iii) misclassification, (iv) claims for salary differences or for a
                                            different classification according to national collective bargaining agreement, (v) claims
                                            for the payment of social security charges or severance benefits, (vi) claims from suppliers&#8217;
                                            employees or external consultants such as, by way of example, claims for reclassification
                                            as employees, rather than independent contractors, or, as indicated above, requests for payment
                                            of salary / social security charges, (vii) any sanctions due to the above-mentioned obligations,
                                            (viii) or other violations of labor law or other alleged conduct;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            associated with staffing and managing international operations, including differing labor
                                            relations;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">production
                                            shortages resulting from any events affecting raw material supply or manufacturing capabilities
                                            abroad; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business
                                            interruptions resulting from geo-political actions, including war and terrorism (including
                                            the ongoing war in Ukraine), health epidemics, or natural disasters including earthquakes,
                                            typhoons, floods, and fires.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
manage our business through a small number of employees, key consultants, and third party contractors.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
key people include our Chief Executive Officer and current Vice Chairman, Pierluigi Paracchi, who co-founded our company in 2014 along
with Luigi Naldini, our Executive Scientific Board Chairman, and Bernhard Gentner, a member of our Executive Scientific Board. Our other
key people include Carlo Russo, our Chief Medical Officer &amp; Head of Development, Richard Slansky, our Chief Financial Officer, Barbara
Regonini, our Finance Director and Stefania Mazzoleni, our Scientific Project Manager and Communications Officer. Our future growth and
success depend on our ability to recruit, retain, manage, and motivate our employees and key consultants. The loss of the services of
our Chief Executive Officer or any of our key personnel or the inability to hire or retain experienced management personnel could adversely
affect our ability to execute our business plan and harm our operating results. Although we expect to enter into employment agreements
with management, these agreements will likely be terminable at will with notice.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, laws and regulations on executive compensation, including legislation in our home country, Italy, may restrict our ability
to attract, motivate and retain the required level of qualified personnel.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the specialized scientific and managerial nature of our business, we rely heavily on our ability to attract and retain qualified scientific
and technical consultants. In particular, the loss of one or more of our key personnel could be detrimental to us if we cannot recruit
suitable replacements in a timely manner. Recruiting and retaining other qualified employees, consultants, and advisors for our business,
including scientific and technical personnel, will also be critical to our success. There is currently a shortage of skilled executives
in our industry, which is likely to continue. As a result, competition for skilled personnel, including in gene therapy research and
vector manufacturing, is intense and the turnover rate can be high. We may not be able to attract and retain personnel on acceptable
terms given the competition among numerous pharmaceutical and biotechnology companies for individuals with similar skill sets. In addition,
failure to succeed in preclinical or clinical trials may make it more challenging to recruit and retain qualified personnel. The inability
to recruit or the loss of the services of any executive, key employee, consultant, or advisor may impede the progress of our research,
development, and commercialization objectives. We do not currently carry &#8220;key person&#8221; insurance on the lives of members of
senior management. The competition for qualified personnel in the biotechnology and pharmaceutical fields is intense. Due to this intense
competition, we may be unable to attract and retain qualified personnel necessary for the development of our business or to recruit suitable
replacement personnel.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on a single manufacturing facility, and if operations at that manufacturing facility are disrupted, we could experience delays in
our clinical trials or we would need to expend additional time and capital to identify and onboard another manufacturing facility.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face risks inherent in operating a single manufacturing facility, since any disruption, such as a fire, natural hazards or vandalism
could significantly interrupt our manufacturing capability. We currently do not have alternative production plans in place or disaster-recovery
facilities available. In case of a disruption, we will have to establish alternative manufacturing sources. This would require substantial
capital on our part, which it may not be able to obtain on commercially acceptable terms or at all. Additionally, we would likely experience
months or years of manufacturing delays as we build or locate replacement facilities and seek and obtain necessary regulatory approvals.
If this occurs, we will be unable to satisfy manufacturing needs on a timely basis, if at all. Also, operating any new facilities may
be more expensive than operating our current facility. Further, business interruption insurance may not adequately compensate us for
any losses that may occur, and we would have to bear the additional cost of any disruption. For these reasons, a significant disruptive
event at the manufacturing facility could have drastic consequences, including placing our financial stability at risk.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have a very limited number of employees. If we are successful in executing our business strategy and to commercialize our products,
if approved, we will need to substantially increase our operations, including expanding our employee base of managerial, operational
and financial personnel. Any future growth will impose significant added responsibilities on members of management, including the need
to identify, recruit, maintain and integrate additional employees. To that end, we must be able to:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manage
                                            our clinical trials and the regulatory process effectively;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">develop
                                            our administrative, accounting and management information systems and internal controls;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hire
                                            and train additional qualified personnel; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrate
                                            current and additional management, administrative, financial and sales and marketing personnel.</span></td></tr></table>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
employees, principal investigators, consultants, and commercial partners may engage in misconduct or other improper conduct or activities,
including non-compliance with regulatory standards and requirements and insider trading.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of fraud or other misconduct by our employees, principal investigators, consultants, and commercial partners.
Misconduct by these parties could include intentional failures to comply with the regulations of AIFA, the FDA, EMA, or of other foreign
regulatory authorities, provide accurate information to AIFA, the FDA, EMA, and other foreign regulatory authorities, comply with healthcare
fraud and abuse laws and regulations in the U.S. and other countries, report financial information or data accurately or disclose unauthorized
activities to us. Sales, marketing, and business arrangements in the healthcare industry are subject to extensive laws and regulations
intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or
prohibit a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive programs and other business
arrangements. Such misconduct could also involve the improper use of information obtained during clinical trials, which could result
in regulatory sanctions and cause serious harm to our reputation. We have adopted a code of conduct applicable to all our employees,
but it is not always possible to identify and deter employee misconduct, and the precautions we take to detect and prevent this activity
may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other
actions or lawsuits stemming from a failure to comply with these laws or regulations. If any such actions are instituted against us,
and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business,
including the imposition of significant fines or other sanctions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject, directly, or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws and health information
privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we obtain AIFA, FDA, EMA or other regulatory authority approval for any of our product candidates and begin commercializing those products
, our operations may be directly or indirectly through our customers, subject to various federal, state and/or international fraud and
abuse laws, including, without limitation, the U.S. federal Anti-Kickback Statute, the U.S. federal False Claims Act and U.S. physician
sunshine laws and regulations. These laws may impact, among other things, our proposed sales, marketing, and education programs. In addition,
we may be subject to patient privacy regulation by both the U.S. federal government and the states and countries in which we conduct
our business. The laws that may affect our ability to operate include:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            U.S. federal Anti-Kickback Statute, which prohibits, among other things, persons from knowingly
                                            and willfully soliciting, receiving, offering or paying remuneration, directly or indirectly,
                                            to induce, or in return for, the purchase or recommendation of an item or service reimbursable
                                            under a U.S. federal healthcare program, such as the Medicare and Medicaid programs;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
                                            federal civil and criminal false claims laws and civil monetary penalty laws, which prohibit,
                                            among other things, individuals or entities from knowingly presenting, or causing to be presented,
                                            claims for payment from Medicare, Medicaid or other third-party payors that are false or
                                            fraudulent;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            U.S. Health Insurance Portability and Accountability Act of 1996 (&#8220;HIPAA&#8221;), which
                                            created new federal criminal statutes that prohibit executing a scheme to defraud any healthcare
                                            benefit program and making false statements relating to healthcare matters;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIPAA,
                                            as amended by the Health Information Technology and Clinical Health Act, and its implementing
                                            regulations, which imposes certain requirements relating to the privacy, security and transmission
                                            of individually identifiable health information;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            U.S. federal physician sunshine requirements under the U.S. Patient Protection and Affordable
                                            Care Act, as amended by the Health Care and Education Reconciliation Act (the &#8220;PPACA&#8221;),
                                            requires manufacturers of drugs, devices and medical supplies to report annually to the U.S.
                                            Department of Health and Human Services information related to payments and other transfers
                                            of value to physicians, other healthcare providers and teaching hospitals and ownership and
                                            investment interests held by physicians and other healthcare providers and their immediate
                                            family members and applicable group purchasing organizations;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
                                            state law equivalents of each of the above U.S. federal laws, such as anti-kickback and false
                                            claims laws that may apply to items or services reimbursed by any third-party payor, including
                                            commercial insurers; state laws that require biotechnology and pharmaceutical companies to
                                            comply with the biotechnology and pharmaceutical industries&#8217; voluntary compliance guidelines
                                            and the relevant compliance guidance promulgated by the federal government, or otherwise
                                            restrict payments that may be made to healthcare providers and other potential referral sources;
                                            state laws that require drug manufacturers to report information related to payments and
                                            other transfers of value to physicians and other healthcare providers or marketing expenditures;
                                            and state laws governing the privacy and security of health information in certain circumstances,
                                            many of which differ from each other in significant ways and may not have the same effect,
                                            thus complicating compliance efforts; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">European
                                            and other foreign law equivalents of each of the laws, including reporting requirements detailing
                                            interactions with and payments to healthcare providers, and the European General Data Protection
                                            Regulation (the &#8220;GDPR&#8221;), which became effective in May 2018 and contains new
                                            provisions specifically directed at the processing of health information, higher sanctions
                                            and extra-territoriality measures intended to bring non-E.U. companies under the regulation,
                                            including companies like us that conduct clinical trials in the E.U.; we anticipate that
                                            over time we may expand our business operations to include additional operations in the E.U.
                                            and with such expansion, we would be subject to increased governmental regulation in the
                                            E.U. countries in which we might operate, including the GDPR and all relevant data protection
                                            rulings and further legislation.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
scope and enforcement of each of these laws is uncertain and subject to rapid change in the current environment of healthcare reform,
especially considering the lack of applicable precedent and regulations. U.S. federal and state enforcement bodies have recently increased
their scrutiny of interactions between healthcare companies and healthcare providers, which has led to several investigations, prosecutions,
convictions and settlements in the healthcare industry. It is possible that U.S. and other governmental authorities will conclude that
our business practices do not comply with current or future statutes, regulations or case law involving applicable fraud and abuse or
other healthcare laws and regulations. If our operations are found to be in violation of any of these laws or any other related governmental
regulations that may apply to us, we may be subject to significant civil, criminal and administrative penalties, including, without limitation,
damages, fines, imprisonment, disgorgement, exclusion from participation in government funded healthcare programs, such as Medicare and
Medicaid, reputational harm, additional oversight and reporting obligations if we become subject to a corporate integrity agreement or
similar settlement to resolve allegations of non-compliance with these laws and the curtailment or restructuring of our operations. If
any of the physicians or other healthcare providers or entities with whom we expect to do business is found to be not in compliance with
applicable laws, they may be subject to similar actions, penalties, and sanctions. Efforts to ensure that our business arrangements comply
with applicable healthcare laws and regulations, as well as responding to possible investigations by government authorities, can be time-
and resource-consuming and can divert a company&#8217;s attention from the business.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
industry is highly regulated and changes in law may adversely impact our business, operations, or financial results. The PPACA is a sweeping
measure intended to, among other things, expand healthcare coverage within the U.S., primarily through the imposition of health insurance
mandates on employers and individuals and expansion of the U.S. Medicaid program. Several provisions of the law may affect us and increase
certain of our costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, other legislative changes have been adopted since the PPACA was enacted. These changes include aggregate reductions in U.S.
Medicare payments to providers of 2% per fiscal year, which went into effect on April 1, 2013 and, following passage of the U.S. Bipartisan
Budget Act of 2018, will remain in effect through 2027 unless additional U.S. Congressional action is taken. In January 2013, President
Obama signed into law the American Taxpayer Relief Act of 2012, which, among other things, further reduced Medicare payments to several
types of providers and increased the statute of limitations period for the government to recover overpayments to providers from three
to five years. These laws may result in additional reductions in Medicare and other healthcare funding, which could have a material adverse
effect on our customers and, accordingly, our financial operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that the PPACA, as well as other U.S. healthcare reform measures that may be adopted in the future, may result in more rigorous
coverage criteria and an additional downward pressure on the reimbursement our customers may receive for our products. Further, there
have been, and there may continue to be, judicial and Congressional challenges to certain aspects of the PPACA. For example, the U.S.
Tax Cuts and Jobs Act of 2017 (the &#8220;TCJA&#8221;) includes a provision repealing, effective January 1, 2019, the tax-based shared
responsibility payment imposed by the PPACA on certain individuals who fail to maintain qualifying health coverage for all or part of
a year that is commonly referred to as the &#8220;individual mandate.&#8221; Additional legislative and regulatory changes to the PPACA,
its implementing regulations and guidance and its policies, remain possible. However, it remains unclear how any new legislation or regulation
might affect the prices we may obtain for any of our product candidates for which regulatory approval is obtained. Any reduction in reimbursement
from Medicare and other government programs may result in a similar reduction in payments from private payers. The implementation of
cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability or commercialize
our products.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the delivery of healthcare in the E.U., including the establishment and operation of health services and the pricing and reimbursement
of medicines, is almost exclusively a matter for national, rather than E.U., law, and policy. National governments and health service
providers have different priorities and approaches to the delivery of health care and the pricing and reimbursement of products in that
context. In general, however, the healthcare budgetary constraints in most E.U. member states have resulted in restrictions on the pricing
and reimbursement of medicines by relevant health service providers. Coupled with ever-increasing E.U. and national regulatory burdens
on those wishing to develop and market products, this could prevent or delay marketing approval of our product candidates, restrict or
regulate post-approval activities and affect our ability to commercialize any products for which we obtain marketing approval.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently unable to predict what additional legislation or regulation, if any, relating to the health care industry may be enacted
in the future or what effect recently enacted federal legislation or any such additional legislation or regulation would have on our
business. The pendency or approval of such proposals or reforms could result in a decrease in the price of our securities or limit our
ability to raise capital or to enter into collaboration agreements for the further development and potential commercialization of our
products.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
use of any of our product candidates could result in product liability or similar claims that could be expensive, damage our reputation
and harm our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business exposes us to an inherent risk of potential product liability or similar claims. Mainly in the U.S., the biotechnology and pharmaceutical
industries have historically been litigious, and we face financial exposure to product liability or similar claims if the use of any
of our products were to cause or contribute to injury or death. There is also the possibility that defects in the design or manufacture
of any of our products might necessitate a product recall. Although we plan to maintain product liability insurance, the coverage limits
of these policies may not be adequate to cover future claims. In the future, we may be unable to maintain product liability insurance
on acceptable terms or at reasonable costs and such insurance may not provide us with adequate coverage against potential liabilities.
A product liability claim, regardless of merit or ultimate outcome, or any product recall could result in substantial costs to us, damage
to our reputation, customer dissatisfaction and frustration and a substantial diversion of management attention. A successful claim brought
against us more than, or outside of, our insurance coverage, could have a material adverse effect on our business, financial condition,
and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
internal information technology systems, or those of our third party vendors, collaborators, or other contractors or consultants, may
fail or suffer cyber security breaches or other unauthorized or improper access, which could result in a significant disruption of our
product development programs, give rise to significant liability, subject us to costly and protracted litigation, cause significant reputational
harm, and impact our ability to operate our business effectively.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are increasingly dependent upon information technology systems, infrastructure, and data to operate our business. In the ordinary course
of business, we collect, store, and transmit confidential information (including but not limited to intellectual property, proprietary
business information, and personal information). It is critical that we do so in a secure manner to maintain the confidentiality and
integrity of such information. We also have outsourced elements of our operations to third parties, and as a result we manage a few third
party vendors and other contractors and consultants who have access to our confidential information. </span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal information technology systems and those of our current and any future third party vendors, collaborators and other contractors
or consultants may be vulnerable to a variety of disruptive elements, including data breaches, cyber-attacks by malicious third parties
(including the deployment of computer viruses, harmful malware, ransomware, denial-of-service attacks, social engineering, and other
means to affect service reliability and threaten the confidentiality, integrity, and availability of information), unauthorized access,
natural disasters, terrorism, war, telecommunication and electrical failures and persons with access to systems inside our organization.
In particular, the risk of a security breach or disruption, through cyber-attacks or cyber intrusion, including by computer hackers and
cyber terrorists, has generally increased as the number, intensity, and sophistication of attempted attacks and intrusions from around
the world have increased. We may not be able to anticipate all types of security threats, and we may not be able to implement preventive
measures effective against all such security threats. Because the techniques used by cyber criminals change frequently, may not be recognized
until launched, and can originate from a wide variety of sources, including outside groups such as external service providers, organized
crime affiliates or terrorist organizations, we and our partners may be unable to anticipate these techniques or implement adequate preventative
measures. Further, we do not have any control over the operations of the facilities or technology of third parties that collect, process
and store personal data on our behalf.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we have not experienced any significant system failure, accident, or security breach to date, if such an event were to occur and cause
interruptions in our operations or a loss of, or damage to, our data or applications, or those of our third party vendors and other collaborators,
contractors and consultants, it could result in a disruption of our development programs and our business operations, whether due to
a loss of our trade secrets or other confidential, personal or proprietary information, significant delays or setbacks in our research,
or other similar disruptions. For example, the loss of clinical trial data from completed or future clinical trials could result in delays
in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption
or security breach were to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential,
personal, or proprietary information, we could incur significant liability, our competitive position could be harmed, our reputation
could be damaged, and the further development and commercialization of our product candidates could be delayed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unauthorized
disclosure of sensitive or confidential data, including personal information, whether through a breach of computer systems, systems failure,
employee negligence, fraud or misappropriation, or otherwise, or unauthorized access to or through our information systems and networks,
whether by our employees or third parties, could result in negative publicity, damage to our reputation and/or compel us to comply with
federal and/or state breach notification laws and foreign law equivalents, subject us to mandatory corrective action, and otherwise subject
us to liability under laws and regulations that protect the privacy and security of personal information. The costs related to significant
security breaches or disruptions could be material. If the information technology systems of our third-party vendors and other collaborators,
contractors and consultants become subject to disruptions or security breaches, we may be exposed to material liability and have insufficient
recourse against such third parties and we may have to expend significant resources to mitigate the impact of such an event, and to develop
and implement protections to prevent future events of this nature from occurring. Any of the foregoing could adversely affect our business,
financial condition, results of operations or prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
lingering impact from the COVID-19 pandemic could disrupt and cause harm to our business, operating results, or financial condition.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
duration and extent of any lingering impact from the COVID-19 pandemic on our business will continue to depend on future developments
that cannot be accurately forecasted at this time, such as the emergence of new COVID-19 variants, the transmission rate and geographic
spread of the disease, the extent and effectiveness of any applicable containment actions, the widespread use of effective vaccines and
the severity of breakthrough cases, and the impact of these and other factors on our employees, patients, partners, contract manufacturers,
suppliers and other third-party providers. If we are not able to respond to and manage the impact of such events effectively and if the
macroeconomic conditions of the general economy or the industry in which we operate do not improve, or worsen from present levels, our
business, operating results, financial condition, and cash flows could be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
or the third parties upon whom we depend, may be adversely affected by earthquakes or other natural disasters and our business continuity
and disaster recovery plans may not adequately protect us from a serious disaster.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earthquakes
or other natural disasters could severely disrupt our operations, and have a material adverse effect on our business, results of operations,
financial condition, and prospects. If a natural disaster, power outage or other event occurred that prevented us from using all or a
significant portion of our headquarters, that damaged critical infrastructure, such as the manufacturing facilities of our third-party
contract manufacturers, or that otherwise disrupted operations, it may be difficult or, in certain cases, impossible for us to continue
our business for a substantial period. The disaster recovery and business continuity plans that we have in place currently are limited
and are unlikely to prove adequate in the event of a serious disaster or similar event. We may incur substantial expenses because of
the limited nature of our disaster recovery and business continuity plans, which, particularly when taken together with our lack of earthquake
insurance, could have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsuccessful
compliance with certain European privacy regulations could have an adverse effect on our business and reputation.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
collection and use of personal health data in the E.U. is governed, as of May 2018, by the General Data Protection Regulation 2016/679
(the &#8220;GDPR&#8221;) as implemented by European Data Protection Board (the &#8220;EDPB&#8221;) guidelines and E.U. Member States
national legislations. General E.U. data protection rules impose several requirements relating to the consent of the individuals to whom
the personal data relates, the information provided to the individuals, notification of data processing obligations to the competent
national data protection authorities and the security and confidentiality of the personal data. The GDPR also extends the geographical
scope of E.U. data protection law to non-E.U. entities under certain conditions, tightens existing E.U. data protection principles and
creates new obligations for companies and new rights for individuals. Failure to comply with the requirements of the GDPR, the EDPB guidelines
and the related national data protection laws of the E.U. Member States may result in fines and other administrative penalties. The GDPR
introduces new data protection requirements in the E.U. and substantial fines for breaches of the data protection rules, including violation
of articles 44 to 49 GDPR related to transfer of personal data to a recipient in a non-E.U. country. The GDPR regulations impose additional
responsibility and liability in relation to personal data that we process, and we intend to put in place additional mechanisms ensuring
compliance with these and/or new data protection rules. In addition, other jurisdictions, including Italy, have implemented regulations
like GDPR. Regarding Italian legislation, the national Privacy and Data Protection Code has been amended according to GDPR provisions
(Legislative Decree n. 196/2003 as amended and updated by Legislative Decree n. 101/2018) and imposes additional fines and administrative
penalties in relation to the processing of health data and processing of data for scientific research purposes. Moreover, European data
protection background is constantly changing under the drive of the EDPB on the correct interpretation and application of GDPR and the
ruling activity of the Court of Justice of the E.U. (see, for instance, the recent CJEU case C-3111/18, also known as Schremes II which
invalidated the E.U.-U.S. Privacy Shield Framework for transfer of data to U.S.).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is compliant with most recent legislative changes in European data protection rules, adopting Data Processing Agreements containing
Standard Contractual Clauses with all partners based in the U.S. and (for the transition period until June 2021) in the United Kingdom.
However, changes to these European privacy regulations (and similar regulations in other jurisdictions) and unsuccessful compliance may
be onerous and adversely affect our business, financial condition, prospects, results of operations and reputation.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
cannot guarantee that we will be able to satisfy the continued listing standards of the Nasdaq going forward.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
American Depository Shares (&#8220;ADS&#8221;) are listed on the Nasdaq. However, we cannot ensure that we will be able to satisfy the
continued listing standards of the Nasdaq going forward. If we cannot satisfy the continued listing standards going forward, the Nasdaq
Stock Market may commence delisting procedures against us, which could result in our ADS being removed from listing on the Nasdaq. If
any of our ADSs were to be delisted, the liquidity of our ADSs could be adversely affected and the market price of our ADSs could decrease.
Delisting could also adversely affect the ability of the holder of our ADSs to trade or obtain quotations on our ADSs because of lower
trading volumes and transaction delays. These factors could contribute to lower prices and larger spreads in the bid and ask price for
our ADSs. Investors may also not be able to resell their ADSs at or above the price they paid for such securities or at all.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
trading price of the ADSs is likely to be highly volatile.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of the ADSs has been and is likely to continue to be highly volatile. The following factors, in addition to other risk
factors described in this section, may have a significant impact on the market price of the ADSs:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
                                            results or delays in pre- and non-clinical studies or clinical trials;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reports
                                            of adverse events in other gene therapy products or clinical studies of such products;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            to obtain additional funding;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            to obtain the approvals necessary to commence clinical trials;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unsatisfactory
                                            results of clinical trials;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            of regulatory approval or the failure to obtain it, or specific label indications or patient
                                            populations for its use, or changes or delays in the regulatory review process;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            of therapeutic innovations or new products by us or our competitors;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
                                            actions taken by regulatory authorities with respect to our clinical trials, manufacturing
                                            supply chain or sales and marketing activities;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            or developments in laws or regulations applicable to the treatment of cancer tumors, or any
                                            other indication that we may seek to develop;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            adverse changes to our relationship with manufacturers or suppliers;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            intellectual property infringement actions in which we may become involved;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            concerning our competitors or the biotechnology and pharmaceutical industries in general;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">achievement
                                            of expected product sales and profitability or our failure to meet expectations;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            commencement of, or involvement in, litigation;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            major changes in our board of directors or management;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            ability to recruit and retain qualified regulatory, research and development personnel;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">legislation
                                            in the U.S. relating to the sale or pricing of biotechnology or gene therapy products;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            depth of the trading market in the ADSs;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic
                                            downturns, recessions, inflation, increasing interest rates, supply chain shortages, rising
                                            fuel prices, or political instability in global, U.S. or particular foreign economies and
                                            markets;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">instability
                                            in the global or U.S. banking systems or the banking systems of foreign countries;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business
                                            interruptions resulting from a local or worldwide pandemic, geopolitical actions, including
                                            war and terrorism (including the ongoing war in Ukraine and the Israeli-Hamas war), or natural
                                            disasters;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            granting or exercise of employee stock options or other equity awards;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disputes
                                            or other developments relating to proprietary rights, including patents, litigation matters
                                            and our ability to obtain patent protection for our technologies;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
                                            or departures of key scientific or management personnel;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            lawsuits, including patent or shareholder litigation; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in investors&#8217; and securities analysts&#8217; perception of the business risks and conditions
                                            of our business.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock market in general, and the Nasdaq Stock Market in particular, have experienced extreme price and volume fluctuations
that have often been unrelated or disproportionate to the operating performance of small companies. Broad market and industry factors
may negatively affect the market price of the ADSs, regardless of our actual operating performance. Further, a systemic decline in the
financial markets and related factors beyond our control may cause our ADS price to decline rapidly and unexpectedly.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of ADSs may not receive the same distributions or dividends as those we make to the holders of our ordinary shares, and, in some limited
circumstances, you may not receive dividends or other distributions on our ordinary shares and you may not receive any value for them,
if it is illegal or impractical to make them available to you.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon, the depositary for the ADSs (the &#8220;Depositary&#8221;), has agreed to pay to you the cash dividends or other
distributions it or the custodian receives on ordinary shares or other deposited securities underlying the ADSs, after deducting its
fees and expenses and subject to the terms of the deposit agreement. You will receive these distributions in proportion to the number
of ordinary shares the ADSs represent. However, in accordance with the limitations set forth in the deposit agreement the Depositary
is not responsible if it decides that it is unlawful or impractical to make a distribution available to any holders of ADSs. For example,
it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;), but that are not properly registered or distributed under an applicable exemption
from registration. In addition, conversion into U.S. dollars from foreign currency that was part of a dividend made in respect of deposited
ordinary shares may require the approval or license of, or a filing with, any government or agency thereof, which may be unobtainable.
In these cases, the Depositary may determine not to distribute such property and hold it as &#8220;deposited securities&#8221; or may
distribute the net cash proceeds from the sale of the dividends. We have no obligation to register under U.S. securities laws any ADSs,
ordinary shares, rights or other securities received through such distributions. We also have no obligation to take any other action
to permit the distribution of ADSs, ordinary shares, rights or anything else to holders of ADSs. In addition, the Depositary may withhold
from such dividends or distributions its fees and an amount on account of taxes or other governmental charges to the extent the Depositary
believes it is required to make such withholding. This means that you may not receive the same distributions or dividends as those we
make to the holders of our ordinary shares, and, in some limited circumstances, you may not receive any value for such distributions
or dividends if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in
the value of the ADSs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of ADSs must act through the Depositary to exercise voting rights relating to the ordinary shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of the ADSs do not have the same rights as our shareholders and may only exercise the voting rights with respect to the underlying ordinary
shares in accordance with the provisions of the deposit agreement. When a shareholder meeting is convened, holders of ADSs may not receive
sufficient notice of a shareholder meeting to permit them to cancel their ADSs and withdraw ordinary shares to allow them to directly
cast their vote with respect to any specific matter. In addition, the Depositary and its agents may not be able to send voting instructions
to holders of ADSs or carry out their voting instructions in a timely manner. We will make all reasonable efforts to cause the Depositary
to extend voting rights to holders of the ADSs in a timely manner, but we cannot assure holders that they will receive the voting materials
in time to ensure that they can instruct the Depositary to vote the ordinary shares underlying their ADSs. Furthermore, the Depositary
and its agents will not be responsible for any failure to carry out any instructions to vote, for the manner in which any vote is cast
or for the effect of any such vote. As a result, holders of the ADSs may not be able to exercise their right to vote and they may lack
recourse if the ordinary shares underlying their ADSs are not voted as they requested. In addition, in the capacity as a holder of ADSs,
they will not be able to call a shareholder meeting.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, <span style="background-color: white">as described in more detail below, if the proposed loyalty shareholder
program is approved by our shareholders, the </span>loyalty share program would be available only to holders who own their ordinary shares
in registered form, and would not be available to ADS holders. See &#8220;&#8212;Risks Related to Italian Law and Our Operations in Italy&#8212;The
proposed loyalty share program could have a negative effect on the liquidity of our ADSs and may make it more difficult for investors
to acquire a controlling interest, change the management or the strategy of our company or exercise influence over us, which may adversely
affect the market price of the ADSs. Further, the proposed loyalty share program would be available only to holders who own their ordinary
shares in registered form, and the ability of ADS holders to influence corporate decisions may therefore be limited&#8221;.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>ADSs
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could augur less favorable
results to the plaintiff(s) in any such action.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
deposit agreement governing the ADSs representing our ordinary shares provides that owners and holders of ADSs, including those who purchase
the ADSs in a secondary transaction, irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating
to the deposit agreement, our ordinary shares or the ADSs or the transactions contemplated thereby, including claims under U.S. federal
securities laws, against us or the Depositary to the fullest extent permitted by applicable law. If this jury trial waiver provision
is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with a jury trial. To
our knowledge, the enforceability of a jury trial waiver under the U.S. federal securities laws has not been finally adjudicated by a
federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York,
which govern the deposit agreement, by a court of the State of New York or a U.S. federal court in New York, which have non-exclusive
jurisdiction over matters arising under the deposit agreement, applying such law. In determining whether to enforce a jury trial waiver
provision, New York courts and U.S. federal courts will consider whether the visibility of the jury trial waiver provision within the
agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case
with respect to the deposit agreement, our ordinary shares and the ADSs and the transactions contemplated thereby. In addition, New York
courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which
is based upon a creditor&#8217;s negligence in failing to liquidate collateral upon a guarantor&#8217;s demand, or in the case of an
intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the case of the deposit agreement,
our ordinary shares or the ADSs or the transactions contemplated thereby. No condition, stipulation, or provision of the deposit agreement
or ADSs serves as a waiver by any owner or holder of ADSs or by us or the Depositary of compliance with any provision of the U.S. federal
securities laws. If you or any other owner or holder of ADSs brings a claim against us or the Depositary in connection with matters arising
under the deposit agreement, our ordinary shares or the ADSs or the transactions contemplated thereby, you or such other owner or holder
may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against
us and/or the Depositary, lead to increased costs to bring a claim, limited access to information and other imbalances of resources between
such owner or holder and us, or limit such holder&#8217;s ability to bring a claim in a judicial forum that such holder finds favorable.
If a lawsuit is brought against us and/or the Depositary under the deposit agreement, it may be heard only by a judge or justice of the
applicable trial court, which would be conducted according to different civil procedures and may augur different results than a trial
by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other
things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to securities litigation, which is expensive and could divert management attention.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, companies that have experienced volatility in the market price of their shares have been subject to securities class action
litigation. We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs
and diversion of management&#8217;s attention and resources, which could seriously hurt our business. Any adverse determination in litigation
could also subject us to significant liabilities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Chief Executive Officer, directors, and shareholders who own more than 5% of our outstanding ordinary shares currently own approximately
40% of our ordinary shares. They will therefore be able to exert significant control over matters submitted to our shareholders for approval.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Chief Executive Officer and directors, and shareholders who own more than 5% of our outstanding ordinary shares beneficially own approximately
40% of our ordinary shares. This significant concentration of share ownership may adversely affect the trading price for the ADSs because
investors often perceive disadvantages in owning securities in companies with controlling shareholders. As a result, these shareholders,
if they acted together, could significantly influence, or even unilaterally approve matters requiring approval by our shareholders, including
the election of directors and the approval of mergers or other business combination transactions. The interests of these shareholders
may not always coincide with our interests or the interests of other shareholders. Also, the concentration of our beneficial ownership
may have the effect of delaying, deterring, or preventing a change in our control, or may discourage bids for our shares at a premium
over the market price of the shares. The significant concentration of share ownership may adversely affect the trading price of our ADSs
due to investors&#8217; perception that conflicts of interest may exist or arise.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a substantial risk that we are or will become classified as a passive foreign investment company. If we are or become classified as
a passive foreign investment company, our U.S. shareholders may suffer adverse tax consequences as a result.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, we will be treated as a passive foreign investment company (a &#8220;PFIC&#8221;) for U.S. federal income tax purposes in any
taxable year in which either:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
at least 75% of our gross income is &#8220;passive income;&#8221; or, (2) on average at least 50% of our assets by value produce passive
income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain
dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property
that gives rise to passive income. Passive income also includes interest income earned by reason of the temporary investment of funds,
including those raised in a public offering, and the excess of certain foreign currency gains over certain foregoing currency losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
status as a PFIC will depend on the nature and composition of our income and the nature, composition and value of our assets. Our
status may also depend, in part, on how quickly we utilize cash proceeds received from previous offerings of our ADSs or ordinary shares in our business. Based on preliminary analysis, we believe that we were likely classified as a
PFIC in 2023, and we may be classified as a PFIC for 2024 and future years. In particular, so long as we do not
generate revenue from operations for any taxable year and do not receive any research and development grants, or even if we receive
a research and development grant, if such grant does not constitute gross income for U.S. federal income tax purposes, we likely
will be classified as a PFIC in any taxable year due to the gross income from investment of cash reserves and other passive sources that we derive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC in any taxable year during which a U.S. taxpayer holds the ADSs, such U.S. taxpayer would be subject to certain adverse
U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make an election to treat us as a &#8220;qualified electing
fund&#8221; (&#8220;QEF&#8221;) or make a &#8220;mark-to- market&#8221; election, then &#8220;excess distributions&#8221; to the U.S.
taxpayer, and any gain realized on the sale or other disposition of the ADSs by the U.S. taxpayer: (1) would be allocated ratably over
the U.S. taxpayer&#8217;s holding period for the ADSs; (2) the amount allocated to the current taxable year and any period prior to the
first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of
the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year,
and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other
taxable year. In addition, U.S. taxpayers that have held the ADSs during a period when we were a PFIC will be subject to the foregoing rules, even if
we cease to be a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election.
Currently, we do not expect to provide U.S. shareholders with the information necessary for a U.S. shareholder to make a QEF election.
Prospective investors should assume that a QEF election will not be available. U.S. taxpayers that hold the ADSs are strongly urged to
consult their tax advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences
to them of making a QEF or mark-to-market election with respect to the ADSs in the event that we are a PFIC. See &#8220;Item 10. Additional
Information&#8212;E. Taxation&#8212;U.S. Federal Income Tax Consequences&#8212;Passive Foreign Investment Companies&#8221; for additional
information.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our securities, our ADS price and trading
volume could decline.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our ADSs will be influenced by the research and reports that industry or securities analysts may publish about us,
our business, our market, and/or our competitors. We do not have any control over these analysts, and we cannot provide any assurance
that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation
regarding our securities, or provide more favorable relative recommendations about our competitors, our ADS price would likely decline.
If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility
in the financial markets, which in turn could cause our ADS price or trading volume to decline.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have not paid, and do not intend to pay, dividends on our ordinary shares and, therefore, unless our traded securities appreciate, our
investors may not benefit from holding our securities.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid cash dividends on our ordinary shares. We do not anticipate paying any cash dividends on our ordinary shares
in the foreseeable future. Consequently, investors may need to rely on sales of their ADSs after price appreciation, which may never
occur, as the only way to realize any future gains on their investment. Investors seeking cash dividends should not purchase the ADSs.
Moreover, Italian law imposes certain restrictions on our ability to declare and pay dividends. Italian law prohibits distributing dividends
other than from net income or distributable reserves set forth in a company&#8217;s statutory accounts approved by a meeting of shareholders
and after the establishment of certain compulsory reserves. In addition, if losses from previous fiscal years have reduced a company&#8217;s
capital, dividends may not be paid until the capital is reconstituted or its stated amount is reduced by the amount of such losses. The
application of these restrictions limits our ability to make distributions to holders of our shares See &#8220;Dividend Policy&#8221;
and &#8220;Description of Share Capital and Governing Documents&#8212;Dividends and Other Distributions&#8221; for additional information.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
requirements associated with being a public company require significant company resources and management attention.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a U.S. public company, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;), Nasdaq listing requirements and other applicable securities rules and regulations. The Exchange Act requires that we file
periodic reports with respect to our business and financial condition and maintain effective disclosure controls and procedures and internal
control over financial reporting. In addition, subsequent rules implemented by the SEC and the Nasdaq Stock Market may also impose various
additional requirements on public companies. As a result, we have incurred and will continue to incur legal, accounting, and other expenses
that we did not incur as a nonpublic company, particularly after we are no longer an &#8220;emerging growth company&#8221; as defined
in the Jumpstart Our Business Startups Act (&#8220;JOBS Act&#8221;). Further, the need to establish the corporate infrastructure demanded
of a public company may divert management&#8217;s attention from implementing our development plans. We have made changes to our corporate
governance standards, disclosure controls and financial reporting and accounting systems to meet our reporting obligations. The measures
we take, however, may not be sufficient to satisfy our obligations as a public company, which could subject us to delisting of our securities,
fines, sanctions, and other regulatory action and potentially civil litigation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
JOBS Act allows us to postpone the date by which we must comply with some of the laws and regulations intended to protect investors and
to reduce the amount of information we provide in our reports filed with the SEC, which could undermine investor confidence in our company
and adversely affect the market price of the ADSs.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain an &#8220;emerging growth company&#8221; as defined in the JOBS Act, we intend to take advantage of certain exemptions
from various requirements that are applicable to public companies that are not &#8220;emerging growth companies&#8221; including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            provisions of the Sarbanes-Oxley Act requiring that our independent registered public accounting
                                            firm provide an attestation report on the effectiveness of our internal control over financial
                                            reporting;</span></td></tr></table>

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


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
                                            107 of the JOBS Act, which provides that an &#8220;emerging growth company&#8221; can take
                                            advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities
                                            Act for complying with new or revised accounting standards. This means that an &#8220;emerging
                                            growth company&#8221; can delay the adoption of certain accounting standards until those
                                            standards would otherwise apply to private companies. We are electing to delay the adoption
                                            of new or revised accounting standards. As a result of this election, our consolidated financial
                                            statements may not be comparable to companies that comply with the public company effective
                                            date; and</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory
                                            audit firm rotation or a supplement to the auditor&#8217;s report on the financial statements.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to take advantage of these exemptions until we are no longer an &#8220;emerging growth company.&#8221; We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date of the completion
of our IPO, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated
filer, as defined in the rule under the Exchange Act, and (2) the date on which we have issued more than $1.0 billion in non-convertible
debt during the prior three-year period.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict if investors will find our securities less attractive because we may rely on these exemptions. If some investors find
our securities less attractive as a result, there may be a less active trading market for the ADSs, and our ADS price may be more volatile
and may decline.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a foreign private issuer, we are permitted to, and we do, follow certain home country corporate governance practices instead of otherwise
applicable SEC and Nasdaq requirements, which may result in less protection than is accorded to investors under rules applicable to domestic
U.S. issuers.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
corporate governance rules of the Nasdaq Stock Market require listed companies to have, among other things, a majority of independent
directors and independent director oversight of executive compensation, nomination of directors and corporate governance matters. As
a foreign private issuer, we are permitted to, and we do, follow home country practice in lieu of these requirements. For more information,
see &#8220;Item 6. Directors, Senior Management and Employees &#8211; C. Board Practices &#8211; Differences between Italian Laws and
Nasdaq Requirements.&#8221; As long as we rely on the foreign private issuer exemption to certain of the Nasdaq&#8217;s corporate governance
standards, a majority of the directors on our board of directors are not required to be independent directors. Therefore, our board of
directors&#8217; approach to governance may be different from that of a board of directors consisting of a majority of independent directors,
and, as a result, the management oversight of our company may be more limited than if we were subject to all of the Nasdaq Stock Market&#8217;s
corporate governance standards.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
our shareholders may not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance
standards, and the ability of our independent directors to influence our business policies and affairs may be reduced.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may become taxable in a jurisdiction other than Italy, and this may increase the aggregate tax burden on us.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
incorporation, we have, on a continuous basis, had our place of effective management in Italy. We are therefore a tax resident of Italy
under Italian tax law. However, we may become subject to limited income tax liability in other countries with respect to our operations
in other countries, for example, the U.S., due to the existence of a permanent establishment or a permanent representative. The applicable
tax laws or interpretations thereof may change. We have our place of effective management in Italy and, as such, we believe we are tax
residents in Italy, although that determination is largely a matter of fact and degree based on all the circumstances, rather than a
question of law, which facts and degree may also change. Changes to applicable laws or interpretations thereof and changes to applicable
facts and circumstances (for example, a change of board members or the place where board meetings take place), may result in us becoming
a tax resident of a jurisdiction other than Italy. Consequently, our overall effective income tax rate and income tax expense could materially
increase, which could have a material adverse effect on our business, results of operations, financial condition and prospects. However,
if there is a double tax treaty between Italy and the respective other country, double taxation of income may be avoided, and the detrimental
tax effects mitigated by the application of the treaty.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an Italian corporation. The rights of our shareholders may be different from the rights of shareholders in companies governed by
the laws of U.S. jurisdictions.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an Italian corporation. Our corporate affairs are governed by our articles of association and by the laws governing companies incorporated
in Italy. The rights of our shareholders and the responsibilities of members of our board of directors may be different from the rights
and obligations of shareholders and directors of companies governed by the laws of U.S. jurisdictions. While performing its duties, our
board of directors is required by Italian law to act with the diligence required by the nature of their assignment and by their specific
expertise. Italian corporate law limits the ability of our shareholders to challenge resolutions made or other actions taken by our board
of directors in court. Our shareholders generally are not permitted to file a suit to reverse or void a decision or an action taken by
our board of directors, except for those decisions that are detrimental to their rights. If a board resolution has not been taken in
accordance with the Italian law or the Company&#8217;s articles of association, only the board of statutory auditors and the absent or
dissenting members of the board of directors may challenge it within 90 days of such resolution. However, the shareholders may, where
they represent the thresholds provided for by Italian law, bring corporate liability action against our directors where they have acted
in violation of their duties of conduct. Individual shareholders may also take action for compensation for the damage directly caused
to them by the director&#8217;s conduct. Under Italian law, shareholders&#8217; claims against a member of our board of directors for
breach of their duties of conduct must be filed in Milan, Italy, as the place where the Company was incorporated.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
shares are not listed in Italy, our home jurisdiction. As a result, our shareholders will not benefit from certain provisions of Italian
law that are designed to protect shareholders in a public takeover offer or a change-of-control transaction and may not be protected
in the same degree in a public takeover offer or a change-of-control transaction as are shareholders of certain U.S. companies or in
an Italian company listed in Italy.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the ADSs are listed exclusively on Nasdaq and not on Italy&#8217;s stock exchange, our shareholders do not benefit from the protection
afforded by certain provisions of Italian law that are designed to protect shareholders in the event of a public takeover offer or a
change-of-control transaction. For example, Article 120 of the Italian Financials&#8217; Consolidated Act and its implementing provisions
require investors to disclose their interest in the relevant listed company if they reach, exceed, or fall below certain ownership thresholds.
Similarly, the Italian takeover regime imposes a duty on any person or group of persons who acquires more than the 30% of a company&#8217;s
voting rights (or the 25% if such company is not a small-medium enterprise, where there is no other shareholder holding a higher stake)
to make a mandatory offer for all the Company&#8217;s outstanding listed equity securities. In addition, the Italian takeover regime
imposes certain restrictions and obligations on bidders in a voluntary public takeover offer that are designed to protect shareholders.
However, these protections are applicable only to issuers that list their equity securities in Italy and, because the ADSs are listed
exclusively on Nasdaq, are not applicable to us. Furthermore, since Italian law restricts our ability to implement rights plans or U.S.-style
&#8220;poison pills,&#8221; our ability to resist an unsolicited takeover attempt or to protect minority shareholders in the event of
a change of control transaction may be limited. Therefore, our shareholders may not be protected in the same degree in a public takeover
offer or a change-of-control transaction as are shareholders in certain U.S. companies or in an Italian company listed in Italy.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
ability of shareholders to bring actions or enforce judgments against us or our directors and executive officers may be limited. Claims
of U.S. civil liabilities may not be enforceable against us.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of Italy and our registered office and domicile is in Milan, Italy. Moreover, a majority of our directors
and executive officers are not residents of the U.S., and all or a substantial portion of our assets are located outside the U.S. As
a result, it may not be possible for investors to effect service of process within the U.S. upon us or upon such persons or to enforce
against them judgments obtained in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the
federal securities laws of the U.S.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
process of seeking to raise additional funds is cumbersome, subject to the verification of an Italian notary public in compliance with
our bylaws and applicable law and may require prior approval of our shareholders at an extraordinary shareholder meeting.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of the Republic of Italy. The principal laws and regulations that apply to our operations, those of Italy
and the E.U., are different from those of the U.S. With some exceptions, to issue new equity or debt securities convertible into equity,
we must increase our authorized capital. To do so, our board of directors must meet and resolve to recommend that our shareholders approve
an amendment to our bylaws increasing our capital. The holders of the majority of our outstanding shares must then approve that amendment
at an extraordinary shareholder meeting duly called. These meetings take time to call, and it might be very difficult to get a majority
of the holders of all outstanding shares to vote in favor of the proposed resolution. In addition, an Italian notary public must verify
that the capital increase follows our bylaws and with applicable Italian law. Further, under Italian law, our existing shareholders and
any holders of convertible securities have preemptive rights (except in specific cases) to acquire any such shares pro-rated on their
percentage interest in our company, and on the same terms as approved for such capital increase. Alternatively, our shareholders can
delegate the power to increase our capital to the board of directors, but the board&#8217;s right to exercise such power, if delegated,
will expire after five years. If the board does not approve a capital increase by the end of those five years, our board, and shareholders
will need to meet again to re-delegate this authority.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to shareholder resolutions approving a capital increase, Italian law provides that in the absence of meeting minutes, or in the
event of the impossibility or illegality of the resolution, any interested person may, for a period of 180 days following the filing
of the shareholder resolution with the competent Register of Companies, challenge such resolution. If a shareholder meeting was not called
to approve the capital increase, the relevant resolution should be considered invalid and, any interested person may challenge the capital
increase for a period of 90 days following the approval of the financial statements referring to the year during which the shareholder
resolution has been, also partially, executed. In addition, once our shareholders authorize a capital increase, all those authorized
shares that have been subscribed, need to be entirely paid-up before the shareholders may perform/execute a new capital increase. These
restrictions could limit our ability to issue new equity or convertible debt securities on a timely basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Italian
law places restrictions on the amount of debt securities that we may issue relative to our equity to the extent that such debt securities
are not listed on regulated markets or do not otherwise provide the holder of such securities the right to purchase or convert the same
into our shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Italian law, we may issue debt securities in an amount not to exceed twice the sum of our capital, our legal reserve and any other disposable
reserves appearing on our latest Italian GAAP balance sheet approved by our shareholders, unless the debt securities are listed on regulated
markets or provide the holder of such securities the right to purchase or convert the same into our shares, in which case such restrictions
do not apply. The legal reserve is a reserve to which we allocate 5% of our Italian GAAP net income each year until it equals at least
20% of our capital. One of the other reserves that we maintain on our balance sheet is a &#8220;share premium reserve,&#8221; meaning
amounts paid for our ordinary shares in excess of the amount of such ordinary shares that is allocated to the capital. At December 31,
2023, the sum of our capital, legal reserves and other reserves on our unaudited Italian GAAP financial statements was &#8364;34.2 million.
If, in the future, we issue debt securities that are not listed on regulated markets or do not provide the holder of the securities the
right to purchase or convert the same into our shares, until such debt securities are repaid in full, we may not voluntarily reduce our
capital or allocate our reserves (such as by declaring dividends) if it results in the aggregate of the capital and reserves being less
than half of the outstanding amount of the debt. In such a case, if our equity is reduced by losses or otherwise such that the amount
of the outstanding debt securities is more than twice the amount of our equity, some legal scholars are of the opinion that the ratio
must be restored through a recapitalization of our company. If our equity is reduced, we could recapitalize by issuing new shares or
having our shareholders contribute additional capital to us, although there can be no assurance that we would be able to find purchasers
of new shares or that any of our current shareholders would be willing to contribute additional capital.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we suffer losses that reduce our capital to less than &#8364;50,000, we will need to recapitalize, change our form of entity, or be liquidated.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Italian
law requires us to reduce our shareholders&#8217; equity and, our capital, to reflect on-going losses, in certain cases of losses exceeding
1/3 of the capital of the Company. Also, as an S.p.A., we are also required to maintain a minimum capital of &#8364;50,000. If we suffer
losses from operations that reduce our capital to less than &#8364;50,000, then we must either increase our capital (which we could do
by issuing new shares or having our shareholders contribute additional capital to our company) to at least &#8364;50,000 (or convert the
form of our company into an S.r.l. but such conversion would not be applicable, since the S.r.l. form is not consistent with being listed
pursuant to Italian law). If we do not take these steps, our company could be liquidated.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
apply our operational losses against our legal reserves and capital. If our capital is reduced by more than one-third as a result of
losses, our board of directors must call a shareholder meeting as soon as possible. The shareholders should take appropriate measures,
which may include, inter alia, reducing the legal reserves and capital by the amount of the remaining losses, or carrying the losses
forward for up to one year. If the shareholders vote to carry the losses forward up to one year, and the losses are still more than one-third
of the amount of the capital at the end of the year, then we must reduce our capital by the amount of the losses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Italian
labor laws could impair our flexibility to restructure our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Italy, our employees are protected by various laws which afford them consultation rights with respect to specific matters regarding their
employers&#8217; business and operations, including the downsizing or closure of facilities and employee terminations. In particular,
among other applicable Italian laws: (i) Laws no. 604/1966, 300/1970 and 92/2012 regulate the individual dismissals; (ii) Law no. 223/1991,
concerns the collective dismissal procedure; (iii) Law no. 428/1990 as amended by legislative decree no. 18/2001, provides for the information
and consultation procedure in case of a transfer of the undertaking or a part thereof; (iv) Legislative decree no. 25/2007, introduces
a general right to information and consultation for employees and (v) Legislative Decree no. 23/2015 regulates the consequences of individual
dismissals with specific reference to the employees hired starting from March 7, 2015.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Purchasers
of our ordinary shares and ADSs may be exposed to increased transaction costs because of the Italian financial transaction tax or the
proposed European financial transaction tax.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 14, 2013, the European Commission adopted a proposal for a directive on the financial transaction tax (&#8220;E.U. FTT&#8221;)
to be implemented under the enhanced cooperation procedure by eleven Member States initially (Austria, Belgium, Estonia, France, Germany,
Greece, Italy, Portugal, Slovenia, Slovakia, and Spain). Following Estonia&#8217;s formal withdrawal on March 16, 2016, ten Member States
are currently participating in the negotiations on the proposed directive. Member States may join or leave the group of participating
Member States at later stages and, subject to an agreement being reached by the participating Member States, a final directive will be
enacted. The participating Member States will then implement the directive in local legislation. If the proposed directive is adopted
and implemented in local legislation, investors in ordinary shares and ADSs may be exposed to increased transaction costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Italian financial transaction tax (the &#8220;IFTT&#8221;) applies with respect to trades entailing the transfer of (i) shares or equity-like
financial instruments issued by companies resident in Italy, such as the ordinary shares; and (ii) securities representing the shares
and financial instruments under (i) above (including depositary receipts such as the ADSs), regardless of the residence of the issuer.
The IFTT may also apply to the transfer of ordinary shares and ADSs by a U.S. resident. The IFTT does not apply to companies having an
average market capitalization lower than &#8364;500 million in the month of November of the year preceding the year in which the trade
takes place. In order to benefit from this exemption, companies whose securities are listed on a foreign regulated market, such as the
Company, need to be included on a list published annually by the Italian Ministry of Economy and Finance. The Company is in the process
of starting the relevant procedures to be included in such list. For so long as the Company is not included in such
list, investors in the ordinary shares and ADSs may be exposed to increased transaction costs. See &#8220;Item 10. Additional Information&#8212;E.
Taxation.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult for investors outside of Italy to enforce civil liabilities against us.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of Italy and our registered office and domicile is in Milan, Italy. A majority of our directors and executive
officers are not residents of the U.S., and all or a substantial portion of our assets are located outside the U.S. As a result, it may
not be possible for investors to effect service of process within the U.S. upon us or upon such persons.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgments
of U.S. courts may not be directly enforceable outside of the U.S. and the enforcement of judgments of U.S. courts outside of the U.S.
may be subject to limitations. Investors may also have difficulties pursuing an original action brought in a court in a jurisdiction
outside the U.S. for liabilities under the securities laws of the U.S.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
proposed loyalty share program could have a negative effect on the liquidity of our ADSs and may make it more difficult for investors
to acquire a controlling interest, change the management or the strategy of our company or exercise influence over us, which may adversely
affect the market price of the ADSs</i></b>. <b><i>Further, the proposed loyalty share program would be available only to holders who
own their ordinary shares in registered form, and the ability of ADS holders to influence corporate decisions may therefore be limited.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
our shareholders&#8217; meeting to be held in 2024, our Chief Executive Officer in his capacity as a shareholder will propose that
our shareholders approve a loyalty share program through a proposed amendment to our bylaws. If approved by our shareholders, the
loyalty share program would give shareholders the opportunity to request to be included on a special list maintained by us and
thereby receive increased votes for each ordinary share held in registered form after certain continuous periods of ownership of
such ordinary shares. For more information regarding the proposed loyalty share program, see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8221;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the loyalty share program is approved by our shareholders, shareholders who hold a significant quantity of ordinary shares in
registered form for the continuous periods prescribed in our bylaws and who request and are included on the special list could be in
a position to exercise a significant percentage of votes at meetings of shareholders and to have substantial influence over our
company. If approved, a qualifying shareholder would be entitled to a double vote (i.e., two votes for each ordinary share) for each
ordinary share in registered form held by the same shareholder for a continuous period of not less than 24 months. An additional
vote would also be granted for each additional continuous 12-month period the same shareholder holds such ordinary share, for up to a
total of ten votes per ordinary share. Continuous ownership prior to the registration date in the special list would also be taken into account<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span> Furthermore, only shareholders who own their shares in registered form would be entitled to
take advantage of the loyalty share program and ADS holders would not be entitled to additional voting rights. As a result, a
relatively large proportion of our voting power could be concentrated in a relatively small number of registered shareholders who
would have significant influence over us, and the ability of ADS holders to influence corporate decisions may therefore be limited.
As a result, the loyalty share program may discourage change of control transactions that otherwise could involve payment of a
premium over prevailing market prices for our ADSs or otherwise adversely impact the liquidity and market price of the
ADSs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="da_001"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="da_002"></span>A.
History and Development of the Company</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
History and Operating Segment Evolution</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were founded in 2014 by San Raffaele Hospital (Ospedale San Raffaele or &#8220;OSR&#8221;) in Milan, a globally recognized premier research
hospital for <i>ex-vivo</i> gene therapy, with Pierluigi Paracchi (our CEO), Prof. Luigi Naldini (Chairman of our Executive Scientific
Board) and Dr. Bernhard Gentner (a member of our Executive Scientific Board), to develop potential ground-breaking cell and gene cancer
therapies. We leverage the vast experience in lentiviral vector (&#8220;LVV&#8221;) technology of the San Raffaele Telethon Institute
for Gene Therapy (&#8220;SR-Tiget&#8221;). SR-Tiget, a joint venture between OSR and Fondazione Telethon (&#8220;Telethon&#8221;), is
a world leading cell and gene therapy research institution at the forefront of developing therapies for rare diseases. SR-Tiget has a
proven track record for successful collaborative clinical research programs in <i>ex-vivo</i> gene therapy. Its research has resulted
in a number of approved products, including Strimvelis, an <i>ex-vivo </i>gammaretroviral vector-based gene therapy for adenosine deaminase
severe combined immunodeficiency, and Libmeldy, an <i>ex-vivo </i>gene therapy for the treatment of early-onset metachromatic leukodystrophy
patients, both marketed by Orchard Therapeutics. Our platform was developed in the SR-Tiget laboratories of our founders, Prof. Naldini
and Dr. Gentner, and we hold exclusive rights and option rights, to certain intellectual property (&#8220;IP&#8221;) originating there.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
closing our first round of funding in May 2015, we have recruited a leading management team, established a manufacturing process for
our drug product candidate, completed preclinical activities (research and Good Laboratory Practice &#8211; &#8220;GLP&#8221; &#8211;
grades), engaged with Italian, European and U.S. Key Opinion Leaders to identify our clinical lead indications, and submitted our first
CTA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
leadership team has a proven track record as biotech executives. Their expertise spans from finance and venture capital to medical affairs,
from scientific research to clinical drug product development and clinical trial management. For example, members of our management team
have been involved in the successful development of Ethical Oncology Science, which was acquired in 2013 for over $400 million, and Strimvelis
the first ever ex-vivo approved gene therapy product that was developed under the guidance of Dr. Carlo Russo, our Chief Medical Officer
and Head of Development (formerly Head of Development of R&amp;D Biopharm and Rare Disease Units at GSK). Our management team members
have played important roles in both large pharma companies such as Merck and GSK, and biotech startups, such as Adverum, Annapurna, VaxInnate
Corporation, OncoSec Medical, Biological Dynamics and GenMark Diagnostics. We believe this multi-disciplinary competence, provides a
unique blend for the development of innovative gene and cell therapy products, and constitutes a fertile ground for alliances with industrial
partners that could help us bring new therapies to patients.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at Via Olgettina No. 58, 20132 Milan, Italy and our telephone number is +39-02-2643-468120.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="da_003"></span>B.
Business Overview</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a clinical-stage biotechnology company engaged in the development of hematopoietic stem cell gene therapies for the treatment of
solid tumors. We have developed a novel biologic platform that involves the <i>ex-vivo</i> gene transfer of a therapeutic candidate into
autologous hematopoietic stem/progenitor cells (&#8220;HSPCs&#8221;) to deliver immunomodulatory molecules directly to the tumor by infiltrating
monocytes/macrophages (Tie2 Expressing Monocytes &#8211; &#8220;TEMs&#8221;). Our technology is designed to turn TEMs, which normally
have an affinity for and travel to tumors, into a &#8220;Trojan Horse&#8221; to counteract cancer progression and to prevent tumor relapse.
Our technology is not target dependent, and therefore we believe it can be used as a treatment for a broad variety of cancers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
technology incorporates the use of an LVV that combines a therapeutic transgene sequence, or payload, with our proprietary platform.
Our proprietary platform consists of (i) the Tie-2 promoter, that drives transgene sequence transcription specifically in TEMs, and (ii)
miRNA-126 target sequences to downregulate transgene expression post-transcription in those cells where the Tie-2 promoter is active
and the miRNA-126 is present. We believe there are many advantages to our approach:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trojan
                                            Horse Mechanism of Action (&#8220;MoA&#8221;): </i>We use and modify TEMs, a subpopulation
                                            of tumor-associated myeloid cells, known to be involved in tumor growth and in the inhibition
                                            of immune system response, to allow the immune system to recognize the tumor and to deliver
                                            to the cancer site a chosen therapeutic.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Select
                                            Regulation of Transgene Expression: </i>Our selected control of the chosen therapeutic gene
                                            expression is designed to avoid off-target and systemic toxicity.</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Potential
                                            Long-Term Effect: </i>Through the use of hematopoietic stem cells, our therapeutic candidate
                                            is designed as a &#8220;<i>living therapy</i>&#8221; intended to break the cancer-induced
                                            immune tolerance and to establish a competent immune surveillance throughout the life of
                                            the patient.</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Agnostic
                                            Response</i>: In contrast to antigen-restricted CAR-T cells, our platform is not restricted
                                            to a pre-selected tumor antigen, nor any one tumor type. As such, it may be applied to a
                                            broad range of solid tumors and cancer subtypes, which would overcome one of the central
                                            unresolved challenges of immune-oncology cancer therapies.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
lead product candidate, Temferon, was developed using our platform and carries an interferon-alpha (&#8220;IFN-&#945;&#8221;) payload.
IFN-&#945; is a well-known therapeutic that was previously administered intravenously for treatment of various cancers, but it is currently
rarely used because of its systemic toxicity. The Temferon<b>-</b>modified TEMs express the transgene payload, IFN-&#945;, in the tumor
microenvironment resulting in the breakdown of tumor induced immune-tolerance. As a result, the immune system can recognize the tumor,
respond, and inhibit tumor growth. Because Temferon is designed to deliver the IFN-&#945; payload directly to the tumor, we believe
it will demonstrate clinical activity without the side effect profile of systemic delivery of IFN-&#945;. In preclinical mouse cancer
models treated with Temferon both direct (anti-angiogenic, pro-apoptotic) and indirect (immune response) effects were observed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently developing Temferon for the treatment of glioblastoma multiforme (&#8220;GBM&#8221;) in patients who have an unmethylated
MGMT gene promoter (&#8220;uMGMT-GBM&#8221;). GBM is the most common malignant primary brain tumor, accounting for more than half of
all central nervous system cancers. Patients suffering from GBM have limited, non-curative treatment options. Although these treatments
may improve survival, the prognosis for GBM patients remains poor, with a median overall survival (&#8220;mOS&#8221;) of approximately
13 to 15 months and only 5.5% of patients estimated to be alive 5 years after diagnosis. With no curative treatments available and such
poor prognosis for patients, there remains a large, unmet medical need. We chose uMGMT-GBM among our first targets for clinical development
after considering the medical need, the active role that TEMs have in GBM pathology, and the high number of newly diagnosed uMGMT-GBM
patients potentially interested in participating in our study. As a result, we believe uMGMT-GBM offers a good profile for our initial
proof of concept trial in humans. We are currently conducting a Phase 1/2a clinical trial with Temferon in newly diagnosed uMGMT-GBM
patients in Italy. We anticipate completing enrollment and patient dosing by the first quarter of 2024. We intend to use the preliminary
results of our Phase 1/2a clinical trial to support a Clinical Trial Application to conduct in E.U. a multicenter Phase 2 trial in uMGMT-GBM,
which we currently intend to conduct primarily in Italy. As of March 6, 2023, we had dosed a total of 19 patients. The preliminary results
show that Temferon has been generally well tolerated, with no dose limiting toxicities identified so far.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also intend to develop Temferon for the treatment of other solid tumor indications, and locally advanced hepatocellular carcinoma (&#8220;HCC&#8221;)
and intra-hepatic cholangiocarcinoma (&#8220;ICC&#8221;) are under consideration. HCC and ICC are gastrointestinal (&#8220;GI&#8221;)
cancers affecting the digestive system. HCC is a primary malignancy of the liver that occurs predominantly in patients with underlying
chronic liver disease and cirrhosis. ICC is a biliary tract cancer and represents approximately 3% of all GI malignancies. The prognosis
for patients with locally advanced HCC or ICC remains poor, with few therapeutic options, having limited clinical benefits. While we
are considering development of Temferon for these liver indications for similar reasons as GBM (i.e. the high unmet need, TEMs&#8217;
role in HCC and ICC pathology, and the number of newly diagnosed patients potentially eligible for our study), we are also evaluating
development of Temferon for other solid tumor indications.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to our Temferon programs that target uMGMT-GBM or other solid tumor indications such as HCC and ICC, we have exclusive option
rights to license (i) Temferon for the treatment of additional indications, and (ii) other drug candidates that are currently in the
preclinical stage of development both as standalone treatments and as combination therapies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGC
Biologics facility in Milan, Italy, will continue manufacturing LVV and Temferon to support Genenta&#8217;s trials. For further larger
studies we may use AGC&#8217;s 60,000 square meter cell and gene therapy manufacturing facility located in Longmont, Colorado (U.S.),
which AGC purchased from Novartis in July 2021 or another U.S.-based CMO.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development Pipeline</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
portfolio of clinical and preclinical <i>ex-vivo</i> autologous gene cancer therapies is based on our technology platform, which was
originally developed in our founders&#8217; laboratories at OSR. Through our collaboration with OSR, we have worldwide commercial rights
to Temferon (though our current trademark rights to Temferon are limited to the U.S. and Europe) for the treatment of GBM, HCC and ICC,
as well as exclusive option rights to license all of our other programs. Specifically, pursuant to our amended and restated license agreement
with OSR, we retain exclusive option rights to license (i) any platform improvements, including our second-generation technology, which
includes developments to enable the on/off regulation of the therapeutic transgene, (ii) products for additional indications that utilize
our platform technology but use different transgene payloads, and (iii) combinations of our platform with therapies in the immuno-oncology
(&#8220;IO&#8221;) field, such as ICI, CAR-T cell therapies and TCR therapies. See &#8220;&#8212;Intellectual Property Rights&#8212;
Collaboration/Licensing&#8221; for a description of our license agreements with OSR.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current pipeline, with clinical and preclinical stage programs, is summarized below:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt=""/></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*Genenta
has options/rights on IP derived from preclinical data generated at SR-Tiget laboratories.</i></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are developing novel cancer therapeutics using our autologous <i>ex-vivo</i> gene therapy platform, to initially address the unmet medical
needs of uMGMT-GBM patients and patients suffering from other solid cancer indications such as advanced genitourinary malignancies like
renal cell carcinoma and bladder cancer. Ultimately, we hope to broaden our platform to treat a wide variety of cancers by pursuing the
following strategies:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Advance
development of our leading clinical-stage product candidate, Temferon in the U.S.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently conducting a Phase 1/2a dose-escalation study in Italy to primarily evaluate the safety and tolerability of Temferon in
up to 27 uMGMT-GBM patients who have an unmethylated MGMT promoter, following radiotherapy treatment. We plan to initiate in Europe a
multicenter Phase 2 trial in uMGMT-GBM, which we currently intend to conduct primarily in Italy to evaluate the safety and efficacy of
Temferon by measuring progression free survival (&#8220;PFS&#8221;) and overall survival as endpoints. In advance of our CTA submission
and not required for our European trial, we have submitted a pre-IND meeting request to the FDA and received written responses from the
Agency in the third quarter of 2021 regarding the proposed Phase 2 clinical study design and drug product manufacturing strategy, which
is still in preparation. The plans for the Phase 2 clinical study and drug product manufacturing strategy will be informed by the Agency
comments.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Extend
our product pipeline across multiple indications</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to expand our product pipeline by:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.4pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Identifying
                                            additional indications suitable for Temferon. </i>We have selected Refractory Advanced Genitourinary
                                            Malignancies, including Renal Cell Cancer (&#8220;RCC&#8221;), as the second solid tumor indication
                                            for Temferon.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.4pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Using
                                            our platform with different transgene payloads</i>. Our platform technology is designed to
                                            enable us to use different transgene payloads to potentially achieve therapeutic outcomes
                                            in selected cancer indications. We are currently conducting preclinical studies for two therapeutics
                                            using our platform with different payloads targeting solid tumors.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.4pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Developing
                                            a second-generation platform that enables the &#8220;on-demand&#8221; release of the transgene
                                            payload</i>. We intend to develop a second-generation technology platform that allows the
                                            drug products to be switched on to exert the therapeutic effects and switched off if they
                                            are no longer needed, or to mitigate toxicity. This technology may enable us to expand our
                                            treatment options to broader patient populations.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.4pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exploring
                                            combination therapies</i>. We will seek to enter into collaborations with other companies
                                            to explore combination studies of our therapeutics with other cancer therapies, such as ICI,
                                            CAR-T cell therapies and TCR therapies. We believe our product, as a result of its MoA, has
                                            the potential to enhance the durability and efficacy of the existing therapies, thus abolishing
                                            the immune tolerance to the tumor.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.4pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exploiting
                                            in-licensing opportunities with OSR</i>. We intend to exploit in-licensing opportunities
                                            with OSR, a co-founding shareholder.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Develop
and maintain efficient manufacturing processes to support anticipated growth</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
meet our drug product supply needs for conducting larger trials after the completion of our planned Phase 2 uMGMT-GBM study in
Europe, we intend to enter into a supply agreement with a U.S.-based CMO for the manufacturing of our products. Currently, Temferon,
is manufactured by the European Cell and Gene Therapy unit of AGC Biologics, a leading global contract development and manufacturing
organization (&#8220;CDMO&#8221;), which is headquartered in Italy and specializes in the manufacturing of viral vectors and
genetically engineered cells. AGC Biologics&#8217; facilities are certified by AIFA. AGC Biologics&#8217; facilities in Milan and
Bresso, Italy, will continue manufacturing LVV and Temferon to support Genenta&#8217;s trials. We expect AGC Biologics will close
the Bresso facility in the near future as they expand and modify their facility. For further larger studies we may use AGC&#8217;s 60,000 square meter
cell and gene therapy manufacturing facility located in Longmont, Colorado (U.S.), which AGC purchased from Novartis in July 2021 or
another U.S.-based CMO.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Establish
a patient-centered infrastructure and strong relationships with key U.S. opinion leaders working in our disease area</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
cell and gene-based therapies are relatively new approaches in oncology, we intend to implement programs to improve patient and physician
education regarding the availability of gene therapy-based products for those cancers with a high unmet medical need. To this end, we
are discussing with Antonio Chiocca, MD, Professor Neurosurgeon-in-Chief and Chairman, Department of Neurosurgery at Brigham and Women&#8217;s
Hospital in Boston, MA, Frederick Lang, MD, Professor and Chairman of the Department of Neurosurgery at MD Anderson in Houston, TX, and
David A. Reardon, MD, Department of Medical Oncology at Dana-Farber Cancer Institute in Boston, MA.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Develop
opportunistic partnership(s) with pharmaceutical company(s)</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may choose to partner with larger pharmaceutical companies whose core competencies and oncology strategies are in line with ours.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our growing body of early clinical data evidencing the potential of our autologous <i>ex-vivo</i> gene therapy approach,
coupled with our founders&#8217; expertise in the development, manufacturing and commercialization of gene and cell therapies, positions
us well to provide potentially transformative therapies through a single administration to patients suffering from a broad range of cancers.
We believe our key strengths include:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unique
                                            and valuable expertise. </i></b>We are conducting our clinical trials at OSR, a leading center
                                            for <i>ex-vivo</i> gene therapy for inherited diseases. OSR has treated more than 121 patients
                                            worldwide (one of the highest number of patients treated with gene therapy for rare diseases
                                            in a research hospital), using an ex-vivo viral vector platform similar to the one we are
                                            developing for cancer treatment. Members of our executive leadership team have held senior
                                            positions at GSK, Merck, Annapurna-Adverum and other companies specializing in gene and cell
                                            therapies and rare diseases. We have partnered with academic institutions that are pioneers
                                            in autologous <i>ex-vivo </i>gene therapy and hold exclusive option rights to license additional
                                            patents and know-how to build our portfolio. Partnerships with leading academic institutions
                                            well recognized in the gene therapy field, such as SR-Tiget and OSR, are a core part of our
                                            research engine through which we are working to advance the clinical development of our product
                                            candidates and to identify new opportunities that we believe have comparably high probabilities
                                            of success in a preclinical setting. We believe our expertise, combined with our plan to
                                            leverage our relationships with leading academic institutions, will help expedite the commercialization
                                            of our lead clinical-stage product candidate and further expand our pipeline.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deep
                                            pipeline with broad utility</i>.</b> We believe that the flexibility of our technology platform
                                            combined with our exclusive option rights to in-license additional programs, gives us the
                                            ability to grow our pipeline by targeting a broad set of cancer diseases.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Durable
                                            therapeutic potential</i>.</b> Preliminary interim clinical data collected from twelve treated
                                            uMGMT-GBM patients following a single administration of Temferon displayed modified cells
                                            at 18 months, the last measured timepoint to date.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Designed
                                            for tumor restricted therapeutic payload delivery and release</i>.</b> The design of our
                                            transgene expression cassette is intended to restrict payload expression to the tumor microenvironment.
                                            The local and tumor restricted therapeutic gene deployment approach is designed to focus
                                            the pleiotropic anti-tumor activities of the selected payload, by limiting the toxic manifestation
                                            that results from standard systemic administration of the payload.</span></td></tr></table>

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


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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agnostic
                                            approach. </i></b>Our immune-gene therapy approach is designed to be a tumor-agnostic immunotherapy
                                            that does not rely on any specific target or tumor type, and we believe it could be successfully
                                            applied to a potentially broad range of cancers and immune contexts.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Solid
                                            tumors targeting. </i></b>Our platform has the potential to efficiently target solid tumors.
                                            Solid tumors are difficult to treat, even by the most novel and leading-edge technologies
                                            such as ICIs and CAR-T cells. Our cellular carrier, TEMs, is spontaneously and actively recruited
                                            by growing tumors and is found in several human solid tumors, irrespective of location.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Active
                                            and sustained tumor surveillance. </i></b>Our immune-gene investigational therapy is designed
                                            to trigger the patient&#8217;s own immune response and establish an active immune surveillance.
                                            Our preclinical work, which used different cancer models (B-cell acute lymphoblastic leukemia
                                            and GBM) as well as preliminary data collected from our uMGMT-GBM patients, suggests the
                                            occurrence of changes in the immune system.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fine
                                            dose tuning. </i></b>Our platform holds promise to fine tune the dose to be administered
                                            based on individual patient characteristics.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preliminary
                                            data indicate that our approach is feasible and well-tolerated. </i></b>Temferon has been
                                            well-tolerated in the limited number of patients treated to date. Our <i>ex-vivo</i> modification
                                            of the patient&#8217;s own HSPCs and cryopreservation allow us to formulate the patient&#8217;s
                                            drug product prior to administering the therapy.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LVV
                                            as transgene payload delivery vehicles. </i></b>LVVs are particularly attractive for clinical
                                            applications due to their capacity to transfer large genes/payloads and their ability to
                                            efficiently transduce non-proliferating or slowly proliferating cells, such as hematopoietic
                                            stem and progenitor cells that allow a persistent gene expression in transduced cells. Moreover,
                                            LVVs have a potentially reduced risk of genotoxicity compared to gamma-retroviral vectors.
                                            A large number of patients have been treated both with other LVV gene therapy products approved
                                            for sale and with clinical-stage LVV gene therapy product candidates for rare diseases worldwide,
                                            and generally these therapies have been well tolerated. We believe that long-term extensive
                                            follow-up across multiple diseases, with vectors expressing different genes, demonstrates
                                            the potential safety of our LVV-based autologous <i>ex-vivo</i> gene therapy approach.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Applicability
                                            to a potentially large number of patients and indications</i></b>. We believe our autologous
                                            <i>ex-vivo</i> gene therapy approach has broad therapeutic potential across a large number
                                            of malignancies. The <i>ex-vivo</i> transduction of HSPCs allows for the potentially long-term
                                            production of a differentiated cellular carrier loaded with the therapeutic gene and the
                                            consequent distribution of the therapeutic payload throughout multiple organs and tissues
                                            containing solid tumors.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Status
of Current IO Treatments</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
new therapeutic approaches and new drugs having been developed or approved, substantial unmet need remains for many of the most common
cancers. Immuno-oncology therapies seek to work in conjunction with the patient&#8217;s own immune system to recognize and attack cancer
cells selectively, without affecting normal cells, or to deliver immune system components that prevent the spread of cancer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immuno-oncology
therapy is recognized as an important type of cancer treatment in addition to more established options such as surgery, chemotherapy,
targeted therapy and radiation therapy. Indeed, the number of IO therapeutics in development worldwide grew 233% from 2017 to 2020. IO
therapeutics, which rely on the natural activity of the immune system to fight cancers in various ways, are grouped, by the Cancer Research
Institute, in five main classes reported in the tables below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt=""/></span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
Limitations of IO Approaches</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
significant advances, the clinical application of immunotherapy for cancer patients still faces challenges, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
                                            of tumor resistance (positive selection of tumor cells bearing advantageous mutations);</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dependence
                                            on specific targets;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Poor
                                            response for many patients;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack
                                            of a durable response;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Side
                                            effects;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Need
                                            for multiple dosing for most IO classes; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inability
                                            to efficiently target many solid tumors.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IO
for Solid Tumors</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the success of IO therapies for some hematological cancers, significant gaps remain in the development of efficacious IO therapies for
solid tumors. There are still a number of challenges that IO therapies need to resolve to treat solid tumors including the ability to
target delivery of a therapeutic to the solid tumor and identification of suitable prominent cell surface targets. Cell therapies have
not been as successful in solid tumors in comparison to blood cancers mainly because of the absence of a suitable prominent cell surface
target and the high risk of toxicity when a potential solid tumor target is expressed, even at a low level, on normal tissue. Even if
targets for solid tumors with a suitable tumor-selectivity profile can be identified, other factors may limit the activity of cell therapies,
including limited cell-therapy penetration and distribution, low oxygen concentration (hypoxia) barriers around cancers that may prevent
T cell access to the tumor, expression by tumor cells of certain checkpoint genes and an inability to target multiple antigens at the
same time.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
overcome the current limitations of IO therapies in solid tumors, a new, effective tumor therapeutic must:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">achieve
                                            a local and tumor-targeted delivery;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maximize
                                            on-target effects;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reach
                                            the desired therapeutic index;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">minimize
                                            the off-target side effects; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially
                                            provide long term results.</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform technology utilizes a novel mechanism of action that we believe has the potential to address the limitations and challenges
of current IO technologies. Through a single administration, our platform is designed to provide a broadly applicable treatment to deliver
a tumor-targeted therapeutic, including to solid tumors. It does so by exploiting a naturally occurring cancer-induced biological process,
allowing for the local delivery of the payload with a potentially durable response, in a manner that we believe will limit systemic toxicity.
The ability to deliver localized and tumor-targeted payloads, by avoiding systemic or off-target toxicity, may also allow for the use
of well-established immunotherapies, such as the immunomodulator IFN-&#945;, that has shown efficacy but has had limited therapeutic
applications due to side effects associated with its intravenous delivery.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically,
we adapted an autologous <i>ex-vivo</i> gene therapy method to direct the patient&#8217;s own HSPCs by loading them with an immunotherapeutic
transgene sequence, or payload, that is able to counteract cancer progression and prevent tumor relapse. We believe that by delivering
a targeted therapeutic specific to cancer cells, we can reach the desired on-target anti-tumor effect while reducing off-target side
effects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform technology employs the following key components:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">use
                                            of the patient&#8217;s own autologous HSPCs;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">use
                                            of LVVs for <i>ex vivo</i> HSPCs transduction; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payload
                                            delivery within the tumor microenvironment (&#8220;TME&#8221;) using specific tumor-associated
                                            myeloid cell (Tie2-expressing monocytes <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;
&#8220;TEMs&#8221;). This &#8220;cell-confined&#8221; transgene expression is ensured by the selected promoter (Tie-2 promoter) and the
imposed post-transcriptional regulation layer represented by a miRNA target sequence (miRNA-126 target sequences).</span></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
image below illustrates the steps of our <i>ex-vivo</i> approach to transform patient&#8217;s autologous HSPCs into a therapeutic product.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt=""/></span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Illustration
of our ex-vivo approach (steps 1-2-3) and treatment process (step 4)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Patient&#8217;s HSPCs are harvested by means of an apheresis process, and (2) <i>ex-vivo</i> modified by an LVV. The obtained drug product
is frozen and stored for clinical use (3). When needed, the therapeutic product may be thawed and infused back in patient&#8217;s blood
stream (4). The engineered HSPCs will repopulate the entire hematopoietic system, giving rise to differentiated progeny bearing the introduced
modification<i>.</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>a)
HSPCs are the Source of the Delivery Vehicle for Our Gene Therapy Approach</i></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
re-introducing gene-modified HSPCs into the patient, we seek to take advantage of the self-renewing and multi-differentiation capability
of HSPCs to enable durable and potentially long-term effects following a single treatment. HSPCs are self-renewing cells that can differentiate
into all types of blood cells, including white blood cells, red blood cells and platelets. HSPCs can be obtained directly from the bone
marrow or from the patient&#8217;s peripheral blood with the use of a mobilizing agent that induces HSPCs to relocate from the bone marrow
into the peripheral blood where they may be collected by apheresis. The advantages of using a patient&#8217;s own HSPCs include the absence
of graft versus host disease (GVHD) that could occur using allogeneic cells, and the potential long-term treatment durability of this
approach.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>b)
Ex-vivo LVV based Transduction</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
collection, a functional copy of the therapeutic gene is inserted into the patient&#8217;s own HSPCs using a non-replicating LVV. This
is an <i>ex-vivo</i> process called transduction. We have chosen an <i>ex-vivo</i> gene therapy approach because it enables us to optimize
the quantity, or dose, of modified cells to be infused in each patient since we know, ahead of the administration, the drug product characteristics.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that LVVs are the first choice for <i>ex-vivo</i> gene therapy in humans because they can (i) carry large transgenes that will
allow us to expand the therapeutic options to a multitude of payloads without &#8220;size&#8221; limits and (ii) efficiently transduce
non-proliferating, or slowly proliferating cells, such as hematopoietic stem and progenitor cells. Most importantly, there is already
an abundance of safety data generated using these vectors to develop investigational products currently under clinical testing, including
CARs, TCRs, as well as commercial products such as Kymriah<sup>&#174;</sup> (CD-19 CAR-T,</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Novartis
Pharma) and Zynteglo<sup>&#174;</sup> (&#946;-Thal, BlueBird Bio). With more than 100 clinical trials either completed or in progress
using LVVs worldwide, this delivery method accounts for more than a third of <i>ex-vivo</i> modified gene therapy clinical trials.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
extensive clinical <i>ex-vivo</i> gene therapy studies, based on LVV gene transfer, have been performed in recent years by SR-Tiget for
the prevention and treatment of some severe inherited disorders, resulting in approved drugs, such as Libmeldy<sup>TM</sup>. These studies
have shown that LVVs constitute a valuable and safer alternative to gamma-retroviral vectors, enabling a more efficient gene transfer
into HSPCs and resulting in a robust and long-term transgene expression in their progeny. The studies also have demonstrated an alleviated
risk of genotoxicity because of the vector design.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Differences
exist between LVVs used for <i>ex-vivo</i> transduction that could, in theory, lead to differences in the long-term safety profile of
products, particularly in terms of genotoxic potential. Use of strong promoters in conditions where a high pre-existing risk for hematologic
malignancies exists, such as sickle cell disease (&#8220;SCD&#8221;), could in the long-term (i.e. 5 years or more) contribute to the
development of leukemia. There have been several significant adverse side effects in gene therapy treatments involving an ex-vivo transduced
lentivirus vector (&#8220;LVV&#8221;) gene therapy product, BlueBird Bio&#8217;s elivaldogene autotemcel (&#8220;Lenti-D&#8221;), involving
two SUSARs for cases of acute myeloid leukemia (&#8220;AML&#8221;), and one case involving myelodysplastic syndrome.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2021, BlueBird Bio temporary suspended its gene therapy clinical trials for SCD (HGB-206 and HGB-210) and the marketing of Zynteglo<sup>&#174;
</sup>due to a suspected unexpected serious adverse reaction (&#8220;SUSAR&#8221;) of acute myeloid leukemia (AML) in a SCD patient who
received the product more than five years ago. In July 2021, the European Medicines Agency&#8217;s (&#8220;EMA&#8221;) safety committee
(Pharmacovigilance Risk Assessment Committee &#8211; &#8220;PRAC&#8221;) announced that there is no evidence the LVV used in both Lenti-D
and the E.U.-approved gene therapy Zynteglo spurred the AML cases.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BlueBird
Bio announced on August 9, 2021 that the SUSAR involving myelodysplastic syndrome occurred in one patient treated with Lenti-D over a
year previously, that this SUSAR &#8220;is likely mediated by Lenti-D lentiviral vector (LVV) insertion,&#8221; and that &#8220;[e]vidence
currently available suggests that specific design features of Lenti-D LVV likely contributed to this event.&#8221; As a result of this
SUSAR, the FDA has placed a clinical hold on BlueBird Bio&#8217;s Lenti-D phase 3 trial for cerebral adrenoleukodystrophy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the intrinsic characteristics of the LVV we have selected as well as the properties of the promoter and control mechanisms,
combined with HSPCs&#8217; ability to self-renew, allow for a stable integration of the modified gene into the HSPCs and their related
differentiated progeny, potentially achieving long-term safety and protection after only a single treatment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>c)
Tumor-Targeted Payload Delivery</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform technology, used by all of our product candidates including Temferon, is designed to turn TEMs, which normally have an affinity
for and travel to tumors, into a &#8220;Trojan Horse&#8221; to deliver a tumor-targeted payload. The technology ensures that the payload
is only expressed in TEMs and not in other types of cells. The following key components make up our platform technology: (i) a Tie-2
promoter that drives transgene sequence transcription specifically in TEMs, and (ii) a post-transcriptional regulation layer represented
by miRNA-126 target sequences that induces the downregulation of the transgene expression in those cells where the Tie2 promoter is active
and the miRNA-126 target sequence is present. This transcriptional / post-transcriptional regulatory mechanism prevents off-target effects
and allows the expression of the payload by the selected cellular carrier (TEMs).</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
transgene payload expression cassette consists of two key components: the Tie-2 promoter (RED) and miRNA-126 target sequences (LIGHT
BLUE)</i></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(i)</i></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tie-2
                                            promoter. </i></b>The Tie-2 promoter enables the transformation of TEMs into a &#8220;Trojan
                                            Horse&#8221;, to deliver the therapeutic payload within the tumor microenvironment. Tumor
                                            development and progression is a multi-step process leading to cancer growth. The so called
                                            &#8220;angiogenic switch&#8221; is one of the required steps and refers to a time-restricted
                                            event during tumor progression where the balance between pro- and anti-angiogenic factors
                                            tilts towards a pro-angiogenic outcome, resulting in the transition from a &#8220;dormant&#8221;
                                            avascularized tumor to an outgrowing vascularized cancer. It is well recognized that TEMs
                                            play an active role in this regard. Indeed, TEMs are actively recruited by proliferating
                                            tumors, through signals produced by the cancer cells or stromal/endothelial components, to
                                            promote the neo-vascularization and to contribute to the establishment of an immunosuppressive
                                            tumor microenvironment that leads to the failure in tumor eradication by the immune system.
                                            Amongst chemoattractant factors of monocytes, angiopoietins (Ang) play a crucial role. These
                                            are adhesion molecules and known vascular growth factors expressed by peritumoral blood vessels.
                                            One Ang in particular, Ang-2, attracts TEMs, which binds to the Tie-2 receptor. Expression
                                            of Ang-2 is upregulated by tumor hypoxia and may function as a chemoattractant for Tie2-expressing
                                            monocytes. Moreover, TEMs&#8217; penetration into the tumor microenvironment in response
                                            to these stimuli cause Tie-2 receptor upregulation, which enhances the delivery of the payload
                                            to the tumor. Since TEMs recruitment is a naturally occurring event in the tumor development
                                            process and is a key aspect shared by several different cancers, we believe that our platform
                                            which enables the tumor targeted delivery of therapeutics represents a unique approach that
                                            may have broad applicability.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(ii)</i></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>miRNA-126
                                            target sequences</i></b>. The miRNA-126 target sequence serves as a post-transcriptional
                                            regulation layer that allows the expression of the transgene payload only in cells where
                                            miRNA-126 is not expressed. In our case, because miRNA-126 is highly expressed in HSPCs but
                                            down-regulated in the differentiated progeny, it switches off transgene expression in the
                                            stem and progenitor cell compartment. Indeed, Tie2 is a weak promoter expressed, in the hematopoietic
                                            compartment, by Tie2-expressing monocytes and by hematopoietic stem cells (&#8220;HSC&#8221;).
                                            In HSC, it works as a membrane-bound receptor that keeps HSC cell-to-cell interaction and
                                            adhesion with the bone marrow niche and preserves the HSC quiescent/low proliferating state.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_004.jpg" alt=""/></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Post-transcriptional
control mechanism of transgene expression</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A)
Transgene expression is allowed only in cells where miRNA-126 is not expressed; (1) mRNA is transcribed into the nucleus (2) the transgene
is then translated in the cytoplasm and released.</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B)
In those cells expressing miRNA-126 the payload production is prohibited; (1) mRNA is transcribed into the nucleus (2) miRNA-126 recognizes
its target sequences on the mRNA and forms double strands of RNA (3) that are degraded or block the translation process.</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt=""/></span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transgene
payload expression as the result of the transcriptional (promoter) and post-transcriptional regulation (miRNA-126 target sequence) imposed
by our expression cassette.</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that combining our built-in post-transcriptional control mechanism (<i>miRNA-126 target sequences</i>), with TEMs designed as
a &#8220;Trojan Horse&#8221; allows our platform to restrict transgene expression and avoid systemic toxicity while reaching the therapeutic
index to drive efficacy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Leading Product Candidate: Temferon</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
lead product candidate, Temferon, consists of genetically modified HSPCs which use our platform to deliver interferon-alpha (&#8220;IFN-&#945;&#8221;),
within the tumor microenvironment via TEMs (HSPCs differentiated myeloid progeny). The IFN-&#945; reduces angiogenesis, counteracts
tumor cells proliferation and breaks the established immune-tolerance, enabling the immune system to recognize the tumor. IFN-&#945;
is a proven and known immunomodulatory molecule, or cytokine, that has limited clinical use due to the systemic toxicity associated with
its intravenous administration. Our technology is designed to protect the HSPCs from IFN-&#945; mediated activation that could negatively
impact their repopulation capacity as reported in some studies of repeated systemic administration of high doses of IFN-&#945;. We believe
that this protection technology, whereby we restrict payload expression to TEMs, and the release of IFN-&#945; within the TME, has the
potential to provide efficacy without inducing systemic toxicity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
TEMs are associated with the growth of numerous cancer types, including solid tumors, we believe that Temferon is tumor type and tumor
target agnostic and therefore may be used across a large variety of cancers. Currently, we are developing Temferon for uMGMT-GBM.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview
of Temferon manufacturing process and mechanism of action.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Patient&#8217;s
<b>HSPCs</b> are harvested, (1) <b>ex-vivo</b> modified by <b>LVVs</b> (2) and re-introduced back in patient&#8217;s blood stream (3).
Once recruited within the tumor microenvironment, TEMs release IFN-&#945; that reduces angiogenesis, counteracts tumor cells proliferation
and enables the immune system to recognize the tumor.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GBM
is a solid tumor affecting the brain. We have chosen this indication due to the following factors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>High
                                            unmet medical need. </i></b>The prognosis for GBM patients remains poor with few therapeutic
                                            options having limited clinical benefits.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Temferon&#8217;s
                                            MoA targets TEMs which have an active role in uMGMT-GBM pathology. </i></b>GBMs are highly
                                            vascularized tumors that critically depend on the generation of tumor-associated blood vessels.
                                            Several studies demonstrate that infiltrating myeloid cells, including Tie2-expressing monocytes,
                                            contribute significantly to tumor angiogenesis, presumably by secreting pro-angiogenic factors
                                            and promoting malignant glioma growth by creating a local immunosuppressive microenvironment.
                                            Moreover, TEMs have been identified in the normal/tumor boundary from human biopsy samples
                                            of GBM patients who received treatment to reduce angiogenesis using the anti-VEGF treatment
                                            bevacizumab, and the Tie2 pathway has been implicated in the triggering of a bevacizumab-mediated
                                            VEGF-independent angiogenesis that explains the long-term refractoriness of GBMs to anti-VEGF
                                            treatment.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Immunosuppressive
                                            tumor microenvironment. </i></b>GBM is characterized by an immunosuppressive microenvironment
                                            that is mediated by tumor associated myeloid cells (including TEMs) that prevent the immune
                                            system from recognizing and rejecting the tumor. Our treatment approach is designed to exploit
                                            TEMS to deliver IFN-&#945; to the tumor so that the immune system recognizes the tumor and
                                            halts tumor cell proliferation and recurrence.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Availability
                                            of a &#8220;competent&#8221; immune system. </i></b>Our approach relies on a patient&#8217;s
                                            immune system being capable of providing an immune response upon recognition of the tumor.
                                            Therefore, we believe newly diagnosed uMGMT-GBM patients who have relatively &#8220;competent&#8221;
                                            immune systems, not yet damaged by repeated cycles of chemotherapies, are strong candidates
                                            for our candidate.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compelling
                                            preclinical data. </i></b>Our preclinical studies, published in peer-reviewed papers, suggest
                                            that TEMs play an active role in uMGMT-GBM, and when used as a &#8220;Trojan Horse,&#8221;
                                            significantly shrink the tumor and to control disease progression. In more recent unpublished
                                            studies, we have also demonstrated, in a preclinical immunocompetent GBM mouse model, that
                                            treatment by Temferon resulted in a long-lasting immune response in surviving mice, even
                                            after repeated tumor challenge intended to replicate possible tumor recurrences.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
                                            Opportunity. </i></b>Based on currently available treatments, the global market size for
                                            all GBM is projected to grow to over $3.4 billion by 2032. We believe a novel therapeutic
                                            which demonstrates improvement over existing therapies would greatly increase the market
                                            size.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are discussing other studies using Temferon in solid tumor indications, for which we are considering patients with unmet medical needs
suffering from solid tumors which recruit TEMs in order to grow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Temferon
for uMGMT-GBM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disease
Overview</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GBM
is the most common malignant primary brain tumor accounting for more than half of all central nervous system cancers and for which there
is a high unmet medical need. The incidence rate is 3.20 per 100,000 persons with over 13,000 deaths per year in the U.S. This disease
is lethal and left untreated, the median survival is three (3) months. The current standard of care includes using a combination of surgery,
radiation therapy, and chemotherapy for treatment. Although these treatments may improve survival, the prognosis for GBM patients remains
poor with a median overall survival (&#8220;mOS&#8221;) of approximately 13 to 15 months and only 5.5% of patients estimated to be alive
5 years after diagnosis. GBM may occur at any age, but 70% of cases are seen in patients between 45 and 70 years of age (median 64 years).
The disease often progresses rapidly (over 2 to 3 months). Neurological signs are nonspecific as they result from intracranial hypertension
and include headaches and vomiting, often associated with behavioral changes or focal neurological deficits. Variants of GBM include
secondary glioblastoma (20% of total diagnosed GBM), gliosarcoma (2%) and giant cell glioblastoma (1%). We are not including these variants
in our studies because they do not fully meet our selection criteria discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Current
Treatment Landscape and Limitations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current standard of care for GBM includes surgery to remove the accessible tumor followed by radiation therapy (&#8220;RTx&#8221;), chemotherapy
with temozolomide (&#8220;TMZ&#8221;) and/or tumor treating fields (&#8220;TTFields&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Surgery
                                            </i></b>remains the mainstay of initial treatment. If the tumor is located in a resectable
                                            region of the brain, it is used to histologically confirm the diagnosis and level of tumor
                                            burden. For many patients, removal of the tumor also results in a decrease of tumor mass-associated
                                            symptoms. Although the extent of the surgical removal of the tumor is linked to longer survival,
                                            due to the invariably infiltrative nature of the disease, even the complete removal of the
                                            accessible tumor is not curative and most people with GBM later develop recurrent tumors
                                            either near the original site or at more distant locations within the brain. Additionally,
                                            as a possible consequence of surgical procedures, permanent brain damage may occur.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Radiation
                                            therapy </i></b>improves survival and is typically started approximately 3 to 4 weeks after
                                            surgery. RTx is performed daily for approximately 6 weeks. RTx induces the formation of neo-antigens
                                            and a pro-inflammatory response that are key aspects for immune system mediated disease control.
                                            However, the efficacy of RTx is impaired by hypoxia and by the negative effects of RTx on
                                            tumor infiltrating immune cells.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Chemotherapy.
                                            </i></b>Temozolomide, the current chemotherapeutic standard of care, is a DNA-alkylating
                                            agent that can cross the blood-brain barrier to reach therapeutic concentrations in the brain.
                                            The drug is administered every day during radiation therapy and then for six to 12 cycles
                                            after radiation as a maintenance therapy. Each cycle lasts 28 days, with TMZ given the first
                                            five days of each cycle, followed by 23 days of rest. TMZ adds a methyl group to DNA that,
                                            if unrepaired, leads to DNA strand breaks and cytotoxicity. More than one-third of glioblastomas
                                            are deficient in methylguanine methyltransferase (&#8220;MGMT&#8221;), a repair protein that
                                            removes the methyl group. This MGMT deficiency occurs through the methylation (silencing)
                                            of the MGMT gene promoter. Glioblastoma patients with a silenced MGMT gene who are treated
                                            with TMZ have a longer survival than those with an unmethylated MGMT. TMZ has several adverse
                                            side effects, including a cumulative bone marrow toxicity.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tumor-Treating
                                            Fields (TTFields)</i></b>. The use of TTFields to extend temozolomide maintenance chemotherapy
                                            for newly diagnosed glioblastoma patients has recently been incorporated as a new standard
                                            of care. TTFields are applied via multiple electrodes that are directly fixed to the scalp.
                                            These low-intensity, alternating electrical fields interfere with cell division ultimately
                                            leading to cell cycle arrest, aneuploidy, and apoptosis. The most common TTFields-associated
                                            adverse events (AEs) are mild-to-moderate array-associated contact dermatitis.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Experimental
                                            Treatments</i>. </b>Along with the above-mentioned treatments, the addition of the antiangiogenic
                                            agent bevacizumab (BEV) to RTx and TMZ has been explored with mixed clinical results BEV
                                            was tested both a first-line treatment together with RTx and concomitant TMZ administration
                                            in newly diagnosed glioblastoma patients, as well as in combination with RTx in recurrent
                                            GBM patients. BEV was approved by the FDA as monotherapy for recurrent glioblastoma in 2009
                                            under the name Avastin&#174;. The EMA declined to approve BEV for recurrent glioblastoma due
                                            to the absence of a non-bevacizumab control arm, a modest overall survival increment versus
                                            historic controls, inadequate elucidation of true antitumor effect, and challenges with radiographic
                                            response assessment. More recently, an immune-checkpoint blocker nivolumab was tested in
                                            combination with TMZ and RTx in a Phase 3 trial in recurrent glioblastoma patients but showed
                                            minimal activity and no benefit in terms of mOS, resulting in failure to meet one of its
                                            primary endpoints, PFS.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently
available GBM surgical treatments have not been able to prevent GBM recurrence because of the infiltrative nature of this disease and
the absence of an effective immune system. A therapeutic able to cross the blood-brain barrier and selectively impact proliferation of
cancer cells independently from the region of the brain where the tumor resides would be a significant advancement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Solution</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our investigational product, Temferon, has the potential to address the world recognized GBM unmet need. Through a single
administration, we believe Temferon may be able to provide a long-lasting immune response, minimize systemic toxicity, counteract cancer
progression and prevent tumor relapse.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temferon
utilizes our platform and <i>ex-vivo</i> gene therapy approach to introduce a functional copy of IFN-&#945; which is Temferon&#8217;s
transgene payload, into the patient&#8217;s autologous HSPCs, resulting in a drug product that can then be reintroduced into the patient
as outlined above (<i>see &#8220;Our Leading Product Candidate: Temferon&#8221; and &#8220;Our Platform&#8221;</i>). Temferon is designed
to colonize the patient&#8217;s bone marrow with the genetically modified HSPCs to continuously generate TEMs containing the IFN-&#945;
payload. Since TEMs are recruited within the tumor microenvironment, IFN-&#945; is released solely at the targeted tumor, which may
result in clinical activity without inducing systemic toxicity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
within the tumor microenvironment, IFN-&#945; is expected to act both <i>directly</i> by promoting cancer cell apoptosis and inhibiting
vascularization and <i>indirectly </i>by restoring the body&#8217;s anti-tumor immune response, as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Direct
                                            Effects. </i></b>IFN-&#945; suppresses tumor cell proliferation and promotes the apoptosis
                                            of tumor and stromal cells by induction of proapoptotic genes or repression of anti-apoptotic
                                            genes. Moreover, IFN-&#945; inhibits angiogenesis by downregulating the expression of proangiogenic
                                            factors.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indirect
                                            Effects. </i></b>IFN-&#945; stimulates early innate immune responses and the subsequent
                                            adaptive immune response via multiple pathways and mechanisms, including: maturation and
                                            cross-priming capacity of dendritic cells (&#8220;DCs&#8221;); upregulation of the expression
                                            of tumor-associated surface antigens and MHC class I molecules on tumor cells and of MHC
                                            class I and II molecules on DCs; enhanced priming and survival of T cells; enhanced humoral
                                            immunity; increased cytotoxic activity of NK cells and macrophages; control of helper T cell
                                            population balance (Th1=Th2); immunoglobulin class switching of B cells; and the regulation
                                            of CD8+ cytotoxic T-lymphocyte responses.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that through these immunomodulatory functions and based on our preclinical data, IFN-&#945; increases tumor immunogenicity,
recruits and activates immune cells within the tumor milieu, breaks established tumor-induced immunotolerance and may induce tumor rejection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview
of Temferon antitumor activity</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
recruited at the tumor site, instead of fostering tumor growth and inhibiting the immune systems, TEMs start to release IFN-&#945; that
triggers cancer cell apoptosis and arms the immune cells to fight the cancer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Clinical
Development of Temferon in uMGMT-GBM</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preclinical
Data</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have preclinical data, published in 2018, suggesting that TEMs play an active role in GBM disease. Further studies published in 2008
showed that when TEMs were used as a &#8220;Trojan Horse,&#8221; as utilized by Temferon, the GBM tumor volume decreased and the disease
progression was controlled. In more recent, unpublished preclinical studies, we have also demonstrated, in an immunocompetent GBM mouse
model, that treatment with Temferon resulted in a long-term immune response in surviving mice, even after repeated tumor challenge intended
to replicate possible tumor recurrences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img src="form20-f_008.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inhibition
of Human Gliomas in IFN-&#945; Gene Therapy Treated Athymic Mice (De Palma et al., 2008).</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A-B)
</i></b><i>Glioma growth (mean tumor volume &#177; SEM, measured by MRI) in individual control and IFN-&#945; gene therapy treated
mice (Tie2-IFN) at 3 weeks post tumor injection (&#8220;PTI&#8221;). Tumor volume and progression decreased in IFN-&#945; gene therapy
treated mice. <b>C)</b> MRI images showing brain tumor growth at the indicated time points PTI in representative control (Ctrl) and Tie2-IFN
mice. Intracranial gliomas are indicated by arrows and dashed line. The tumor did not progress in Tie2-IFN mice. <b>D)</b> Measurement
of tumor necrotic fraction (mean necrotic fraction, % &#177; SEM) by MRI in individual Ctrl and Tie2-IFN mice at 3 weeks PTI, evidencing
cancer cell death. <b>E)</b> The Tie2-IFN tumors that grew sufficiently to be analyzed displayed decreased cell proliferation and greater
apoptosis (assessed by Ki-67 and cleaved caspase-3 immunostaining, respectively a proliferation and an apoptosis marker) as compared
to the control tumors. (Caspase-3 = Casp-3; green) and CD31 (marker of blood vessels; red) TO-PRO-3 (TP3; nuclear staining, blue). Arrows
show Ki-67+CD31+ or caspase-3+CD31+ (ECs; dashed line indicates tumor margin).</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Phase
1/2a Clinical Trial</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the second quarter of 2019, we enrolled our first patient in a single-arm, open label, dose escalation, Phase 1/2a clinical trial, in
adult patients aged 18 to 70 years (the &#8220;TEM-GBM 001 study&#8221;). The trial is being conducted at two clinical centers of excellence
located in Milan, Italy:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Istituto Nazionale Neurologico &#8220;<i>Carlo Besta</i>&#8221;, an internationally recognized leading center in neuroscience, specializing
in the diagnosis and treatment of neurological diseases in adults and children, and (ii) OSR, which has a recognized expertise in complex
and innovative diagnostic and therapeutic approaches in onco-hematological patients and in gene therapy treatments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary objective of the TEM-GBM 001 study is to evaluate the safety, tolerability, feasibility, and biological activity of Temferon
in uMGMT-GBM patients with an unmethylated MGMT gene, who as a result of the gene, have a poor prognosis and are expected to not respond
to TMZ treatment. These patients are identified immediately after surgery, upon confirmation of the diagnosis and MGMT methylation status.
After enrollment, each patient is screened for eligibility, and if eligible subjected to the mobilization procedure to induce HSPCs to
exit from the bone marrow niche and to migrate into the peripheral blood where they are collected by leukapheresis. Immediately after
collection, each patient&#8217;s HSPCs are sent to our CMO to be genetically modified and become Temferon. After Temferon administration,
each patient is followed for two years. The figure below depicts the different stages of TEM-GBM 001 study enrollment and treatment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_009.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TEM-GBM
001 Study Design.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
study aims to evaluate the short-term (up to 90 days) and long-term (up to two years) tolerability and safety of five escalating doses
of Temferon in up to 24 patients with uMGMT-GBM and an unmethylated MGMT promoter, following first line radiotherapy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initially
the study was designed with a dose escalation phase in 15 patients assigned to five cohorts (Part A) to test three different escalating
Temferon doses and two different conditioning regimens, with the aim of determining the best Temferon engraftment associated with fewer
side effects to be then applied to an expansion phase (Part B) in six additional patients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patients
in Cohorts one (1), two (2) and three (3) received Temferon dose escalation up to 2 x 10<sup>6</sup> CD34+ cells/kg (Dose Level 3) and
3 x 10<sup>6</sup> CD34+ cells/kg as unmanipulated supporter HSPCs. Patients in Cohorts four (4) and five (5) were infused with Temferon
Dose Level 3 but received 2 x 10<sup>6</sup> CD34+ cells/kg and were conditioned with two different conditioning regimens (BCNU &amp;
thiotepa for Cohort 4, also utilized in Cohort 1-3 and Busulfan &amp; Thiothepa for Cohort 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the results collected in Part A of the study, we have amended the dose ranging part of the study to add three additional dose escalation
Cohorts (numbers six (6), seven (7) and eight (8)). The Clinical Protocol amendment was submitted on July 20<sup>th</sup>, 2021, to the
Italian Competent Authorities, and approved by AIFA in September 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
per the submitted clinical protocol amendments, three (3) patients in Cohort 6 were conditioned with BCNU and Thiotepa and received 2
x 106/kg supporter HSPCs and a Temferon dose of 3 x 106 cells/kg. Three patients in Cohort 7 were conditioned with Busulfan alone and
received 3 x 106/kg supporter HSPCs and a Temferon dose of 3 x 106 cells/kg. As of March 22, 2024, three patients were enrolled in Cohort
8 with two of the patients infused with 3 x 106/kg supporter HSPCs and a Temferon dose of 4 x 106 cells/kg. The third patient of Cohort
8 will be infused when the patient completes six weeks of radiotherapy. The review of the safety, tolerability and biological data from
the 24 patients of Part A of the study will determine if three additional patients will be tested as part of the transition to the Phase
2 part of the study.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
figure below represents the TEM-GBM 001 study design with the key inclusion criteria. The study EudraCT Number is 2018-001404-11 and
can be found at clinicaltrialsregister.eu/ctr-search/trial/2018-001404-11/IT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><img src="form20-f_013.jpg" alt=""/>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preliminary
Interim Results.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
designed the TEM-GBM 001 study to: (i) obtain rapid accrual of patients (ii) assess the safety profile of Temferon, (iii) identify the
optimal dose, and (iv) measure the biological activity of Temferon on those patients who progress to the point of requiring a second
surgery.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
designed our study anticipating that patients receiving lower doses of Temferon could progress to the point of needing a second surgery,
which is often necessary in GBM patients. A second surgery provides the only source of GBM specimens post treatment to evaluate the biological
activity of Temferon and to evaluate its mechanism of action in patients. We enrolled our first patient in April 2019, and as of March
22, 2024, we had dosed 23 patients, from Cohort 1 to 8. We expect to complete the dosing of the last patient in Cohort 8 by the end of
the second quarter of 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no dose limiting toxicities identified in our clinical study to date. All patients showed rapid engraftment and hematological
recovery after administering the sub-myeloablative conditioning regimens (Busulfan BCNU + Thiotepa, Busulfan and Thiothepa or Busulfan
alone). Evidence of presence and persistence of Temferon-derived differentiated cells is assessed by measuring the vector genomes in
the DNA of peripheral blood and bone marrow cells (absolute number quantified by ddPCR). The vector copy number (&#8220;VCN&#8221;) positive
cells were present within 14 days post treatment and were detectable, albeit at lower levels, in the long-term (up to 23 months, the
last measured timepoint to date).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 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; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_014.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also detected very low concentrations of IFN-&#945; in the plasma and cerebrospinal fluid, suggesting the transgene expression control
mechanism may be working as intended by limiting systemic IFN-a exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serious
adverse events have mainly been attributed by the Investigator to the effects of the conditioning regimen (pneumonia, pulmonary embolism,
febrile neutropenia, fatigue, C.diff infection, CMV reactivation, sepsis) or disease progression (worsening left hemiparesis, seizure,
brain abscess, sudden death). Three instances of elevated gamma glutamyl transferase (&#8220;GGT&#8221;) have been observed: two mild
cases attributed to chemotherapy and HSPC harvesting, each of which has resolved; and one case occurring at D+78 following Temferon administration,
which was classified as a suspected unexpected serious adverse reaction (&#8220;SUSAR&#8221;) possibly related to Temferon, and which
has also resolved. Seventeen deaths have been reported as of September 12<sup>th</sup> 2023, with six patients out of the 23 treated
remaining alive. The median overall survival is 17 months following initial surgery.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serious
adverse events that have occurred in this study have largely been related to the conditioning chemotherapy used (for example infections,
neutropenia, deterioration in physical condition, and thromboembolism), or due to disease progression (for example seizures and neurological
complications).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
serious and unexpected adverse event, attributed to Temferon, occurred at Day +79 post Temferon administration and was reported as persistently
elevated gamma glutamyltransferase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
patient subsequently recovered from this event and is one of the long term survivors in the study.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evaluable disease status as assessed by immunotherapy response assessment for neuro-oncology (&#8220;iRANO&#8221;) criteria], the last
evaluable time point for the first 15 treated patients (prior to death, where applicable), was as follows: six patients had shown stable
disease (&#8220;SD&#8221;), two patients had demonstrated partial response, seven patients had shown progressive disease (&#8220;PD&#8221;).
For reference, The iRANO guidelines specifically address interpretation of initial progressive imaging findings in the context of neuro-oncology
patients with a goal of decreasing the likelihood of premature discontinuation of potentially beneficial therapies while ensuring maximum
patient safety. iRANO empirically stipulates a three -month window for confirmation of progression on follow-up imaging, and further
advises that progressive imaging changes beyond six months after immunotherapy initiation are more likely true tumor progression.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">So
far, eight out of the nine patients from the first three Cohorts and one patient in Cohort 4 progressed. The PD occurred after a median
of + 123 days (range 83&#8211;239 days) following administration of Temferon. Two patients of Cohort 3 progressed before Temferon administration
(11 and 12 days before Temferon administration). Preliminary analyses performed on the tumor specimens belonging to patients with PD
who underwent a second surgery (four patients) confirmed the presence of TEMs within the tumor, as assessed by flow cytometry, and an
increased expression of IFN-responsive gene signatures compared to diagnosis, as assessed by quantitative polymerase chain reaction (&#8220;PCR&#8221;)
tests. We believe that these findings suggest intra-tumor IFN-&#945; release.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the four patients who underwent the second surgery, one patient had a prior lesion, which was not removed during the first surgery. When
this patient underwent the second surgery following treatment with Temferon, it was observed that this lesion was stable and had not
grown. In addition, this patient presented a relapsing progressing lesion that had developed at the first surgery site. Both lesions
were removed and biopsied at the second surgery. Notably, as assessed by flow cytometry, the stable lesion had a higher proportion of
T cells and TEMs within the myeloid infiltrate and as detected by quantitative PCR a markedly increased IFN-response signature as compared
to the relapse-progressing lesion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also analyzed the peripheral blood of the patients from Cohorts 1 to 3. In these patients, the peripheral blood showed, on two of the
four subjects with samples at the first and second surgery, a change in the T cell immune repertoire post treatment, revealing expansion
of tumor-associated clones, which suggested that changes in the immune system are occurring.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two
patients in Cohort 6 died; one 424 days from 1<sup>st</sup> surgery, and the other 162 days from 1<sup>st</sup> surgery. The 3<sup>rd
</sup>patient is alive and stable. The three patients of Cohort 7 are alive, the first had evidence of disease progression immediately
after receiving Temferon and subsequently underwent a second surgery. The other two patients in Cohort 7 have no evidence of disease
progression.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe these results align with our preclinical data and suggest the immune activation effects of Temferon. Specifically, the preliminary
interim results, including the tumor analysis conducted after second surgery described above, provide biological evidence to support
the hypothesis that cellular and molecular changes were triggered by Temferon in uMGMT-GBM patients despite the low dose administered.
We have yet to reach the maximum tolerated dose of Temferon and as outlined in our study protocol, we will be increasing the dose in
Cohorts 6, 7 and 8.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TEM-GBM
Clinical Development Plan</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to use the results of our TEM-GBM Phase 1/2a study (NCT03866109) to support a Clinical Trial Application to be conducted in Europe,
a multicenter Phase 2 study in uMGMT-GBM, which we currently intend to conduct primarily in Italy. In advance of our CTA submission and
not required for our European trial, we have submitted a pre-IND meeting request to the FDA and received written responses from the Agency
in the third quarter of 2021 regarding the proposed Phase 2 clinical study design and drug product manufacturing strategy. The plans
for the Phase 2 clinical study and drug product manufacturing strategy will be informed by the Agency comments. We intend to submit the
CTA for a Temferon Phase 2 study for uMGMT-GBM patients by the fourth quarter of 2024. The Phase 2 study will evaluate the safety, tolerability,
biological reprogramming of the tumor microenvironment in Temferon treated patients compared to the current standard of care, with primary
endpoints, of PFS and mOS. We are also working with our current CMO and potentially other CMOs based in the U.S. to manufacture and to
supply Temferon in the U.S. for our larger trials to be conducted after the completion of our Phase 2 study.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
components of the anticipated clinical trial are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multicenter
    study evaluating Temferon for safety, tolerability and efficacy compared to the current standard of care;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enrollment
    and treatment of up to 27 patients with newly diagnosed and recurrent uMGMT-GBM;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PFS
    and mOS as co-primary study endpoints</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; 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; padding: 0; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
study design as discussed with FDA at the Pre-IND meeting may be subject to modifications. In 2023 the U.S. Food and Drug Administration
(FDA) and the European Commission have each granted Orphan Drug Designation (&#8220;ODD&#8221;) to Temferon for the treatment of glioblastoma
multiforme.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Second
Solid Tumor Indication</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also evaluating advanced genitourinary malignancies like metastatic renal cell carcinoma (&#8220;mRCC&#8221;) and bladder
cancers as a potential second solid tumor to be investigated. Renal cell carcinoma (&#8220;RCC&#8221;) and bladder cancer are
cancers affecting the genito-urinary system. We are choosing to pursue both of these indications for similar reasons as the
uMGMT-GBM indication, namely:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>High
                                            unmet medical need and market opportunity</i>.</b> The prognosis for patients with advanced
                                            genitourinary malignancies remains poor.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Suitable
                                            tumor microenvironment. </i></b>Both mRCC and bladder cancer are characterized by an immunotherapy-responsive
                                            tumor microenvironment. Moreover, in renal cell carcinoma TEMs play a
                                            key role.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>IFN-&#945;
                                            and advanced genitourinary malignancies. </i></b>Both mRCC and bladder cancer have been demonstrated
                                            to be exquisitely sensitive to IFN-&#945; treatment. Almost 15 years ago, immunotherapy with IFN-&#945;
                                            or interleukin-2 pioneered the systemic treatment of RCC. UC IFN-&#945; as an intravesical
                                            therapy has been evaluated over many decades with variable results which we believe were largely due
                                            to the short drug exposure time rather than inherent lack of the cytokine anti-tumor activity.
                                            Very recently, the targeted delivery of IFN-&#945; by an in vivo gene therapy approach in
                                            BCG-unresponsive non-muscle invasive bladder cancer resulted in relevant clinical benefit
                                            and led to the FDA market approval of Adstiladrin&#174;.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
                                                                                                                                                                                                                                          Opportunity. </i></b>Based on currently available treatments, the 2023 RCC market for therapeutics is approximately USD$8.1 billion
                                                                                                                                                                                                                                          and is projected to grow 5.1% annually, reaching $12.7 billion in 2032, while the market value for treatments for bladder cancer are
                                                                                                                                                                                                                                          expected to hit USD$7.52 billion by 2029. We believe a novel therapeutic which demonstrates improvement over existing therapies
                                                                                                                                                                                                                                          would have the potential to meaningfully grow the market size.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disease
Overview</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Renal
Cell Carcinoma (RCC):</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renal
cell carcinoma accounts for over 80% of primary renal malignancies, with clear cell RCC being the most common (75% of all parenchymal
renal malignancies).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combination
therapy (dual IO or an IO plus VEGF-TKI) is now recommended as first-line therapy. The treatment choice in the second and subsequent
lines depends on the regimens received in prior lines, usually avoiding rechallenging a patient with the same agents. The second-line
setting is dominated by the use of single-agent TKIs, (cabozantinib or pazopanib) and lenvatinib combined with the everolimus (mTOR inhibitor).
Other treatments include the TKIs sunitinib and sorafenib, and the mTOR inhibitor temsirolimus. Single-agent nivolumab is approved for
second-line treatment, but is used mainly for patients who did not receive an ICI in the first line. A hypoxia-inducible factor 2&#945;
(HIF2&#945;) inhibitor, belzutifan, is approved for treating patients with RCC with VHL disease (3&#8211;6% of RCCs) who do not require
immediate surgery. Multiple phase III trials are ongoing to expand its label in RCC, including in late-line advanced or metastatic settings
and in combination with other approved targeted therapies in the adjuvant and first-line settings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Urothelial
Carcinoma (UC):</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UC
is the ninth most common malignancy globally and more than 90% of cases arise from the bladder with the remainder located in the ureters,
renal pelvis, and very rarely, the urethra.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platinum-based
(cisplatin or carboplatin) combination chemotherapy remains the standard first-line treatment for advanced/metastatic UC. Recent
approvals of anti-programmed cell death protein 1 (PD-1)/programmed death-ligand 1 (PD-L1) IO have improved the medicines, equipment
and techniques available to medical practicioners to treat advanced UC. The antibody-drug conjugate (ADC) enfortumab
vedotin, comprised of a microtubule-disrupting agent, monomethyl auristatin E (MMAE), coupled by a fully human immunoglobulin G,
monoclonal antibody (mAb) targeting Nectin-4, recently received approval in the U.S. and E.U. for the treatment of patients with
locally advanced or metastatic UC who have previously received an anti-PD-1 or PD-L1 IO and a platinum-containing chemotherapy in
the neo-adjuvant/adjuvant, locally advanced, or metastatic setting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Solution</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similar
to the results we have observed to date for Temferon for the treatment of GBM, we believe that Temferon may have the ability
overcome certain of the limitations of the current standard of care for the treatment of RCC and UC that are not
curative/resolutive by stopping/delaying disease progression.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Clinical
Development of Temferon in advanced genitourinary malignancies </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Second
Solid Tumor Study Design</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have engaged RCC and bladder cancer key opinion leaders to help define an appropriate Phase 1/2 study design
for Temferon in these indications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the final trial design, we expect
that <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">patients in a Phase 1/2 study will be administered
Temferon following a substantially similar process as our TEM-GBM trial, namely: (i) HSPCs harvesting, (ii) bridging therapy concomitant to
Temferon manufacturing, (iii) administration of the conditioning regimen followed by Temferon infusion, and (iv) 2-years of
follow-up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional
Pipeline Pre-Clinical Programs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform technology was designed to be flexible so that it can be adapted to potentially treat a variety of cancers. We believe that
Temferon, in combination with a variety of current existing therapeutics, has the potential to enhance overall
efficacy because its mechanism of action is intended to abrogate tumor induced tolerance. Additionally, we are developing a
second-generation platform which is designed to release our therapeutic payload &#8220;on demand&#8221;. Finally, our proprietary
platform is designed to control the expression of a potentially wide variety of therapeutic payloads we may choose for different
targets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Combination
Treatment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
therapies to treat several types of cancers, such as ICI, CAR-T and TCR, are rapidly transforming the practice of medical oncology,
clinical data point to the risk of late relapses after treatment with these therapeutics. Thus, the data suggest that the durability
of the response to these therapies remains a significant challenge. We believe that the potentially agnostic nature of Temferon, its
activity observed in our clinical trials to date, which includes the abrogation of tumor induced tolerance, and its potentially
synergistic mechanism of action, makes it a suitable candidate to be considered for combination treatments. Specifically, Temferon
may be a good candidate to be used in combination with other immune-oncology drugs, such as CAR-T and
ICI, to extend the durability of the response in very aggressive tumors. We believe that this additional Temferon application is
supported by the promising results coming from the combination studies performed using Temferon with CAR-T, TCR and ICI in our
pre-clinical programs as discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preclinical studies conducted in the laboratories of our founders, Professor Luigi Naldini and Dr. Bernhard Gentner, Temferon was evaluated
in combination with CAR T, TCR-edited T cells directed against tumor-associated antigens and immune checkpoint blockers. The results
showed promising additive-to-synergistic anti-tumor activity in leukemia experimental models (Escobar et al., Nature Communication 2018),
glioblastoma models, and multiple myeloma mouse models. Specifically, a CD19 CAR-T approach in a leukemia mouse model had a detectable, but not significant, effect on the
tumor burden. However, when used in combination with Temferon, the combination treatment resulted in a significant inhibition of the hematological
malignancy, with a significant fraction of CAR-T/Temferon treated mice surviving to the latest timepoint of analysis. Similarly, the combination
of IFN gene therapy to &#945;-CTLA4, an immune check point blocker, or adoptive T cell therapy, significantly improved the survival of
the mice (Escobar et al., Nature Communication 2018). Further, in a multiple myeloma mouse model, Temferon was administered in combination with human TCR-edited T cells
directed against NY-ESO1 and anti-myeloma drugs. The combination approach showed promising additive-to-synergistic effects without exacerbating
hematologic or systemic toxicities. These results lead us to believe that IFN gene therapy
might also boost the efficacy of other immunotherapies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Switchable
Platform</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
founders are developing a second-generation platform designed to release the therapeutic payload &#8220;on demand&#8221; to
potentially allow in vivo control of its efficacy. Potential advantages of this application include (i) broadening the
clinical application to patient populations with more favorable pre-treatment prognoses; (ii) control of long-term side effects that
may arise from the chronic exposure to immunostimulatory molecules and (iii) the ability to activate the immune system on demand to
recognize tumors based on clinical need.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
inducible version of the IFN-&#945; payload has been generated by fusing the protein with a destabilizing domain (DD), which targets
the protein to proteasomal degradation, unless a small molecule ligand binding to the DD and stabilizing it, is administered. The optimized
fusion construct is delivered by the TEM platform and the exogenous administration of the ligand switches on its secretion within the
tumor. The results from experiments performed in the laboratory of Professor Naldini with a glioblastoma mouse model showed similar anti-tumor
activity of the inducible and wild-type IFN payload. Moreover, the inducible construct allows switching of IFN release upon tumor clearance
(manuscript to be submitted for publication). We plan to use our second generation platform carrying an IFN-&#945; payload in combination
with CAR T cells to target glioblastoma-associated antigens or immune checkpoint blockers in an experimental tumor model in mice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Payloads</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform is designed to allow the control of the expression of any payload we use. Similar to IFN-&#945;, there are several
alternative payloads with immunotherapeutic properties that were previously systemically delivered to patients but were discontinued
due to significant toxicity that prevented the drug from reaching therapeutic dosages (e.g. TNF-Alpha). Because we believe that our
first- and second-generation platforms may have the ability to overcome certain limitations associated with systemic administration,
we are testing them with additional payloads such as IFN-Gamma, IL-12 and TNF-Alpha. Because each payload triggers a unique
biological response, we believe our platform may enable a personalized treatment approach.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
immune activating cytokines have been tested for TEM-mediated gene-based delivery to tumor models in mice. Current pre-clinical results
suggest the feasibility and specificity of tumor-targeted delivery of IFN-Gamma and TNF-Alpha and further support our hypothesis that
the specific transcriptional and microRNA regulated expression of the payload prevents toxicity. Data generated in the laboratory of
our founders in a leukemia model showed that IFN-Gamma but not TNF-Alpha mediates anti-tumor activity when delivered <i>ex vivo</i>. Further
<i>ex vivo</i> studies showed enhanced anti-tumor activity upon combined delivery of two cytokines by the TEM-based platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
experiments conducted with our second-generation inducible platform expressing IL-12 support the hypothesis that our proprietary
transcriptional and microRNA regulated expression of the payload may prevent or limit toxicity. Indeed, IL-12 is a potent cytokine
that must be kept within a therapeutic dose range to prevent toxicity. Targeted delivery and anti-tumor activity of the new
inducible payload are being investigated (abstracts presented at EACR in June 2021; at ASGCT 2021 in May 2021; and manuscript submitted). The laboratory of Professor Naldini plans to test the combination of TEM-mediated gene-based delivery of inducible
Il-12 or additional inducible payloads with CAR-T, TCR and ICI in experimental murine tumor models.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biotechnology
and pharmaceutical industries put significant resources in developing novel and proprietary therapies for the treatment of cancer. For
the cell therapy field in particular, this results in rapidly advancing and changing technologies, intense competition and a strong emphasis
on intellectual property. While we believe that our leading product candidate, Temferon and our scientific expertise in the field of
cell and gene therapy provide us with competitive advantages, we face potential competition from various sources, including larger and
better-funded pharmaceutical, specialty pharmaceutical and biotechnology companies, as well as from academic institutions, governmental
agencies and public and private research institutions.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Manufacturing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manufacturing process for our autologous cell and gene therapy approach requires the following steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HSPCs
    harvesting in a specialized clinical center (leukapheresis)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipping
    of apheresis bag/s to the selected contract manufacturing organization (CMO)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CD34+
    cells enrichment</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ex-vivo
    </i>transduction of CD34+ cells with our LVV,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cryopreservation,
    characterization and release by a Qualified Person of the obtained drug product. </span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LVV manufacturing needed for the <i>ex-vivo</i> transduction process, as well as steps from 3 to 5, are conducted by the CMO. The figure
below delineates the steps and the timeline for manufacturing Temferon.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_010.jpg" alt="" style="height: 242px; width: 502px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview
of Temferon manufacturing Process</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into agreements with AGC Biologics to manufacture our LVV and certain drug products for our ongoing clinical programs in
Italy. AGC Biologics is a leading global contract development and manufacturing organization (&#8220;CDMO&#8221;), providing world-class
development and manufacture of mammalian and microbial-based therapeutic proteins of plasmid DNA and, with the acquisition of Molecular
Medicine S.p.A. (&#8220;MolMed&#8221;), of viral vectors and genetically engineered cells. MolMed S.p.A. is recognized as the leading
cell and gene therapy CDMO focused on research, development, production and clinical validation of cell and gene therapies for the treatment
of cancer and rare diseases. Indeed, Strimvelis, the first ever market approved <i>ex-vivo </i>gene therapy for children, was developed
and is still currently manufactured by AGC Biologics (formerly MolMed). Accordingly, Orchard Therapeutics (NasdaqGS: ORTX) in July 2020
renewed their collaboration agreement with AGC which will continue to support activities related to the development and manufacturing
of vectors and drug products for several of Orchard&#8217;s investigational <i>ex-vivo</i> hematopoietic stem cell (HSC) gene therapies
in the upcoming years, including the recent E.U. market authorized gene therapy drug <i>Libmeldy.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_011.jpg" alt=""/>&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>AGC
Biologics Headquarters and Capabilities</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
agreements with AGC (including MolMed) establish agreed-upon timelines for purchase order submissions and manufacturing date changes/cancellation.
The agreements also set milestones both during the clinical phase and any future commercial phase of our product candidates and for technology
transfer if required, as well as customary termination provisions, allowing for termination by a party upon the other party&#8217;s uncured
material breach or upon the other party&#8217;s insolvency. AGC Biologics facility in Milan, Italy, will continue manufacturing LVV and
Temferon to support Genenta&#8217;s trials. For further larger studies we may use AGC&#8217;s 60,000 square meter cell and gene therapy
manufacturing facility located in Longmont, Colorado (U.S.), which AGC purchased from Novartis in July 2021 or another U.S.-based CMO.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government
Regulation</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
authorities in the U.S., at the federal, state and local levels, and in other countries and jurisdictions, including the E.U., extensively
regulate, among other things, the research, development, testing, manufacture, sales, pricing, reimbursement, quality control, approval,
packaging, storage, recordkeeping, labeling, advertising, promotion, distribution, marketing, post-approval monitoring and reporting,
and import and export of biopharmaceutical products. The processes for obtaining marketing approvals in the U.S. and in foreign countries
and jurisdictions, along with compliance with applicable statutes and regulations and other regulatory authorities, require the expenditure
of substantial time and financial resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Approval
and Regulation of Drugs in the United States</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the U.S., drug products are regulated by the FDA under the Federal Food, Drug, and Cosmetic Act and other laws, including, in the case
of biologics, the Public Health Service Act (&#8220;PHSA&#8221;). Drug products are also subject to other federal, state and local statutes
and regulations. A failure to comply with any applicable requirements during the product development, approval, or post-approval periods
may lead to administrative or judicial sanctions, including, among other things, the imposition by the FDA or an institutional review
board (&#8220;IRB&#8221;) of a hold on clinical trials, refusal to approve pending marketing applications or supplements, withdrawal
oDRf approval, warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions,
fines, or administrative, civil and/or criminal investigation, penalties or prosecution.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the U.S., all of our product candidates are regulated by the FDA as biologics. Biologics require the submission of a BLA and approval
by the FDA prior to being marketed in the U.S. Manufacturers of biologics may also be subject to state and local regulation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
steps required before a biologic may be marketed in the U.S. generally include:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">completion
    of preclinical studies, animal studies and formulation studies, performed in accordance with the FDA&#8217;s good laboratory practices
    (&#8220;GLP&#8221;) requirements, and applicable requirements for the humane use of laboratory animals or other applicable regulations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submission
    to the FDA of an application for an investigational new drug application (&#8220;IND&#8221;), which must become effective before
    human clinical trials may commence;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approval
    of the protocol and related documentation by an independent IRB or ethics committee at each clinical trial site before each trial
    may be initiated;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance
    of adequate and well-controlled clinical trials under protocols submitted to the FDA and reviewed and approved by each IRB, conducted
    in accordance with the FDA&#8217;s good clinical practices (&#8220;GCPs&#8221;) requirements and any additional requirements for
    the protection of human research subjects and their health information to establish the safety, purity and potency of the biologic
    for each targeted indication;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparation
    of and submission to FDA of a biologics license application (&#8220;BLA&#8221;) for marketing approval that includes sufficient evidence
    of establishing the safety, purity, and potency of the proposed biological product for its intended indication, including from results
    of nonclinical testing and clinical trials;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination by the FDA within 60 days of its receipt of a BLA to accept and file the application;</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfactory
    completion of an FDA pre-license inspection of the manufacturing facility or facilities where the biological product is produced
    to assess compliance with current good manufacturing practices (&#8220;cGMPs&#8221;) to assure that the facilities, methods and controls
    are adequate to preserve the biological product&#8217;s identity, strength, quality and purity;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfactory
    completion of an FDA Advisory Committee review, if applicable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    FDA audit of the preclinical study and clinical trial sites that generated the data in support of the BLA in accordance with any
    applicable expedited programs or designations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment
    of user fees for FDA review of the BLA (unless a fee waiver applies);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA
    review and approval, or licensure, of the BLA to permit commercial marketing of the product for particular indications for use in
    the U.S.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfactory
    completion of an FDA inspection of the manufacturing facilities at which the biologic is produced to assess compliance with current
    Good Manufacturing Practices (&#8220;cGMP&#8221;) and to assure that the facilities, methods and controls are adequate; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA
    review and approval of the BLA.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preclinical
Studies and the IND Process</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
testing any biological product candidate in humans, the product candidate enters the preclinical testing stage. Preclinical studies include
laboratory evaluation of a product&#8217;s biological characteristics, chemistry, formulation and toxicity, as well as animal studies
to assess the characteristics and potential safety and efficacy of the product candidate. The conduct of the preclinical studies must
comply with federal regulations and requirements, including, as applicable, GLP and the Animal Welfare Act.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to commencing an initial clinical trial in humans with a product candidate in the U.S., an IND must be submitted to the FDA and the FDA
must allow the IND to proceed. An IND is an exemption from the FD&amp;C Act that allows an unapproved product candidate to be shipped
in interstate commerce for use in an investigational clinical trial and a request for FDA allowance that such investigational product
may be administered to humans in connection with such trial. Such authorization must be secured prior to interstate shipment and administration.
In support of a request for an IND, the clinical trial sponsor must submit the results of the preclinical tests, together with manufacturing
information, analytical data, any available clinical data or literature and a proposed clinical protocol, to the FDA as part of the IND.
An IND must become effective before human clinical trials may begin. Once submitted, the IND automatically becomes effective 30 days
after receipt by the FDA, unless the FDA places the IND on a full or partial clinical hold within that 30-day time period. In such a
case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial or part of the study can begin. Submission
of an IND therefore may or may not result in FDA authorization to begin a clinical trial. The FDA also may impose clinical holds on a
sponsor&#8217;s IND at any time before or during clinical trials due to, among other considerations, unreasonable or significant safety
concerns, inability to assess safety concerns, lack of qualified investigators, a misleading or materially incomplete investigator brochure,
study design deficiencies, interference with the conduct or completion of a study designed to be adequate and well-controlled for the
same or another investigational product, insufficient quantities of investigational product, lack of effectiveness, or non-compliance.
If the FDA imposes a clinical hold, studies may not recommence without FDA authorization and then only under terms authorized by the
FDA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Clinical
Trials</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trials involve the administration of the product candidate to healthy volunteers or patients under the supervision of qualified investigators.
Clinical trials are subject to extensive regulation and must be conducted in compliance with (i) federal regulations, (ii) GCP standards,
which set safeguards to protect the rights and health of patients and establish standards for conducting, recording data from, and reporting
results of clinical trials, and (iii) protocols detailing, among other things, the objectives of the trial, subject selection and exclusion
criteria, the parameters and criteria to be used in monitoring safety, and the effectiveness criteria to be evaluated, if any. Foreign
studies conducted under an IND generally must meet the same requirements that apply to studies being conducted in the U.S. The informed
written consent of each study patient must be obtained before the patient may begin participation in the clinical trial. The study protocol,
study plan, and informed consent forms for each clinical trial must be reviewed and approved by an IRB for each clinical site, and the
study must be conducted under the auspices of an IRB for each trial site. Investigators and IRBs must also comply with FDA regulations
and guidelines, including those regarding oversight of study patient informed consent, complying with the study protocol and investigational
plan, adequately monitoring the clinical trial, and timely reporting of adverse events. An IRB can suspend or terminate approval of a
clinical trial at its institution, or an institution it represents, if the clinical trial is not being conducted in accordance with the
IRB&#8217;s requirements or if the product candidate has been associated with unexpected serious harm to patients.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
clinical trial program for a product candidate is generally divided into three phases. Although the phases are usually conducted sequentially,
they may overlap or be combined. The three phases are as follows:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Phase
    1</i>. Phase 1 involves the initial introduction of a product candidate into humans. Phase 1 clinical trials are typically conducted
    in healthy human subjects, but in some situations are conducted in patients with the target disease or condition. These clinical
    trials are generally designed to evaluate the safety, metabolism, pharmacokinetic (&#8220;PK&#8221;) properties and pharmacologic
    actions of the product candidate in humans, the side effects associated with increasing doses and, if possible, to gain early evidence
    of effectiveness. During Phase 1 clinical trials, sufficient information about the product candidate&#8217;s PK properties and pharmacological
    effects may be obtained to inform and support the design of Phase 2 clinical trials.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Phase
    2</i>. Phase 2 includes the controlled clinical trials conducted to obtain initial evidence of effectiveness of the product candidate
    for a particular indication(s) in patients with the target disease or condition, to determine dosage tolerance and optimal dosage,
    and to gather additional information on possible adverse side effects and safety risks associated with the product candidate. Phase
    2 clinical trials are typically well-controlled, closely monitored, and conducted in a limited patient population; and</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Phase
    3</i>. Phase 3 clinical trials are clinical trials conducted in an expanded patient population at geographically dispersed clinical
    trial sites. They are performed after preliminary evidence suggesting effectiveness of the product candidate has been obtained and
    are intended to further evaluate dosage, clinical effectiveness and safety, to establish the overall benefit-risk relationship of
    the product candidate and to provide an adequate basis for regulatory approval. In most cases, the FDA requires two adequate and
    well controlled Phase 3 clinical trials to demonstrate the efficacy of the product candidate, although a single Phase 3 clinical
    trial with other confirmatory evidence may be sufficient in certain instances.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2018, the FDA released a draft guidance entitled &#8220;Expansion Cohorts: Use in First-In-Human Clinical Trials to Expedite Development
of Oncology Drugs and Biologics,&#8221; which outlines how developers can utilize an adaptive trial design commonly referred to as a
seamless trial design in early stages of oncology biological product development (i.e., the first-in-human clinical trial) to compress
the traditional three phases of trials into one continuous trial called an expansion cohort trial. Information to support the design
of individual expansion cohorts are included in IND applications and assessed by FDA. Expansion cohort trials can potentially bring efficiency
to biological product development and reduce developmental costs and time.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some cases, the FDA may require, or companies may voluntarily pursue, additional clinical trials after a product is approved to gain
more information about the product. These post-approval clinical trials, sometimes referred to as Phase 4 clinical trials, may also be
made a condition to approval of the BLA. Failure to exhibit due diligence regarding conducting required Phase 4 clinical trials could
result in withdrawal of approval for products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent
with clinical trials, companies usually complete additional animal studies and also must develop additional information about the chemistry
and physical characteristics of the biological product as well as finalize a process for manufacturing the product in commercial quantities
in accordance with cGMP requirements. To help reduce the risk of the introduction of adventitious agents with use of biological products,
the PHSA, emphasizes the importance of manufacturing control for products whose attributes cannot be precisely defined. The manufacturing
process must be capable of consistently producing quality batches of the product candidate and, among other things, the sponsor must
develop methods for testing the identity, strength, quality, potency and purity of the final biological product. Additionally, appropriate
packaging must be selected and tested and stability studies must be conducted to demonstrate that the biological product candidate does
not undergo unacceptable deterioration over its shelf life.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
all phases of clinical development, regulatory agencies require extensive monitoring and auditing of all clinical activities, clinical
data, and clinical trial investigators. Annual progress reports detailing the results of the clinical trials must be submitted to the
FDA. Written IND safety reports must be promptly submitted to the FDA and the investigators for serious and unexpected adverse events,
any findings from other studies, tests in laboratory animals or in vitro testing that suggest a significant risk for human subjects,
or any clinically important increase in the rate of a serious suspected adverse reaction over that listed in the protocol or investigator
brochure. The sponsor must submit an IND safety report within 15 calendar days after the sponsor determines that the information qualifies
for reporting. The sponsor also must notify the FDA of any unexpected fatal or life-threatening suspected adverse reaction within seven
calendar days after the sponsor&#8217;s initial receipt of the information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decision to suspend or terminate development of a product candidate may be made by either a health authority body, such as the FDA, by
an IRB, or by a company for various reasons and during any phase of clinical trials. The FDA may order the temporary or permanent discontinuation
of a clinical trial at any time or impose other sanctions if it believes that the clinical trial either is not being conducted in accordance
with FDA requirements or presents an unacceptable risk to the clinical trial patients. In some cases, clinical trials are overseen by
a data safety monitoring board, which is an independent group of qualified experts organized by the trial sponsor to evaluate at designated
points in time whether or not a trial may move forward and/or should be modified. These decisions are based on unblinded access to data
from the ongoing trial and generally involve determinations regarding the benefit-risk ratio for study patients and the scientific integrity
and validity of the clinical trial.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there are requirements for the registration of certain clinical trials of product candidates on public registries, such as
<span style="text-decoration: underline">www.clinicaltrials.gov</span>, and the submission of certain information pertaining to these trials, including clinical trial results,
after trial completion.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
successful completion of all required testing in accordance with all applicable regulatory requirements, a sponsor submits extensive
information about the product candidate to the FDA in the form of a BLA to request marketing approval for the product candidate in specified
indications.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Biologics
License Applications</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to obtain approval to market a biologic in the U.S., a BLA must be submitted to the FDA that provides data establishing the safety
and effectiveness of the product candidate for the proposed indication. The BLA includes all relevant data available from pertinent preclinical
studies and clinical trials, including negative or ambiguous results as well as positive findings, together with detailed information
relating to the product&#8217;s chemistry, manufacturing, controls and proposed labeling, among other things. Data can come from company-sponsored
clinical trials intended to test the safety and effectiveness of a product candidate, or from a number of alternative sources, including
studies initiated by investigators. To support marketing approval, the data submitted must be sufficient in quality and quantity to establish
the safety and effectiveness of the product candidate to the satisfaction of the FDA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Prescription Drug User Fee Act (&#8220;PDUFA&#8221;), as amended, the fees payable to the FDA for reviewing an original BLA, as well
as annual program fees for approved products, can be substantial, subject to certain limited deferrals, waivers and reductions that may
be available. The FDA has 60 days from receipt of a BLA to determine whether the application will be accepted for filing based on the
agency&#8217;s threshold determination that it is sufficiently complete to permit substantive review. The FDA may refuse to accept for
filing any BLA that it deems incomplete or not properly reviewable at the time of submission, in which case the BLA will have to be updated
and resubmitted. The FDA&#8217;s PDUFA review goal (which is not a legal requirement) is to review 90% of priority BLA applications within
six months of filing and 90% of standard applications within 10 months of filing, but the FDA can and frequently does extend this review
timeline to consider certain later-submitted information or information intended to clarify or supplement information provided in the
initial submission. The FDA may not complete its review or approve a BLA within these established goal review times. The FDA reviews
the BLA to determine, among other things, whether the proposed product is safe, pure, and potent for its intended use, and whether the
product is being manufactured in compliance with cGMP to ensure its continued safety, purity and potency. The FDA may also refer applications
for novel product candidates which present difficult questions of safety or efficacy to an advisory committee, typically a panel that
includes clinicians and other experts, for review, evaluation and a recommendation as to whether the application should be approved and
under what conditions. The FDA is not bound by the recommendations of an advisory committee, but it considers such recommendations carefully
when making decisions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
approving a BLA, the FDA will inspect the facilities at which the product is manufactured or the facilities that are significantly involved
in the product development and distribution process, and will not approve the product candidate unless cGMP compliance is satisfactory
and the manufacturing processes and facilities are adequate to assure consistent production of the product within required specifications.
Additionally, before approving a BLA, the FDA will typically inspect one or more clinical sites to assure compliance with GCP requirements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Pediatric Research Equity Act, certain BLAs must include an assessment, generally based on clinical trial data, of the safety and
effectiveness of the biological product in relevant pediatric populations. The FDA may waive or defer the requirement for a pediatric
assessment, either at a company&#8217;s request or by its own initiative, including waivers for certain products not likely to be used
in a substantial number of pediatric patients. Unless otherwise required by regulation, products with orphan drug designation are exempt
from these requirements for orphan-designated indications with no formal waiver process required.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the FDA evaluates the BLA and the manufacturing facilities, the FDA may issue either an approval letter or a complete response letter.
A complete response letter generally outlines the deficiencies in the submission and may require substantial additional testing or information
in order for the FDA to reconsider the application. If and when those deficiencies have been addressed to the FDA&#8217;s satisfaction
in a resubmission of the BLA, the FDA may issue an approval letter. The FDA&#8217;s PDUFA review goal is to review such resubmissions
within two or six months of receipt, depending on the type of information included. Notwithstanding the submission of any requested additional
information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for approval and deny approval
of a resubmitted BLA. FDA approval of any application may include many delays or never be granted. An approval letter authorizes commercial
marketing of the product candidate with specific prescribing information for specific indications. As a condition of BLA approval, the
FDA may require a risk evaluation and mitigation strategy (&#8220;REMS&#8221;) to help ensure that the benefits of the product outweigh
the potential risks. REMS can include Medication Guides, communication plans for healthcare professionals, and also may include elements
to assure safe use (&#8220;ETASU&#8221;). ETASU can include, but are not limited to, special training or certification for prescribing
or dispensing, dispensing only under certain circumstances, special monitoring, and the use of patient registries. The requirement for
a REMS can materially affect the potential market and profitability of the biologic. Moreover, product approval may require substantial
post-approval testing and surveillance to monitor the biologic&#8217;s safety, purity, or potency, which can be costly.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
to some of the conditions established in an approved application, including changes in indications, labeling, or manufacturing processes
or facilities, require submission and FDA approval of a new BLA or a supplemental BLA before the change can be implemented. A supplemental
BLA for a new indication typically requires clinical data similar to that in the original application, and the FDA generally uses the
same procedures and actions in reviewing a supplemental BLA as it does in reviewing a new BLA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
approvals may be withdrawn if compliance with regulatory standards is not maintained or if safety or manufacturing problems occur following
initial marketing. For example, quality control and manufacturing procedures must conform, on an ongoing basis, to cGMP requirements,
and the FDA periodically inspects manufacturing facilities to assess compliance with cGMP. Accordingly, manufacturers must continue to
spend time, money and effort to maintain cGMP compliance. In addition, new or modified government requirements, including from new legislation,
may be established that could delay or prevent regulatory approval of our product candidates under development or affect our ability
to maintain product approvals we have obtained.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulation
of Companion Diagnostics.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
drugs and therapeutic biologics where the use of a specific diagnostic test is essential for the safe and effective use of the therapeutic
product, such as when the use of a product is limited to a specific patient subpopulation that can be identified by using the test, regulatory
authorities may require, as a condition of approval, that a relevant &#8220;companion diagnostic&#8221; test also be approved or cleared
for the appropriate indication. This general policy approach may be inapplicable in cases where the drug or therapeutic biologic is intended
to treat a serious or life-threatening condition for which no satisfactory alternative treatment exists and the benefits from the use
of a product with an unapproved companion diagnostic device are so pronounced as to outweigh the risks from the lack of an approved companion
diagnostic. Companion diagnostics are generally regulated as medical devices by regulatory authorities and relevant statutes and regulations
govern, among other things, medical device design and development, preclinical and clinical testing, premarket regulatory review, manufacturing,
labeling, storage, advertising and promotion, sales and distribution, export and import, and post-market surveillance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Orphan
Drug Designation</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA may grant orphan drug designation to biologics intended to treat a rare disease or condition that affects fewer than 200,000 individuals
in the U.S. or a disease or condition that affects 200,000 or more individuals in the U.S. but there is no reasonable expectation that
the cost of developing and making the biologic would be recovered from sales in the U.S. Orphan drug designation must be requested before
submitting a BLA. After the FDA grants orphan drug designation, the identity of the therapeutic agent and its potential orphan use are
disclosed publicly by the FDA. Orphan drug designation does not convey any advantage in or shorten the duration of the regulatory review
and approval process.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the U.S., orphan drug designation entitles a party to financial incentives, such as opportunities for grant funding towards clinical
trial costs, tax credits for certain research and user fee waivers under certain circumstances. In addition, if a company receives the
first FDA approval of a drug or biologic for the indication for which it has orphan drug designation, the product is entitled to seven
years of orphan exclusivity, which means the FDA may not approve any other application for the &#8220;same&#8221; drug or biologic for
the same indication for a period of seven years, except in limited circumstances, such as a showing of clinical superiority over the
product with orphan exclusivity. The FDA can revoke a product&#8217;s orphan drug exclusivity under certain circumstances, including
when the product sponsor is unable to assure the availability of sufficient quantities of the product to meet patient needs. Orphan drug
exclusivity does not prevent the FDA from approving a different drug or biologic for the same disease or condition, or the same drug
or biologic for a different disease or condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the EEA, the criteria for designating an &#8220;orphan medicinal product&#8221; are similar in principle to those in the U.S. Under Article
3 of Regulation (EC) 141/2000, a medicinal product may be designated as an orphan medicinal product if it meets the following criteria:
(a) it is intended for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating conditions; (b) either
such condition that affects no more than five in 10,000 people in the E.U.; or without the benefits derived from orphan status, it must
be unlikely that the marketing of the medicine would generate sufficient return in the E.U. to justify the investment needed for its
development; and, (c) there exists no satisfactory method of diagnosis, prevention or treatment of the condition concerned, or, if such
a method exists, the medicinal product would be of significant benefit to those affected by the condition. The application for orphan
designation must be submitted to the EMA and approved by the European Commission before an application is made for marketing authorization
for the product. Once designated, orphan medicinal product designation also entitles a party to financial incentives such as reduction
of fees or fee waivers. Moreover, ten years of market exclusivity is granted, if the product continues to be designated as an orphan
medicinal product upon grant of the marketing authorization. During this ten-year period, with a limited number of exceptions, neither
the competent authorities of the E.U. Member States, the EMA, or the European Commission are permitted to accept applications or grant
marketing authorization for other similar medicinal products with the same therapeutic indication. A &#8220;similar medicinal product&#8221;
is defined as a medicinal product containing a similar active substance or substances as contained in an authorized orphan medicinal
product, and which is intended for the same therapeutic indication. However, marketing authorization may be granted to a similar medicinal
product with the same orphan indication during the ten-year period with the consent of the marketing authorization holder for the original
orphan medicinal product or if the manufacturer of the original orphan medicinal product is unable to supply sufficient quantities. Marketing
authorization may also be granted to a similar medicinal product with the same orphan indication if this latter product is demonstrated
to be safer, more effective or otherwise clinically superior to the original orphan medicinal product. This period of market exclusivity
may be reduced to six years if, at the end of the fifth year, it is established that the orphan designation criteria are no longer met,
including where it can be demonstrated on the basis of available evidence that the product is sufficiently profitable not to justify
maintenance of market exclusivity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expedited
Programs in the United States and Other Jurisdictions</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the U.S., the FDA has various programs, including fast track designation, breakthrough therapy designation, accelerated approval and
priority review, that are intended to expedite or simplify the process for the development and FDA review of drugs and biologics that
are intended for the treatment of serious or life-threatening diseases or conditions. A product may be granted fast track designation
if it is intended for the treatment of a serious or life-threatening condition and demonstrates the potential to address unmet medical
needs for such condition. Fast track designation applies to the combination of the product and the specific indication for which it is
being studied. The sponsor of a new drug or biologic may request the FDA to designate the drug or biologic as a fast-track product at
any time during the clinical development of the product. With fast-track designation, the sponsor may be eligible for more frequent opportunities
to obtain the FDA&#8217;s feedback. Another benefit of fast-track designation, for example, is that the FDA may consider for review sections
of the marketing application on a rolling basis before the complete application is submitted if certain conditions are satisfied, including
an agreement with the FDA on the proposed schedule for submission of portions of the application and the payment of applicable user fees
before the FDA may initiate a review. Even if a product candidate receives fast track designation, the designation can be rescinded and
provides no assurance that a product will be reviewed or approved more expeditiously than would otherwise have been the case, or that
the product will be approved at all.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the FDA&#8217;s breakthrough therapy program, a sponsor may seek FDA designation of its product candidate as a breakthrough therapy if
the product candidate is intended, alone or in combination with one or more other drugs or biologics, to treat a serious or life-threatening
disease or condition and preliminary clinical evidence indicates that it may demonstrate substantial improvement over existing therapies
on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. Breakthrough
therapy designation comes with all of the benefits of fast-track designation. The FDA may take other actions appropriate to expedite
the development and review of the product candidate, including holding meetings with the sponsor and providing timely advice to, and
interactive communication with, the sponsor regarding the development program. Even if one or more of our product candidates receives
breakthrough therapy designation, the designation can be rescinded and provides no assurance that a product will be reviewed or approved
more expeditiously than would otherwise have been the case, or that the product will be approved at all.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
product candidate may be eligible for accelerated approval. Drug or biological products studied for their safety and effectiveness in
treating serious or life-threatening illnesses and that provide meaningful therapeutic benefit over existing treatments may receive accelerated
approval, which means that they may be approved on the basis of adequate and well-controlled clinical trials establishing that the product
has an effect on a surrogate endpoint that is reasonably likely to predict a clinical benefit, or on the basis of an effect on an intermediate
clinical endpoint other than survival or irreversible morbidity or mortality, that is reasonably likely to predict irreversible morbidity
or mortality or other clinical benefit, taking into account the severity, rarity, or prevalence of the condition and the availability
or lack of alternative treatments. As a condition of approval, the FDA generally requires that a sponsor of a drug or biological product
receiving accelerated approval perform adequate and well-controlled post-marketing clinical trials to verify the clinical benefit in
relationship to the surrogate endpoint or ultimate outcome in relationship to the clinical benefit. In addition, the FDA currently requires
as a condition for accelerated approval pre-approval of promotional materials, which could adversely impact the timing of the commercial
launch of the product. The FDA may withdraw approval of a drug or indication approved under accelerated approval if, for example, the
confirmatory trial fails to verify the predicted clinical benefit of the product.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA may grant priority review designation to a product candidate, which sets the user fee target date for FDA action on the application
at six months from FDA filing. Priority review may be granted where a product is intended to treat a serious or life-threatening disease
or condition and, if approved, has the potential to provide a safe and effective therapy where no satisfactory alternative therapy exists
or a significant improvement in safety or efficacy compared to available therapy. If criteria are not met for priority review, the standard
FDA review period is ten months from FDA filing. Priority review designation does not change the scientific/medical standard for approval
or the quality of evidence necessary to support approval.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 21st Century Cures Act, a drug is eligible for regenerative medicine advanced therapy (&#8220;RMAT&#8221;) designation if (i) the
drug is a regenerative medicine therapy, which is defined by FDA to include cell therapy, therapeutic tissue engineering product, human
cell and tissue product, any combination product using such therapies or products, and certain human gene therapies and xenogeneic cell
products, except for human cells, tissues, and cellular and tissue-based products that are regulated solely under Section 361 of the
Public Health Service Act and part 1271 of Title 21, Code of Federal Regulations; (ii) the drug is intended to treat, modify, reverse,
or cure a serious or life-threatening disease or condition; and (iii) preliminary clinical evidence indicates that the drug has the potential
to address unmet medical needs for such disease or condition. An RMAT designation include all the benefits of the fast track and breakthrough
therapy designation programs, including early interactions with FDA, and the potential to support accelerated approval and address post-approval
requirements. An RMAT designation request should be submitted with the IND or after and, ideally, no later than the end-of-phase 2 meeting.
Even if a product candidate receives RMAT designation, the designation can be rescinded and provides no assurance that a product will
be reviewed or approved more expeditiously than would otherwise have been the case, or that the product will be approved at all.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the centralized procedure in the EEA, the maximum timeframe for the evaluation of a marketing authorization application is 210 days (excluding
&#8220;clock stops,&#8221; when additional written or oral information is to be provided by the applicant in response to questions asked
by the CHMP). Clock stops may extend the timeframe of evaluation of a marketing authorization application considerably beyond 210 days.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
evaluation might be granted by CHMP in exceptional cases, when a medicinal product is expected to be of a major public health interest,
which should be justified and assessed on a case-by-case basis. In this circumstance, EMA ensures that the opinion of CHMP is given within
150 days (excluding clock stops).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expanded
Access to an Investigational Drug for Treatment Use</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expanded
access, also called &#8220;compassionate use,&#8221; is the use of investigational new drug products outside of clinical trials to treat
patients with serious or immediately life-threatening diseases or conditions when there are no comparable or satisfactory alternative
treatment options. The FDA regulations allow access to investigational drugs under an IND by the sponsor or the treating physician for
treatment purposes on a case -by-case basis for individual patients, intermediate-size patient populations, and larger populations for
use of the drug under a treatment protocol or Treatment IND Application.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
suitability of treating a patient or a group of patients under expanded access is determined by the following: if patient(s) have a serious
or immediately life-threatening disease or condition, there is no comparable or satisfactory alternative therapy to diagnose, monitor,
or treat the disease or condition, the potential patient benefit justifies the potential risks of the treatment and the potential risks
are not unreasonable in the context or condition to be treated, and the expanded use of the investigational drug for the requested treatment
will not interfere with the initiation, conduct or completion of clinical investigations that could support marketing approval of the
product candidate or otherwise compromise the potential development of the product candidate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsors
of one or more investigational drugs for the treatment of a serious disease(s) or condition(s) make publicly available their policies
for evaluating and responding to requests for expanded access for individual patients. This provision requires drug companies to make
publicly available their policies for expanded access for individual patient access to products intended for serious diseases. Sponsors
are required to make such policies publicly available upon the earlier of initiation of a Phase 2 or Phase 3 study or 15 days after the
drug receives breakthrough therapy, fast track, or regenerative medicine advanced therapy designation. Additionally, in 2018 the Right
to Try Act, was signed into law. The law, among other things, provides a federal framework for certain patients to access certain investigational
new drug products that have completed a Phase 1 clinical trial and that are undergoing investigation for FDA approval. Under certain
circumstances, eligible patients can seek treatment without enrolling in clinical trials and without obtaining FDA permission under the
FDA expanded access program. There is no obligation for a drug manufacturer to make its drug products available to eligible patients
as a result of the Right to Try Act.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
market exclusivity</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
biological product can obtain pediatric market exclusivity in the U.S. Pediatric exclusivity, if granted, adds six months to existing
exclusivity periods, including some regulatory exclusivity periods tied to patent terms. This six-month exclusivity, which runs from
the end of other exclusivity protection or patent term, may be granted based on the voluntary completion of a pediatric study in accordance
with an FDA-issued &#8220;Written Request&#8221; for such a study.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Biologics Price Competition and Innovation Act of 2009 (&#8220;BPCIA&#8221;), created an abbreviated approval pathway for biological
products shown to be biosimilar to, or interchangeable with, an FDA-licensed reference biological product. This amendment to the PHSA
attempts to minimize duplicative testing. Biosimilarity, which requires that there be no clinically meaningful differences between the
biological product and the reference product in terms of safety, purity, and potency, can be shown through analytical studies, animal
studies, and a clinical trial or trials. Interchangeability requires that a product is biosimilar to the reference product and the product
must demonstrate that it can be expected to produce the same clinical results as the reference product and, for products administered
multiple times, the biologic and the reference biologic may be switched after one has been previously administered without increasing
safety risks or risks of diminished efficacy relative to exclusive use of the reference biologic. However, complexities associated with
the larger, and often more complex, structure of biological products, as well as the process by which such products are manufactured,
pose significant hurdles to implementation that are still being worked out by the FDA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA
will not accept an application for a biosimilar or interchangeable product based on the reference biological product until four years
after the date of first licensure of the reference product, and FDA will not approve an application for a biosimilar or interchangeable
product based on the reference biological product until 12 years after the date of first licensure of the reference product. &#8220;First
licensure&#8221; typically means the initial date the particular product at issue was licensed in the U.S. Date of first licensure does
not include the date of licensure of (and a new period of exclusivity is not available for) a biological product if the licensure is
for a supplement for the biological product or for a subsequent application by the same sponsor or manufacturer of the biological product
(or licensor, predecessor in interest, or other related entity) for a change (not including a modification to the structure of the biological
product) that results in a new indication, route of administration, dosing schedule, dosage form, delivery system, delivery device or
strength, or for a modification to the structure of the biological product that does not result in a change in safety, purity, or potency.
The BPCIA is complex and continues to be interpreted and implemented by the FDA. In addition, government proposals have sought to reduce
the 12-year reference product exclusivity period. Other aspects of the BPCIA, some of which may impact the BPCIA exclusivity provisions,
have also been the subject of recent litigation. As a result, the ultimate implementation and impact of the BPCIA is subject to significant
uncertainty.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Post-approval
requirements</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rigorous
and extensive FDA regulation of biological products continues after approval, particularly with respect to cGMP requirements, as well
as requirements relating to record keeping, reporting of adverse experiences, periodic reporting, product sampling and distribution,
and advertising and promotion of the product. Manufacturers of products are required to comply with applicable requirements in the cGMP
regulations, including quality control and quality assurance and maintenance of records and documentation. Other post-approval requirements
applicable to biological products, include reporting of cGMP deviations that may affect the identity, potency, purity and overall safety
of a distributed product, record keeping requirements, reporting of adverse effects, reporting updated safety and efficacy information,
and complying with electronic record and signature requirements. After a BLA is approved, the product also may be subject to official
lot release. As part of the manufacturing process, the manufacturer is required to perform certain tests on each lot of the product before
it is released for distribution. If the product is subject to official release by the FDA, the manufacturer submits samples of each lot
of product to the FDA together with a release protocol showing a summary of the history of manufacture of the lot and the results of
all of the manufacturer&#8217;s tests performed on the lot. The FDA also may perform certain confirmatory tests on lots of some products
before releasing the lots for distribution by the manufacturer. In addition, the FDA conducts laboratory research related to the regulatory
standards on the safety, purity, potency, and effectiveness of biological products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a condition of BLA approval, the FDA may require post-marketing testing, including Phase 4 clinical trials, and surveillance to further
assess and monitor the product&#8217;s safety and effectiveness after commercialization. Regulatory approval of oncology products often
requires that patients in clinical trials be followed for long periods to determine the overall survival benefit of the product. In addition,
as a holder of an approved BLA, a company would be required to report adverse reactions and production problems to the FDA, to provide
updated safety and efficacy information, and to comply with requirements concerning advertising and promotional labeling for any of its
products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturers
must comply with the FDA&#8217;s advertising and promotion requirements, such as those related to direct-to-consumer advertising, the
prohibition on promoting products for uses or in patient populations that are not described in the product&#8217;s approved labeling
(known as &#8220;off-label use&#8221;), industry-sponsored scientific and educational activities, and promotional activities involving
the internet. Discovery of previously unknown problems with a product or failure to comply with applicable regulatory requirements after
approval may result in serious and extensive restrictions on a product or the manufacturer or holder of an approved BLA, as well as lead
to potential market disruptions. These restrictions may include suspension of product manufacturing until the FDA is assured that quality
standards can be met, continuing oversight of manufacturing by the FDA under a &#8220;consent decree,&#8221; which frequently includes
the imposition of costs and continuing inspections over a period of many years, as well as possible withdrawal of the product from the
market. Other potential consequences include interruption of production, issuance of warning letters or other enforcement letters, refusal
to approve pending BLAs or supplements to approved BLAs, product seizure or detention, product recalls, fines, and injunctions or imposition
of civil and/or criminal penalties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, changes to the manufacturing process are strictly regulated, and, depending on the significance of the change, may require
prior FDA approval before being implemented. FDA regulations also require investigation, correction, and reporting of any deviations
from cGMP and impose reporting and documentation requirements upon a company and any third-party manufacturers that a company may decide
to use. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain
compliance with cGMP and other aspects of regulatory compliance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biological
product manufacturers and other entities involved in the manufacture and distribution of approved biological products are required to
register their establishments with the FDA and certain state agencies and are subject to periodic unannounced inspections by the FDA
and certain state agencies for compliance with cGMP and other laws. Accordingly, manufacturers must continue to expend time, money, and
effort in the area of production and quality control to maintain cGMP compliance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newly
discovered or developed safety or effectiveness data may require changes to a product&#8217;s approved labeling, including the addition
of new warnings and contraindications, and also may require the implementation of other risk management measures, such as additional
post-market clinical trials to assess new safety risks or distribution-related or other restrictions under a REMS. In addition, changes
to the manufacturing process or facility generally require prior FDA approval before being implemented and other types of changes to
the approved product, such as adding new indications and additional labeling claims, are also subject to further FDA review and approval.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Patent
Term Restoration and Extension</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
upon the timing, duration and specifics of the FDA approval of our product candidates, some of our U.S. patents may be eligible for limited
patent term extension. The provisions of the Drug Price Competition and Patent Term Restoration Act, informally known as the Hatch-Waxman
Act, permit a patent restoration term of up to five years as compensation for patent term lost during product development and the FDA
regulatory review process. However, patent term restoration cannot extend the remaining term of a patent beyond a total of 14 years from
the product&#8217;s approval date. The patent term restoration period is generally one-half the time between the effective date of an
IND and the submission date of a BLA plus the time between the submission date of a BLA and the approval of that application. Only one
patent applicable to an approved product is eligible for the extension and the application for the extension must be submitted prior
to the expiration of the patent. The U.S. Patent and Trademark Office, in consultation with the FDA, reviews and approves the application
for any patent term extension or restoration. In the future, we may apply for restoration of patent term for one of our currently owned
or licensed patents to add patent life beyond its current expiration date, depending on the expected length of the clinical trials and
other factors involved in the filing of the relevant BLA.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
other countries also provide for patent term extensions or similar extensions of patent protection for biologic products. For example,
in Japan, it may be possible to extend the patent term for up to five years and in Europe, it may be possible to obtain a supplementary
patent certificate that would effectively extend patent protection for up to five years.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Health
Care Laws and Regulations</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health
care providers and third-party payors play a primary role in the recommendation and prescription of drug products that are granted marketing
approval. Arrangements with providers, consultants, third-party payors and customers are subject to broadly applicable fraud and abuse,
anti-kickback, false claims laws, patient privacy laws and regulations and other health care laws and regulations that may constrain
business and/or financial arrangements. Restrictions under applicable federal and state health care laws and regulations include the
following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal Anti-Kickback Statute, which prohibits, among other things, persons and entities from knowingly and willfully soliciting,
    offering, paying, receiving or providing remuneration, directly or indirectly, in cash or in kind, to induce or reward either the
    referral of an individual for, or the purchase, order or recommendation of, any good or service, for which payment may be made, in
    whole or in part, under a federal health care program such as Medicare and Medicaid;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal civil and criminal false claims laws, including the civil False Claims Act, and civil monetary penalties laws, which prohibit
    individuals or entities from, among other things, knowingly presenting, or causing to be presented, directly or indirectly, to the
    federal government, claims for payment that are false, fictitious or fraudulent or knowingly making, using or causing to made or
    used a false record or statement to avoid, decrease or conceal an obligation to pay money to the federal government;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal Health Insurance Portability and Accountability Act of 1996 (&#8220;HIPAA&#8221;), which created additional federal criminal
    laws that prohibit, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud any health
    care benefit program or making false statements relating to health care matters;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIPAA,
    as amended by the Health Information Technology for Economic and Clinical Health Act, and their respective implementing regulations,
    including the Final Omnibus Rule published in January 2013, which impose obligations, including mandatory contractual terms, with
    respect to safeguarding the privacy, security and transmission of individually identifiable health information;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal false statements statute, which prohibits knowingly and willfully falsifying, concealing or covering up a material fact or
    making any materially false statement in connection with the delivery of or payment for health care benefits, items or services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FCPA which prohibits companies and their intermediaries from making, or offering or promising to make improper payments to non-U.S.
    officials for the purpose of obtaining or retaining business or otherwise seeking favorable treatment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal transparency requirements known as the federal Physician Payments Sunshine Act, under the PPACA, which requires certain manufacturers
    of drugs, devices, biologics and medical supplies to report annually to the Centers for Medicare &amp; Medicaid Services within the
    U.S. Department of Health and Human Services, information related to payments and other transfers of value made by that entity to
    physicians and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">analogous
    state and foreign laws and regulations, such as state anti-kickback and false claims laws, which may apply to health care items or
    services that are reimbursed by non-government third-party payors, including private insurers.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
some state laws require pharmaceutical companies to comply with the pharmaceutical industry&#8217;s voluntary compliance guidelines and
the relevant compliance guidance promulgated by the federal government in addition to requiring manufacturers to report information related
to payments to physicians and other health care providers or marketing expenditures. Additionally, some state and local laws require
the registration of pharmaceutical sales representatives in the jurisdiction. State and foreign laws also govern the privacy and security
of health information in some circumstances, many of which differ from each other in significant ways and often are not preempted by
HIPAA, thus complicating compliance efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Pharmaceutical
Insurance Coverage and Health Care Reform</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the U.S. and markets in other countries, patients who are prescribed treatments for their conditions and providers performing the prescribed
services generally rely on third-party payors to reimburse all or part of the associated health care costs. Significant uncertainty exists
as to the coverage and reimbursement status of drug products approved by the FDA and other government authorities. Thus, even if a product
candidate is approved, sales of such product will depend, in part, on the extent to which third-party payors, including government health
programs in the U.S. such as Medicare and Medicaid, commercial health insurers and managed care organizations, provide coverage and establish
adequate reimbursement levels for, the product. The process for determining whether a payor will provide coverage for a drug product
may be separate from the process for setting the price or reimbursement rate that the payor will pay for the drug product once coverage
is approved. Third-party payors are increasingly challenging the prices charged, examining the medical necessity and reviewing the cost-effectiveness
of medical products and services and imposing controls to manage costs. Third-party payors may limit coverage to specific products on
an approved list, also known as a formulary, which might not include all of the approved products for a particular indication.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to secure coverage and reimbursement for any product candidate that might be approved for sale, a company may need to conduct expensive
pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of the product, in addition to the costs
required to obtain FDA or other comparable marketing approvals. Nonetheless, product candidates may not be considered medically necessary
or cost effective. A decision by a third-party payor not to cover a product candidate could reduce physician utilization once the product
candidate is approved. Additionally, a payor&#8217;s decision to provide coverage for a drug product does not imply that an adequate
reimbursement rate will be approved. Further, one payor&#8217;s determination to provide coverage for a product does not assure that
other payors will also provide coverage and reimbursement for the product, and the level of coverage and reimbursement can differ significantly
from payor to payor.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
containment of health care costs also has become a priority of federal, state and foreign governments and the prices of products have
been a focus in this effort. Governments have shown significant interest in implementing cost-containment programs, including price controls,
restrictions on reimbursement and requirements for substitution of generic drug products. Adoption of price controls and cost-containment
measures, and adoption of more restrictive policies in jurisdictions with existing controls and measures, could further limit a company&#8217;s
revenue generated from the sale of any approved drug products. Coverage policies and third-party reimbursement rates may change at any
time. Even if favorable coverage and reimbursement status is attained for one or more drug products for which a company or its collaborators
receive marketing approval, less favorable coverage policies and reimbursement rates may be implemented in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been a number of federal and state proposals during the last few years regarding the pricing of pharmaceutical and biopharmaceutical
products, limiting coverage and reimbursement for drugs and biologics and other medical products, government control and other changes
to the health care system in the U.S.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2010, the U.S. Congress enacted the PPACA, which, among other things, included changes to the coverage and payment for drug products
under government health care programs. The PPACA effected the following changes of importance to our potential product candidates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">established
    an annual, nondeductible fee on any entity that manufactures or imports specified branded prescription drugs and biologic agents,
    apportioned among these entities according to their market share in certain government healthcare programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expanded
    eligibility criteria for Medicaid programs by, among other things, allowing states to offer Medicaid coverage to certain individuals
    with income at or below 133% of the federal poverty level, thereby potentially increasing a manufacturer&#8217;s Medicaid rebate
    liability;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expanded
    manufacturers&#8217; rebate liability under the Medicaid Drug Rebate Program by increasing the minimum rebate for both branded and
    generic drugs and revising the definition of &#8220;average manufacturer price&#8221; for calculating and reporting Medicaid drug
    rebates on outpatient prescription drug prices;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">addressed
    a new methodology by which rebates owed by manufacturers under the Medicaid Drug Rebate Program are calculated for drugs that are
    inhaled, infused, instilled, implanted or injected;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expanded
    the types of entities eligible for the 340B drug discount program;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">established
    the Medicare Part D coverage gap discount program by requiring manufacturers to provide a 70% point-of-sale discount off of the negotiated
    price of applicable brand drugs to eligible beneficiaries during their coverage gap period as a condition for the manufacturers&#8217;
    outpatient drugs to be covered under Medicare Part D; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">established
    a new Patient-Centered Outcomes Research Institute to oversee, identify priorities in, and conduct comparative clinical effectiveness
    research, along with funding for such research.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
legislative changes have been proposed and adopted in the U.S. since the PPACA was enacted. In August 2011, the Budget Control Act of
2011, among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction, tasked
with recommending a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021, was unable to reach required
goals, thereby triggering the legislation&#8217;s automatic reduction to several government programs. This included aggregate reductions
of Medicare payments to providers up to 2% per fiscal year, which went into effect in April 2013 and, due to subsequent legislative amendments,
will remain in effect through 2027 unless additional congressional action is taken. In January 2013, President Obama signed into law
the American Taxpayer Relief Act of 2012, which, among other things, further reduced Medicare payments to several providers, including
hospitals, imaging centers and cancer treatment centers, and increased the statute of limitations period for the government to recover
overpayments to providers from three to five years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
enactment of the PPACA, there have been numerous legal challenges and congressional actions to repeal and replace provisions of the law.
For example, with enactment of the TCJA, which was signed by the President on December 22, 2017, Congress repealed the &#8220;individual
mandate.&#8221; The repeal of this provision, which requires most Americans to carry a minimal level of health insurance, will become
effective in 2019. According to the Congressional Budget Office, the repeal of the individual mandate will cause 13 million fewer Americans
to be insured in 2027 and premiums in insurance markets may rise. Additionally, on January 22, 2018, the President signed a continuing
resolution on appropriations for fiscal year 2018 that delayed the implementation of certain PPACA-mandated fees, including the so-called
&#8220;Cadillac&#8221; tax on certain high cost employer-sponsored insurance plans, the annual fee imposed on certain health insurance
providers based on market share, and the medical device excise tax on non-exempt medical devices. Further, the Bipartisan Budget Act
of 2018, among other things, amended the PPACA, effective January 1, 2019, to increase from 50% to 70% the point-of-sale discount that
is owed by pharmaceutical manufacturers who participate in Medicare Part D and to close the coverage gap in most Medicare drug plans,
commonly referred to as the &#8220;donut hole&#8221;. Congress will likely consider other legislation to replace elements of the PPACA
during the next congressional session.</span></p>

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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
presidential administration has also taken executive actions to undermine or delay implementation of the PPACA. In January 2017, the
President signed an Executive Order directing federal agencies with authorities and responsibilities under the PPACA to waive, defer,
grant exemptions from, or delay the implementation of any provision of the PPACA that would impose a fiscal or regulatory burden on states,
individuals, healthcare providers, health insurers, or manufacturers of pharmaceuticals or medical devices. In October 2017, the President
signed a second Executive Order allowing for the use of association health plans and short-term health insurance, which may provide fewer
health benefits than the plans sold through the PPACA exchanges. At the same time, the presidential administration announced that it
will discontinue the payment of cost-sharing reduction (&#8220;CSR&#8221;) payments to insurance companies until Congress approves the
appropriation of funds for such CSR payments. The loss of CSR payments is expected to increase premiums on certain policies issued by
qualified health plans under the PPACA. A bipartisan bill to appropriate funds for CSR payments was introduced in the Senate, but the
future of that bill is uncertain. In addition, the Centers for Medicare &amp; Medicaid Services has recently proposed regulations that
would give states greater flexibility in setting benchmarks for insurers in the individual and small group marketplaces, which may have
the effect of relaxing the essential health benefits required under the PPACA for plans sold through such marketplaces.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
there have been several recent U.S. congressional inquiries and proposed and enacted federal and state legislation designed to, among
other things, bring more transparency to drug pricing, review the relationship between pricing and manufacturer patient programs, reduce
the costs of drugs under Medicare and reform government program reimbursement methodologies for drug products. At the federal level,
the presidential administration&#8217;s budget proposal for fiscal year 2019 contained further drug price control measures that could
be enacted during the 2019 budget process or in other future legislation, including, for example, measures to permit Medicare Part D
plans to negotiate the price of certain drugs under Medicare Part B, to allow some states to negotiate drug prices under Medicaid, and
to eliminate cost sharing for generic drugs for low-income patients. While any proposed measures will require authorization through additional
legislation to become effective, Congress and the presidential administration have each indicated that it will continue to seek new legislative
and/or administrative measures to control drug costs.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the state level, individual states are increasingly aggressive in passing legislation and implementing regulations designed to control
pharmaceutical and biological product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain
product access and marketing cost disclosure and transparency measures, and, in some cases, designed to encourage importation from other
countries and bulk purchasing. In addition, regional health care authorities and individual hospitals are increasingly using bidding
procedures to determine what pharmaceutical products and which suppliers will be included in their prescription drug and other health
care programs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Review
and Approval of Medicinal Products in Europe</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to market any medicinal product outside of the U.S., a company must also comply with numerous and varying regulatory requirements
of other countries and jurisdictions regarding quality, safety and efficacy and governing, among other things, clinical trials, marketing
authorization, commercial sales and distribution of medicinal products. Whether or not it obtains FDA approval for a product candidate,
an applicant will need to obtain the necessary approvals by the comparable non-U.S. regulatory authorities before it can commence clinical
trials or marketing of the product in those countries or jurisdictions. Some countries outside of the U.S. have a similar process that
requires the submission of a CTA much like the IND prior to the commencement of human clinical trials. In the E.U., for example, a CTA
must be submitted to the national competent authorities of the E.U. Member States where the clinical trial is conducted and to an independent
ethics committee, much like the FDA and IRB, respectively. Once the CTA is approved in accordance with a country&#8217;s requirements,
clinical trial development may proceed.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2014, the E.U. adopted a new Clinical Trials Regulation (E.U.) No 536/2014, which is set to replace the current Clinical Trials
Directive 2001/20/EC. It will overhaul the current system of approvals for clinical trials in the E.U. Specifically, the new regulation,
which will be directly applicable in all Member States (meaning that no national implementing legislation in each E.U.. Member State
is required), aims at simplifying and streamlining the approval of clinical trials in the E.U.. For instance, the new Clinical Trials
Regulation provides for a streamlined application procedure via a single-entry point and strictly defined deadlines for the assessment
of clinical trial applications. It is expected that the new Clinical Trials Regulation will come into effect following confirmation of
full functionality of the Clinical Trials Information System, the centralized E.U. portal and database for clinical trials foreseen by
the new Clinical Trials regulation, through an independent audit. In January 2022, the Clinical Trials Regulation entered into application
harmonizing the submission, assessment and supervision processes for clinical trials in the E.U.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Clinical
Trial Regulations in Italy</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the E.U. and E.U.-member country legislation, any application for marketing authorization must be accompanied by the results of clinical
trials conducted in accordance with applicable regulations. A unified regulation on clinical trial procedures has been approved (E.U.
Reg. 536/2014), but is not yet effective. The currently applicable rule is E.U. Directive 2001/20, as implemented in the various E.U.
member countries from time to time through national laws and regulations.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently conducting or planning Phase 1/2a clinical trials on Temferon in Italy, in accordance with the specific regulations applicable
to such early-phase trials. As discussed elsewhere in this report, we are currently conducting our TEM-GBM 001 study on UMGMT-GBM patients
and plan to start new ones on hepatic tumor (HCC and IHC) in the near future by means of appropriate application to the Italian Regulatory
Authority (&#8220;AIFA&#8221;).</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
applicable Italian regulation is the Decree of April 27, 2015 of the Ministry of Health, providing a precise sequence of approvals for
the start of Phase I studies and subsequent amendments to the related protocols. According to such Decree, an initial request must be
submitted to AIFA seeking a technical-scientific opinion of Istituto Superiore di Sanit&#224; (ISS), acting on behalf of AIFA, on the
admissibility of the request. Upon the favorable opinion of ISS, AIFA issues an authorization to proceed with the planned study, and
the rules generally governing the conduct of clinical trials (Legislative Decree 211 of June 24, 2003, implementing in Italy E.U. Directive
2001/20, Decree of December 17, 2004 of the Ministry of Health for non-profit studies, plus procedural rules such as the Decree of December
21, 2007, so called &#8220;CTA decree&#8221;, for the prescribed formats), are of application.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the AIFA approval, the Independent Ethics Committees (&#8220;IECs&#8221;) of the research centers participating in the trial issue
their opinions on the conduct of the study, having evaluated the study protocol and all other relevant documentation such as the informed
consent form (&#8220;ICF&#8221;), the insurance policy underwritten by the sponsor, the information and consent form for data protection
purposes. The IEC of the Coordinating Center issues first its opinion &#8211; the so-called <i>Parere Unico</i>, lit. &#8220;sole opinion&#8221;
(&#8220;PU&#8221;) - and then the IECs of the other participating centers accept or refuse the PU in its entirety (they may seek amendment
to the ICF on the basis of local operating circumstances).</span></p>

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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
documents pertaining to each specific step of the procedure, in the right sequence, must be loaded on the online database of AIFA (&#8220;Osservatorio
sulle Sperimentazioni Cliniche&#8221;, or &#8220;OsSC&#8221;); the OsSC system provides certain controls to make sure that e.g. no IEC
opinion can be loaded before the pertinent AIFA approval, or that the opinions of the participating sites cannot be loaded before the
PU is loaded. It may occur however that, due to calendar mismatches in the calendars of IEC meeting (usually held on a monthly basis),
an approval may precede by a few days a &#8220;prior&#8221; one (typically, the PU or the AIFA approval): in such cases the IEC approval
is issued under reservation (&#8220;<i>con riserva</i>&#8221;) and can be loaded in advance accordingly, under the assumption that the
documents subjected to evaluation - protocol (updated) version, ICF and the rest &#8211; coincide exactly.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Marketing
Authorization Application for Biologic Medicinal Products</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
obtain regulatory approval to commercialize a new drug in the EEA (comprising the E.U. Member States plus Iceland, Liechtenstein and
Norway, we must submit a marketing authorization application.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the E.U., a marketing authorization for a medicinal product can be obtained through a centralized, mutual recognition, decentralized
procedure, or national procedure (single country). The centralized procedure is mandatory for certain medicinal products, including orphan
medicinal products, those produced by biotechnology, advanced therapy medicinal products (gene therapy, somatic cell therapy and tissue-engineered
products) and those with a new active substance indicated for the treatment of HIV, AIDS, cancer, neurodegenerative disorders, autoimmune
and other immune dysfunctions, viral diseases or diabetes, and is optional for certain other products, including medicinal products with
a new active substance for other indications, and products that are a significant therapeutic, scientific or technical innovation, or
whose authorization would be in the interest of public health.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the centralized procedure, the applicant can submit a single application for marketing authorization to the EMA which will provide a
positive opinion regarding the application if it meets certain quality, safety, and efficacy requirements. Based on the opinion of the
EMA, the European Commission takes a final decision to grant a centralized marketing authorization which permits the marketing of a product
throughout the EEA. Under the centralized procedure, the maximum timeframe for the evaluation of a marketing authorization application
is 210 days (excluding clock stops, when additional written or oral information is to be provided by the applicant in response to questions
asked by the EMA Committee for Medicinal Products for Human Use (&#8220;CHMP&#8221;)). Clock stops may extend the timeframe of evaluation
of a marketing authorization application considerably beyond 210 days. Where the CHMP gives a positive opinion, it provides the opinion
together with supporting documentation to the European Commission, who make the final decision to grant a marketing authorization, which
is issued within 67 days of receipt of the EMA&#8217;s recommendation. Accelerated assessment might be granted by the CHMP in exceptional
cases, when a medicinal product is expected to be of major public health interest, particularly from the point of view of therapeutic
innovation. The timeframe for the evaluation of a marketing authorization application under the accelerated assessment procedure is 150
days, excluding clock stops, but it is possible that the CHMP may revert to the standard time limit for the centralized procedure if
it determines that it is no longer appropriate to conduct an accelerated assessment.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Now
that the United Kingdom (which comprises Great Britain and Northern Ireland) has left the E.U., Great Britain will no longer be covered
by centralized marketing authorizations (under the Northern Irish Protocol, centralized marketing authorizations will continue to be
recognized in Northern Ireland). All medicinal products with a current centralized marketing authorization were automatically converted
to Great Britain marketing authorizations on January 1, 2021. For a period of two years from January 1, 2021, the Medicines and Healthcare
products Regulatory Agency (&#8220;MHRA&#8221;), the United Kingdom medicines regulator, may rely on a decision taken by the European
Commission on the approval of a new marketing authorization in the centralized procedure, in order to more quickly grant a new Great
Britain marketing authorization. A separate application will, however, still be required.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
other countries outside of the E.U., such as the United Kingdom and countries in Eastern Europe, Latin America or Asia, the requirements
governing the conduct of clinical trials, product licensing, pricing and reimbursement vary from country to country. Internationally,
clinical trials are generally required to be conducted in accordance with cGCPs, applicable regulatory requirements of each jurisdiction
and the medical ethics principles that have their origin in the Declaration of Helsinki. If we fail to comply with applicable foreign
regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product recalls,
seizure of products, operating restrictions and criminal prosecution.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advertising,
Promotion and Compliance</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the E.U., the advertising and promotion of our products will also be subject to E.U. laws and E.U. Member States&#8217; national laws
governing promotion of medicinal products, interactions with physicians, misleading and comparative advertising and unfair commercial
practices. These laws require that promotional materials and advertising in relation to medicinal products comply with the product&#8217;s
Summary of Product Characteristics (&#8220;SmPC&#8221;), as approved by the competent authorities. The SmPC is the document that provides
information to physicians concerning the safe and effective use of the medicinal product. The SmPC forms an intrinsic and integral part
of the marketing authorization granted for the medicinal product. Promotion of a medicinal product that does not comply with the SmPC
is considered to constitute off -label promotion and is prohibited in the E.U. The applicable laws at the E.U. level and in the individual
E.U. Member States also prohibit the direct-to-consumer advertising of prescription-only medicinal products. Violations of the rules
governing the promotion of medicinal products in the E.U. could be penalized by administrative measures, fines and imprisonment. As the
United Kingdom medicinal products legislation is still largely based on E.U. legislation, the promotion of prescription-only medicines
to the public and promotion of medicinal products not in compliance with the SmPC are both also prohibited under United Kingdom law.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
all phases of development (pre- and post-marketing), failure to comply with applicable regulatory requirements may result in administrative
or judicial sanctions. These penalties could include the imposition of a clinical hold on trials, refusal to approve pending applications,
withdrawal of an approval, warning letters, product recalls, product seizures, total or partial suspension of production or distribution,
product detention or refusal to permit the import or export of products, injunctions, fines, civil penalties, or criminal prosecution.
Any agency or judicial enforcement action could have a material adverse effect on us.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory
Data Protection in the EEA</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the EEA, innovative medicinal products approved on the basis of a complete independent data package qualify for eight years of data exclusivity
upon marketing authorization and an additional two years of market exclusivity pursuant to Directive 2001/83/EC. Regulation (EC) No 726/2004
repeats this entitlement for medicinal products authorized in accordance the centralized authorization procedure. Data exclusivity prevents
applicants for authorization of generics or biosimilars of these innovative products from referencing the innovator&#8217;s data when
applying for a generic or biosimilar marketing authorization for a period of eight years from the date on which the innovator&#8217;s
product was first authorized in the EEA. During an additional two-year period of market exclusivity, a generic or biosimilar marketing
authorization can be submitted and authorized, and the innovator&#8217;s data may be referenced, but no generic or biosimilar medicinal
product can be placed on the E.U. market until the expiration of the market exclusivity. The overall 10-year period will be extended
to a maximum of 11 years if, during the first eight years of those 10 years, the marketing authorization holder obtains an authorization
for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization, are held to bring a
significant clinical benefit in comparison with existing therapies. Even if an innovative medicinal product gains the prescribed period
of data exclusivity, another company may market another version of the product if such company obtained a marketing authorization based
on a marketing authorization application with a complete independent data package of pharmaceutical tests, preclinical tests and clinical
trials.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Periods
of Authorization and Renewals</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
marketing authorization has an initial validity for five years in principle. The marketing authorization may be renewed after five years
on the basis of a re-evaluation of the risk-benefit balance by the EMA or by the competent authority of the relevant Member State. To
this end, the marketing authorization holder must provide the EMA or the competent authority with a consolidated version of the file
in respect of quality, safety, and efficacy, including all variations introduced since the marketing authorization was granted, at least
six months before the marketing authorization ceases to be valid. The European Commission or the competent authorities of the EEA Member
States may decide on justified grounds relating to pharmacovigilance, to proceed with one further five-year period of marketing authorization.
Once subsequently definitively renewed, the marketing authorization shall be valid for an unlimited period. Any authorization which is
not followed by the actual placing of the medicinal product on the EEA market (in case of centralized procedure) or on the market of
the authorizing EEA Member State within three years after authorization ceases to be valid (the so-called sunset clause).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pediatric
Studies and Exclusivity</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to obtaining a marketing authorization in the EEA, applicants must demonstrate compliance with all measures included in an EMA-approved
PIP covering all subsets of the pediatric population, unless the EMA has granted a product-specific waiver, a class waiver, or a deferral
for one or more of the measures included in the PIP. The respective requirements for all marketing authorization procedures are laid
down in Regulation (EC) No 1901/2006, commonly referred to as the Pediatric Regulation. This requirement also applies when a company
wants to add a new indication, pharmaceutical form or route of administration for a medicine that is already authorized. The Pediatric
Committee of the EMA (&#8220;PDCO&#8221;) may grant deferrals for some medicines, allowing a company to delay development of the medicine
for children until there is enough information to demonstrate its effectiveness and safety in adults. The PDCO may also grant waivers
when development of a medicine for children is not needed or is not appropriate, such as for diseases that only affect an adult population.
Before a marketing authorization application can be filed, or an existing marketing authorization can be amended, the EMA must determine
that a company actually complied with the agreed studies and measures listed in each relevant PIP, unless the EMA has granted: (i) a
product-specific waiver, (ii) a class waiver or (iii) a deferral for one or more of the measures included in the PIP. If an applicant
obtains a marketing authorization in all EEA Member States, or a marketing authorization granted in the centralized procedure by the
European Commission, and the study results of the pediatric clinical trials conducted in accordance with the PIP are included in the
drug product information, even when negative, the medicine is then eligible for an additional six-month period of qualifying patent protection
through extension of the term of the Supplementary Protection Certificate. In the case of orphan medicinal products, a two-year extension
of the orphan market exclusivity may be available. This pediatric reward is subject to specific conditions and is not automatically available
when data in compliance with the PIP are developed and submitted.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory
Requirements after a Marketing Authorization has been Obtained</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case an authorization for a medicinal product in the EEA is obtained, the holder of the marketing authorization is required to comply
with a range of requirements applicable to the manufacturing, marketing, promotion and sale of medicinal products. These include:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
    with the E.U.&#8217;s stringent pharmacovigilance or safety reporting rules must be ensured. These rules can impose post-authorization
    studies and additional monitoring obligations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    manufacturing of authorized medicinal products, for which a separate manufacturer&#8217;s license is mandatory, must also be conducted
    in strict compliance with the applicable E.U. laws, regulations and guidance, including Directive 2001/83/EC, Directive 2003/94/EC,
    Regulation (EC) No 726/2004 and the European Commission Guidelines for Good Manufacturing Practice (&#8220;E.U. cGMP&#8221;). These
    requirements include compliance with E.U. cGMP standards when manufacturing medicinal products and APIs, including the manufacture
    of API outside of the E.U. with the intention to import the API into the E.U..</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    marketing and promotion of authorized drugs, including industry-sponsored continuing medical education and advertising directed toward
    the prescribers of drugs and/or the general public, are strictly regulated in the E.U. notably under Directive 2001/83EC, as amended,
    and E. Member State laws. Direct-to-consumer advertising of prescription medicines is prohibited across the E.U..</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Brexit
and the Regulatory Framework in the United Kingdom</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 23, 2016, the electorate in the United Kingdom voted in favor of Brexit. Thereafter, on March 29, 2017, the country formally notified
the E.U. of its intention to withdraw pursuant to Article 50 of the Lisbon Treaty. The withdrawal of the United Kingdom from the E.U.
took effect on January 31, 2020, however, there was a transition period until December 31, 2020 during which E.U. laws, including in
respect of medicinal products, continued to be applicable in the United Kingdom. Since the regulatory framework for pharmaceutical products
in the United Kingdom covering quality, safety and efficacy of pharmaceutical products, clinical trials, marketing authorization, commercial
sales and distribution of pharmaceutical products is derived from E.U. Directives and Regulations, Brexit could materially impact the
future regulatory regime which applies to drug products and the approval of product candidates in the United Kingdom, now that the United
Kingdom legislation has the potential to diverge from E.U. legislation. It remains to be seen how Brexit will impact regulatory requirements
for product candidates and approved drug products in the United Kingdom in the long term. The MHRA, the United Kingdom&#8217;s medicines
and medical devices regulator, has recently published detailed guidance for industry and organizations to follow from January 1, 2021,
now the transition period is over, which will be updated as the United Kingdom&#8217;s regulatory position on medicinal products evolves
over time.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
Data Protection Regulation</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
collection, use, disclosure, transfer or other processing of personal data of individuals in the E.U., including personal health data,
is governed by the GDPR, which became effective on May 25, 2018. After effectiveness of GDPR, the European data protection law background
has been constantly implemented through the activity of the European Data Protection Board (EDPB) concerning the correct interpretation
and application of GDPR, as well as through the ruling of the Court of Justice of the E.U. (CJEU). The GDPR and E.U. Member States national
data protection legislation, including Italy, are wide-ranging in scope and impose numerous requirements on companies that process personal
data, including requirements relating to processing health and other sensitive data, obtaining consent of the individuals to whom the
personal data relates, providing notice to individuals regarding data processing activities, implementing safeguards to protect the security
and confidentiality of personal data, providing notification of data breaches, and taking certain measures when engaging third party
processors. The GDPR also imposes strict rules on the transfer of personal data to countries outside the E.U., including the U.S. and
now &#8211; after Brexit &#8211; the United Kingdom, and permits data protection authorities to impose large penalties for violations
of the GDPR, including potential fines of up to &#8364; 20 million or 4% of annual global revenues, whichever is greater. Concerning the
transfer of (pseudonymized) personal data to the U.S., the recent CJEU case C-3111/18, also known as Schremes II, invalidated the European
Commission&#8217;s adequacy decision for the E.U.-U.S. Privacy Shield Framework, on which the majority of U.S. companies relied to conduct
trans-Atlantic trade in compliance with E.U. data protection rules. The decision reinforced the importance of data protection to global
commerce and imposed E.U. companies trading with U.S. companies or organizations to rely the transfer of personal data on other legal
basis or appropriate safeguards provided for in the GDPR, such as Standard Contractual Clauses (SCC), Binding Corporate Rules (BCR) or
derogations for specific situations. In June 2021, the E.U. Commission adopted decisions on the United Kingdom&#8217;s adequacy under
the E.U.&#8217;s GDPR and Law Enforcement Directive (LED). In both cases, the European Commission found the United Kingdom to be adequate.
This means that most data can continue to flow from the E.U. and the EEA without the need for additional safeguards.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
GDPR also confers a private right of action on data subjects and consumer associations to lodge complaints with supervisory authorities,
seek judicial remedies and obtain compensation for damages.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with the GDPR and all relevant E.U. data protection rules will be a rigorous and time-intensive process that may increase our cost of
doing business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pricing
Decisions for Approved Drug Products</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the E.U., pricing and reimbursement schemes vary widely from country to country. Some countries provide that drug products may be marketed
only after a reimbursement price has been agreed. Some countries may require the completion of additional studies that compare the cost-effectiveness
of a particular product candidate to currently available therapies or so-called health technology assessments, in order to obtain reimbursement
or pricing approval. For example, the E.U. provides options for the E.U. Member States to restrict the range of drug products for which
their national health insurance systems provide reimbursement and to control the prices of medicinal products for human use. E.U. Member
States may approve a specific price for a product or it may instead adopt a system of direct or indirect controls on the profitability
of the company placing the product on the market. Other E.U. Member States allow companies to fix their own prices for drug products,
but monitor and control prescription volumes and issue guidance to physicians to limit prescriptions. Recently, many countries in the
E.U. have increased the amount of discounts required on pharmaceuticals and these efforts could continue as countries attempt to manage
health care expenditures, especially in light of the severe fiscal and debt crises experienced by many countries in the E.U. The downward
pressure on health care costs in general, particularly with respect to prescription products, has become intense. As a result, increasingly
high barriers are being erected to the entry of new drug products. Political, economic and regulatory developments may further complicate
pricing negotiations, and pricing negotiations may continue after reimbursement has been obtained. Reference pricing used by various
E.U. Member States, and parallel trade, i.e., arbitrage between low-priced and high-priced E.U. Member States, can further reduce prices.
There can be no assurance that any country that has price controls or reimbursement limitations for pharmaceutical products will allow
favorable reimbursement and pricing arrangements for any drug products, if approved in those countries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property Rights</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
goal is to obtain, maintain and enforce patent protection for our product candidates, formulations, processes, methods and any other
proprietary technologies, preserve our trade secrets, and operate without infringing on the proprietary rights of other parties, both
in the U.S. and in other countries. Our policy is to actively seek to obtain, where appropriate, the broadest intellectual property protection
possible for our current product candidates and any future product candidates, proprietary information and proprietary technology through
a combination of contractual arrangements and patents, both in the U.S. and abroad. However, patent protection may not afford us with
complete protection against competitors who seek to circumvent our patents.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also depend upon the skills, knowledge, experience and know-how of our management and research and development personnel, as well as
that of our advisors, consultants and other contractors. To help protect our proprietary know-how, which is not patentable, and for inventions
for which patents may be difficult to enforce, we currently rely and will in the future rely on trade secret protection and confidentiality
agreements to protect our interests. To this end, we require all of our employees, consultants, advisors and other contractors to enter
into confidentiality agreements that prohibit the disclosure of confidential information and, where applicable, require disclosure and
assignment to us of the ideas, developments, discoveries and inventions important to our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Temferon</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temferon
is protected by the following patents families that contain both issued and/or pending patent applications. While the following patent
families are jointly owned by OSR and Fondazione Telethon (Telethon), as set forth in our December 15, 2014 license agreement with OSR
(described below), Telethon granted OSR a worldwide exclusive license, with the right to sublicense, its rights in the patent families
pursuant to a separate cooperation agreement between OSR and Telethon. As described below, we have a worldwide exclusive license, from
OSR, to the following patent families (including the U.S. and European family members indicated) in the fields of: GBM, solid liver cancer
(LC) and any lympho-hematopoietic indication:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Focus
    / Family</b></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.</b></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.U.</b></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expiration</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gene
    Vector comprising mi-RNA</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    10,000,757*</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EP
    2002003 B1</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(composition
    and method of treatment claims)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    9,556,438</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT/IB2006/002266
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USSN
    16/004,394</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pending)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gene
    Vector comprising mi-RNA</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    10,287,579</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EP
    2424571 B1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(composition
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    9,951,328</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    16/384,571</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pending)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monocyte
    Cell (Tie-2) activation process</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(composition
claims)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    7,833,789</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">10/5/2027</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    7,833,789</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Methods
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    10,617,721*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EP
    3060670 B1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">10/24/2034*</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(method
    of treatment claims)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USSN
    16/827,708</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EP
    19185334</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT/IB2014/065594
    (WO 2015/059674)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vector
    Production</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USP
    10,912,824</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EP
    3169788</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(composition
    and method of treatment claims)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17/143,953</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pending)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pending)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    16/604,484</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Later expiration for certain U.S. patents pursuant to patent term adjustment (35 U.S.C. &#167;154(b)).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Application pending, anticipated expiration based on 20-year patent term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
technology incorporates the use of a lentiviral vector (&#8220;LVV&#8221;) that combines a therapeutic transgene sequence, or payload,
with our proprietary platform. Our proprietary platform consists of (i) the Tie-2 promoter, that drives transgene sequence transcription
specifically in TEMs, and (ii) miRNA-126 target sequences to downregulate transgene expression post-transcription in those cells where
the Tie-2 promoter is active and the miRNA-126 is present. Intellectual property protection for our proprietary platform includes an
exclusive license to all issued patents and pending applications (if any) in the PCT/IB2006/002266 (WO 2007/000668) and PCT/IB2010/001166
(WO / 2010/125471) families, as well as trade secrets. As discussed below, we have the option to license exclusively USP 7,833,789 and
issued patents and pending applications (in the PCT/IB2014/065594 and PCT/IB2015/055286 patent families we have not yet exercised the
option rights), and improvements, for other indications (fields of use) and other product candidates.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to patents and patent applications that we have been granted licenses to, we may also rely on unpatented trade secrets, know-how,
and continuing technological innovation to develop and maintain our competitive position. We seek to protect know-how and trade secrets
through an active program of legal mechanism including invention assignments, confidentiality agreements, material transfer agreements,
research collaborations and licenses to protect our product candidates. These agreements may be breached, and we may not have adequate
remedies for any breach. In addition, trade secrets may otherwise become known or be independently discovered by competitors. To the
extent that our employees, consultants, scientific advisors or other contractors use intellectual property owned by others in their work
for us, disputes may arise as to the rights in related or resulting know-how and inventions. For a more comprehensive discussion of the
risks related to our intellectual property, please see &#8220;Risk Factors &#8212; Risks Related to Our Intellectual Property.&#8221;</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Collaboration
/ Licensing</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amended
and Restated License Agreement with Ospedale San Raffaele</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into an amended and restated license agreement (the &#8220;ARLA&#8221;) with OSR in March 2023. The ARLA replaced the Company&#8217;s
original license agreement originally entered into with OSR on December 15, 2014, as subsequently amended on March 16, 2017, February
1, 2019, December 23, 2020, September 28, 2021, January 22, 2022, September 29, 2022 and December 22, 2022 (the &#8220;Original OSR License
Agreement&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effectiveness of the ARLA was subject to Italy&#8217;s Law Decree No. 21 of March 15, 2012 (i.e., the Italian <i>Golden Power</i> regulations),
as subsequently amended and supplemented, and would not become effective until the applicable Italian governmental authority consented
to the ARLA. On April 20, 2023, such consent was received and the ARLA became effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the ARLA, OSR has granted us an exclusive, royalty-bearing, non-transferrable (except with the prior written consent
of OSR), sublicensable, worldwide license, subject to certain retained rights, to: (1) certain patents, patent applications and existing
know-how for the use in the field(s) of Interferon (&#8220;IFN&#8221;) gene therapy by lentiviral based- HSPC gene transfer with respect
to (a) any solid cancer indication (including glioblastoma and solid liver cancer) and/or (b) any lympho-hematopoietic indication for
which we exercise an option (described below); and (2) certain gene therapy products (subject to certain specified exceptions related
to replication competent viruses) developed during the license term for use in the aforementioned field(s) consisting of any lentivirals
or other viral vectors regulated by miR126 and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic
cells for the expression of IFN under the control of a Tie2 promoter. Lympho-hematopoietic indication means any indication related to
lympho-hematopoietic malignancies and solid cancer indication means any solid cancer indication (e.g., without limitation, breast, pancreas,
colon cancer), with each affected human organ counting as a specific solid cancer indication.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights retained by OSR, and extending to its affiliates, include the right to use the licensed technology for internal research within
the field(s) of use, the right to use the licensed technology within the field(s) of use other than in relation to the licensed products,
and the right to use the licensed technology for any use outside the field(s) of use, but subject to the options described below. In
addition, we granted OSR a perpetual, worldwide, royalty-free, non-exclusive license to any improvement generated by us with respect
to the licensed technology, to conduct internal research within the field(s) of use directly, or in or with the collaboration third parties;
and, for any use outside the field(s) of use, in which case the license is sublicensable by OSR. Finally, the world-wide rights for the
field(s) of use granted to us regarding the Lentigen know-how are non-exclusive and cannot be sublicensed due to a pre-existing nonexclusive
sublicense to these rights between OSR and GlaxoSmithKline Intellectual Property Development Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the ARLA, we have an exclusive option exercisable until April 20, 2026 to any OSR product improvements at no additional cost, which
could be useful for the development and/or commercialization of licensed products in the field of use. We also have an exclusive option
exercisable until April 20, 2026 (the &#8220;LHI Option Period&#8221;) to any lympho-hematopoietic indication(s) to be included as part
of the field of use, on an indication-by-indication basis, subject to the payment of specified option fees and milestone payments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8364;1.0 million for the
  first lympho-hematopoietic indication;</span></td></tr>

<tr style="vertical-align: top">
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8364;0.5 million for the
  second lympho-hematopoietic indication; and</span></td></tr>

<tr style="vertical-align: top">
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8364;0.3 million for the
  third lympho-hematopoietic indication.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
option fee is due for the fourth lympho-hematopoietic indication and any subsequent lympho-hematopoietic indications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have the right to extend the LHI Option Period twice for additional 12-month periods, subject to the payment of specified extension</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the effective date of the ARLA, we paid OSR an upfront fee in amount equal to &#8364;250,000 pursuant to the Original OSR License Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the ARLA, as consideration, we agreed to pay OSR additional license fees equal to up to &#8364;875,000 in total, which are payable
on April 20, 2023, December 31, 2023, and upon our entering into a sublicense agreement with a third party sublicensee (pursuant to which
we are entitled to receive an upfront payment in an amount exceeding a specified threshold from such sublicensee) during the period between
September 30, 2022 and April 20, 2028 (with most of these additional license fees being triggered upon our entering into such a sublicense
agreement). In addition, we have agreed to pay OSR royalties on a single digit percentage of the net sales of each licensed product.
The royalty may be reduced upon the introduction of generic competition or patent stacking, but in no event would the royalty be less
than half of what it would have otherwise been, but for the generic competition or patent stacking. We also agreed to pay OSR a royalty
of our net sublicensing income for each licensed product and to pay OSR certain milestone payments upon the achievement of certain milestone
events, such as the initiation of different phases of clinical trials of a licensed product, MAA approval by a major market country,
MAA approval in the U.S., the first commercial sale of a licensed product in the U.S. and certain E.U. countries, and achievement of
certain net sales levels.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the ARLA, we have agreed to use reasonable efforts to involve OSR in Phase I clinical trials for licensed products in the field
of use, subject to OSR maintaining any required quality standards and providing its services on customary and reasonable terms and consistent
with then-applicable market standards. We are also obligated to carry out our development activities using qualified and experienced
professionals and sufficient level of resources. In particular, consistent with the terms of the Original OSR License Agreement, the
ARLA continues to require us to invest (a) at least &#8364;5,425,000 with respect to the development of the licensed products, and (b)
at least &#8364;2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OSR
maintains control of the preparation, prosecution and maintenance of the patents licensed. We are obligated to pay those costs unless
additional licensees benefit from these rights, in which case the cost will be shared <i>pro rata</i>. OSR controls enforcement of the
patents and know-how rights, at its own expense. In the event that OSR fails to file suit to enforce such rights after notice from us,
we have the right to enforce the licensed technology within the field of use. Both we and OSR must consent to settlement of any such
litigation, and all monies recovered will be shared, after reimbursement for costs, in relation to the damages suffered by each party,
or failing a bona fide agreement between us and OSR, on a 50% - 50% basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ARLA expires upon the expiry of the &#8220;Royalty Term&#8221; for all licensed products and all countries, unless terminated earlier.
The Royalty Term begins on the first commercial sale of a licensed product in each country, on a country by country basis, and ends upon
the later of the (a) expiration of the commercial exclusivity for such product in that country (wherein the commercial exclusivity refers
to any remaining valid licensed patent claims covering such licensed product, any remaining regulatory exclusivity to market and sell
such licensed product or any remaining regulatory data exclusivity for such licensed product), and (b) 10 years from the first commercial
sale of such licensed product in such country.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties may terminate the agreement in the event the other party breaches its obligations therein, which termination shall become effective
60 business days following written notice thereof to the breaching party. The breaching party shall have the right to cure such breach
or default during such 60 business days. OSR may terminate the agreement for failure to pay in the event that we fail to pay any of the
upfront payment, additional license fees, sublicensing income or milestone payments within 30 days of due dates for each. In addition,
OSR may terminate (with a 60-business-day prior written notice) our rights as to certain fields of use for our failure to achieve certain
development milestones for specified licensed products within certain time periods, which may be subject to extension. In addition, OSR
may terminate the agreement in the event that commercialization of a licensed product is not started within 24 months from the grant
of both (i) the MAA approval and (ii) the pricing approval of such licensed product, provided that such termination will relate solely
to such licensed product and to such country or region to which both such MAA approval and pricing approval were granted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2023, we entered into an amendment to the ARLA, whereby we and OSR agreed that we had fulfilled the obligations as set
forth in the ARLA specific to Candidate Products 1 pursuant to the CP1 SRA (as defined below). Furthermore, the amendment provides that
we and OSR have no further obligations to negotiate and execute a sponsored research agreement for the performance of feasibility studies
related to certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130 and/or other miRs with
the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of cytokines and their variants (other than
IFN or in addition to IFN) under the control of a Tie2 promoter, either alone or in combination with any immunotherapy (&#8220;Candidate
Products 2&#8221;). Notwithstanding the removal of the obligation to enter into a sponsor research agreement with regards to Candidate
Products 2, OSR granted us an exclusive option, to be exercised by sending written notice to OSR on or before September 30, 2025, to
include certain intellectual property related to Candidate Products 2 and Candidate Products 2 as part of the licensed patents and licensed
products under the ARLA. The option fee and our fee to extend the option period, if necessary, remain consistent with the prior fees
to those costs reflected in the ARLA specific to Candidate Products 2. OSR will also have the right to prepare, file and prosecute patents
and patent applications with respect to the results of Candidate Products 2. The amendment provides that the costs of the foregoing activities
will be borne by us.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sponsored
Research Agreement</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2023, we entered into a Sponsored Research Agreement (&#8220;CP1 SRA&#8221;), which was contemplated under the ARLA, pursuant
to which we will fund feasibility studies for certain gene therapy products consisting of any lentiviral vectors regulated by miR126
and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN
under the control of a Tie2 promoter, in combination with any immunotherapy (&#8220;Candidate Products 1&#8221;), along with three additional
research projects, to be conducted at OSR. If OSR determines that additional funds are needed, OSR will inform us and provide an estimate
for completing the research. As of December 31, 2023, we have recorded and paid &#8364;250,000 for the CP1 SRA studies to date.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from the date of execution from the CP1 SRA until six months from the last report delivered to us under the CP1 SRA (the &#8220;CP1
Option Period&#8221;), we have the exclusive option to include certain intellectual property related to Candidate Products 1 and Candidate
Products 1 as part of the licensed patents and licensed products under the ARLA. To exercise this option, we must pay an option exercise
fee. We also have the right to extend the CP1 Option Period twice for additional 24-month periods. The extension requires payment of
an extension fee for each 24-month extension.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Know-How
License Agreement with Fondazione Telethon</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2016, we entered into a Know-How License Agreement with Telethon (Telethon License Agreement). Telethon granted us a non-exclusive,
perpetual, sublicensable (through multiple tiers), royalty-bearing, worldwide license to use its manufacturing know-how in the research
and development, sale and export of any product, which is defined therein as any lentiviral vector regulated by miRNA 126 and/or miRNA
130 and/or other miRNAs with the same expression pattern as miRNA 126 and/or miRNA 130 in hematopoietic cells for the expression of any
anticancer protein under the control of a Tie2 promoter or INF under the control of any promoter other than Tie2 for any cancer indication.
As consideration for the license, we agreed to pay Telethon a royalty equal to a low single digit percentage of any actual payments (excluding
taxes) to any CMO for the manufacturing of any product using the licensed know-how. The royalty payments must be made for eight (8) years
from the effective date, or until February 2, 2024. The parties may terminate the agreement in the event the other party breaches its
obligations therein, which termination shall become effective sixty (60) business days following written notice thereof to the breaching
party.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not
currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our
business and have not been notified of any claims in respect thereof.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_001"></span>C.
Organizational Structure</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genenta
Science S.p.A. owns 100% of Genenta Science, Inc.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_012.jpg" alt="" style="height: 247px; width: 245px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_002"></span>D.
Plants, Property and Equipment</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate headquarters is located in Milan, Via Olgettina 58 within OSR - San Raffaele Hospital, Italy, where we lease approximately
51 square meters of office space (three (3) offices). The lease commenced in January 2020 and has a six (6) year initial term. It will
expire on December 1<sup>st</sup>, 2025, and may be renewed for an additional six (6) years. We also have an office in a co-working space
located in Alexandria Center - LaunchLabs, 430 East 29<sup>th</sup> Street, New York, NY. We believe that our existing facilities are
adequate for our near-term needs, and we believe that suitable additional or alternative office will be available as required in the
future on commercially reasonable terms.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_003"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_004"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated
financial statements and related notes included in this Annual Report beginning on page F-1. The following discussion and analysis contain
forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially
from those anticipated in these forward-looking statements as a result of various factors, including those set forth under &#8220;Risk
Factors&#8221; and elsewhere in this Annual Report.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_005"></span>A.
Operating Results</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a clinical-stage biotechnology company engaged in the development of hematopoietic stem cell gene therapies for the treatment of
solid tumors. We have developed a novel biologic platform which involves the <i>ex-vivo</i> gene transfer of a therapeutic candidate
into autologous hematopoietic stem/progenitor cells (HSPCs) to deliver immunomodulatory molecules directly to the tumor by infiltrating
monocytes/macrophages (Tie2 Expressing Monocytes - TEMs). Our technology is designed to turn TEMs, which normally have an affinity for
and travel to tumors, into a &#8220;Trojan Horse&#8221; to counteract cancer progression and prevent tumor relapse. Because our technology
is not target dependent, we believe it can be used for treatment across a broad variety of cancers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception in 2014, we have devoted substantially all our resources to organizing and staffing our company, business planning, raising
capital, acquiring or discovering product candidates and securing related intellectual property rights, conducting discovery, research
and development activities for our programs and planning for eventual commercialization. We do not have any products approved for sale
and have not generated any revenue from product sales. To date, we have funded our operations with proceeds from the sales of equity
securities, which through December 31, 2023, aggregated gross cash proceeds of approximately &#8364;67 million.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have any products approved for sale, have not generated any revenue from commercial sales of our product candidates, and have
incurred net losses each year since our inception. Our ability to generate product revenue sufficient to achieve profitability will depend
heavily on the successful development and eventual commercialization of one or more of our current or future product candidates and programs.
Our net losses for the years ended December 31, 2023, 2022 and 2021 were approximately &#8364;11.6, &#8364;8.5, and &#8364;5.5 million,
respectively. At December 31, 2023, we had an accumulated deficit of approximately &#8364;46.9 million. Substantially all our operating
losses resulted from costs incurred in connection with our research and development activities, including preclinical and clinical development
of our gene therapy product candidates, namely our leading product candidate Temferon, and from general and administrative costs associated
with our operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to continue to incur significant expenses for at least the next several years as we advance our product candidates from discovery
through preclinical development and clinical trials and seek regulatory approval of our product candidates. In addition, if we obtain
marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing,
marketing, sales, and distribution. We may also incur expenses in connection with the in-licensing or acquisition of additional product
candidates. Furthermore, we expect to continue incurring additional costs associated with operating as a public company, including significant
legal, accounting, investor relations, compliance, and other expenses.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, for our long-term strategy, we will need substantial additional funding to support our continuing operations and pursue our
growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations
with proceeds from outside sources, with most of such proceeds to be derived from sales of equity securities, including the net proceeds
from our IPO and follow-on offerings. We also plan to pursue additional funding from outside sources, including but not limited to our
entry into or expansion of new borrowing arrangements; research and development incentive payments, government grants, pharmaceutical
companies, and other corporate sources; and our entry into potential future collaboration agreements with pharmaceutical companies or
other third parties for one or more of our programs. We may be unable to raise additional funds or enter into such other agreements or
arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as, and when, needed,
we may have to significantly delay, scale back or discontinue the development and eventual commercialization of one or more of our product
candidates or delay our pursuit of potential in-licenses or acquisitions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability,
mainly due to the numerous risks and uncertainties associated with product development and related regulatory filings, which we expect
to make in multiple jurisdictions. When we are eventually able to generate product sales, those sales may not be sufficient to become
profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, we may be unable to continue
our operations at planned levels and be forced to reduce or terminate our operations.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had cash and cash equivalents and marketable securities of approximately &#8364;18.8 million. We believe that
our existing cash and cash equivalents as of December 31, 2023, will enable us to fund our operating expenses and capital expenditure
requirements for more than the next twelve months. We have based this estimate on assumptions that may prove to be wrong, and we could
exhaust our available capital resources sooner than we expect. See &#8220;&#8212;Liquidity and Capital Resources.&#8221; To finance our
continuing operations, we will need to raise additional capital, which cannot be assured.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19
Update</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global healthcare community continues to monitor and respond to the coronavirus (COVID-19) outbreak, including its ongoing variants.
In February 2020, the COVID-19 pandemic commenced in Italy. Regulatory guidance was issued in March 2020 and updated in April 2020 relating
to the management of clinical trials during the pandemic. In May 2023, the World Health Organization determined that COVID-19 no longer
fit the definition of a public health emergency and the pandemic was officially over; however, as the global healthcare community continues
to respond to COVID-19 and its variants, COVID-19 remains a public health priority We have not experienced significant interruptions
related to COVID-19. In the future, we may find it difficult to enroll patients in our clinical trials, which could delay or prevent
us from proceeding with the clinical trials of our product candidates. We continue to monitor this evolving situation and the potential
impact on us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Components
of Operating Results</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not generated any revenue since inception and do not expect to generate any revenue from the sale of products in the near term until
we obtain regulatory approval of, and commercialize, our product candidates.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current operating expenses consist of two components &#8211; research and development expenses, and general and administrative expenses.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development Expenses</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expense research and development costs as incurred. These expenses consist of costs incurred in connection with the development of our
product candidates, including:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">license
    fees and milestone payments incurred in connection with our license agreements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses
    incurred under agreements with contract research organizations (&#8220;CROs&#8221;), contract manufacturing organizations (&#8220;CMOs&#8221;),
    as well as investigative sites and consultants that conduct or support our clinical trials, preclinical studies and other scientific
    development services;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing
    scale-up expenses and the cost of acquiring and manufacturing preclinical and clinical trial materials and (in due course) commercial
    materials, including manufacturing validation batches;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">employee-related
    expenses, including salaries, social security charges, related benefits, severance indemnity in case of termination of employees&#8217;
    relationships, travel and share-based compensation expense for employees engaged in research and development functions and consulting
    fees;</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs
    related to compliance with regulatory requirements; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">facilities
    costs, depreciation, and other expenses, which include rent and utilities.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development expenses are tracked on a program-by-program basis for our product candidates and consist primarily of external
costs, such as fees paid to outside consultants, CROs, CMOs, and central laboratories in connection with our preclinical development,
process development, manufacturing, and clinical development activities. Our research and development expenses by program also include
fees incurred under license agreements, as well as option agreements with respect to licensing rights. We do not allocate employee costs
or facility expenses, including depreciation or other indirect costs, to specific programs because these costs are deployed across multiple
programs and, as such, are not separately classified. We primarily use internal resources to oversee research and discovery activities
as well as for managing our preclinical development, process development, manufacturing, and clinical development activities. These employees
work across programs, and therefore, we do not track their costs by program. We elected to present the research and development expenditure
net of research and development tax credit on the statements of operations and comprehensive loss. However, not all our research and
development expenses are allocated by program:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">596</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,276</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,593</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total research and development expenses</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#8364;</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,474,441</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#8364;</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,338,962</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#8364;</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,390,677</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development activities are central to our business model. Product candidates in later stages of clinical development generally
have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration
of later-stage clinical trials; however, manufacturing costs in earlier-stage clinical trials tend to be higher due to the high cost
associated with scaling up the manufacturing process and the smaller number of patients over
which to spread those costs. We expect that our research and development expenses, which includes our clinical costs, will increase
substantially over the next several years, particularly as we increase the number of patients treated in our clinical trials, as
well as due to increases in personnel costs, including share-based compensation, contractor costs and facilities costs, as we
continue to advance the development of our product candidates. We also expect to incur additional expenses related to milestone and
royalty payments payable to third parties with whom we have entered into license agreements to acquire the rights to our product
candidates.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
successful development and commercialization of our product candidates is highly uncertain. At this time, we cannot reasonably estimate
or know the nature, timing and costs of the efforts that will be necessary to complete the preclinical and clinical development of any
of our product candidates or when, if ever, material net cash inflows may commence from any of our product candidates. This uncertainty
is due to the numerous risks and uncertainties associated with product development and commercialization, including the uncertainty of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    scope, progress, outcome, and costs of our preclinical development activities, clinical trials and other research and development
    activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    lingering impact from the COVID-19 pandemic on our preclinical development activities, clinical trials and other research and development
    activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">development
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may never succeed in achieving regulatory approval for any of our product candidates. We may obtain unexpected results from our clinical
trials. We may elect, or be forced by regulatory authorities, to discontinue, delay or modify clinical trials of some product candidates
or focus on others. Any changes in the outcome of any of these variables with respect to the development of our product candidates in
preclinical and clinical development could mean a significant change in the costs and timing associated with the development of these
product candidates. For example, if AIFA, EMA, FDA, or another regulatory authority were to delay our planned start of clinical trials
or require us to conduct clinical trials or other testing beyond those that we currently expect, or if we experience significant delays
in enrollment in or treatment as part of any of our ongoing and planned clinical trials for any reason, we could be required to expend
significant additional financial resources and time on the completion of clinical development of that product candidate. Identifying
potential product candidates and conducting preclinical testing and clinical trials is a time-consuming, expensive, and uncertain process
that takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve
product sales. In addition, our product candidates, if approved, may not achieve commercial success.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative Expenses</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses consist primarily of salaries and consulting fees, related benefits, travel, and share-based compensation
expense for personnel in executive, finance, and administrative functions. General and administrative expenses also include professional
fees for legal, consulting, accounting, and audit services.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued
research activities and development of our product candidates. We also anticipate that we will continue to incur additional accounting,
audit, legal, regulatory, compliance, director and officer insurance costs, as well as legal, investor and public relations expenses
associated with being a public company. Additionally, if we believe a regulatory approval of a product candidate appears likely, we anticipate
an increase in payroll and other expense in order to perpare for commercial operations, especially as it relates to the sales and marketing
of our product candidate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Income (Expense)</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income (expense) consists primarily of interest income/(expense), foreign exchange income/(loss). For the year ended December 31, 2023,
the net balance of other income/(expense) amounted to approximately &#8364;87,000 and mainly related to net financial interest income
of approximately &#8364; 309,000, net unrealized foreign exchange losses of approximately &#8364; (257,000), and net realized foreign exchange
gain of approximately &#8364;40,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, other income (expense) consisted primarily of a tax benefit approved by the Italian Tax Agency of &#8364;180,000
related to the allowance for corporate equity (&#8220;ACE&#8221;), and financial fees reimbursement of approximately &#8364;28,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2021, we accrued an award of &#8364;150,000 given to the Company by international institutions for the successful
results achieved in clinical trials.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
taxes</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to taxation in Italy and the U.S. Taxes are recorded on an accrual basis. These taxes therefore represent the allowances
for taxes paid or to be paid for the year, calculated according to the current enacted rates and applicable laws. Due to the tax loss
position reported, no income taxes were due for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of each reporting date, we consider existing evidence, both positive and negative, that could impact our view regarding to future realization
of deferred tax assets. We believe that it is more likely than not that the benefit for deferred tax assets will not be realized. In
recognition of this uncertainty, a full valuation allowance was applied to the deferred tax assets. Future realization depends on our
future earnings, if any, the timing, and amount of which are uncertain as of December 31, 2023. In the future, should management conclude
that it is more likely than not that the deferred tax assets are partially or fully realizable, the valuation allowance would be reduced
to the extent of such expected realization and the amount would be recognized as a deferred income tax benefit in our Consolidated Statements
of Operations and Comprehensive Loss .</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are open statutes of limitations for Italian tax authorities to audit our tax returns. There have been no material income tax-related
interests or penalties assessed or recorded.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no liability related to uncertain tax positions reported in our consolidated financial statements.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
line with the legislation in force, as updated by the Italian Budget Law 2022, companies in Italy that invested in eligible research
and development activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit up
to 10% of the increase of annual research and development expenses incurred, up to a maximum of &#8364;5.0 million, which can be used
as compensation in order to reduce most taxes payable, including income tax or regional tax on productive activities, as well as of social
security contributions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Italian Budget Law also established that the actual support of eligible expenses and its correspondence with the accounting documents
must result from a specific certification issued by the person responsible for the legal audit and, in addition to the audit report,
a technical report is also required. In addition, the tax credit due can only be used as compensation in three equal annual instalments.
The measure is provided up to the tax period ending December 31, 2031; however, starting with the fiscal year 2023, and in respect subsequent
fiscal periods, the tax credit rate was decreased from 20% to 10% of the eligible expenses, and the annual ceiling of the credit was
increased from &#8364;4.0 million to &#8364;5.0 million.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, we recorded research and development tax benefits of approximately &#8364;428,000, &#8364;890,000,
and &#8364;829,000, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of Year Ended December 31, 2023 to Year Ended December 31, 2022</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our results of operations for the years ended December 31, 2023, and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>


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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have presented basic and diluted loss per share at December 31, 2023, which consists of our historical loss divided by the basic and
diluted weighted average number of ordinary shares outstanding at December 31, 2023. There was no dilutive impact due to our net loss
position.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development Expenses</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses were approximately &#8364;6.5 million for the year ended December 31, 2023, as compared to approximately &#8364;5.3
million for the year ended December 31, 2022. The increase of approximately &#8364;1.2 million was mainly due to LVV (lentiviral vector
for gene therapy) production activities. The increase in production activities related to the increase in the number of patients enrolled,
the preparation of Phase II involving plasmid, cell banks production, and the cost of the manufacturing site transfer to a new location
in Italy.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, we utilized approximately &#8364;0.7 million of research and development tax credit to offset certain
social contributions and taxes payable, while we utilized approximately &#8364;0.6 million for such purpose during 2022. The benefit recorded
for the years ended December 31, 2023 and 2022 to offset research and development expenses was approximately &#8364;0.4 million and &#8364;0.7
million, respectively. The decrease in the benefit recorded for the year ended December 31, 2023, compared to the year ended December
31, 2022, was primarily due to the R&amp;D tax rate reduction from 20% to 10% of the eligible expenses, starting from January 2023, as
provided by the 2022 Italian Budget Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
reclassified to other non-current assets a portion of the receivable, which is expected to be realized beyond 12 months.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative Expenses</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses were approximately &#8364;5.3 million for the year ended December 31, 2023, as compared to approximately &#8364;5.7
million for the year ended December 31, 2022. The decrease was primarily due to a decrease in our insurance cost, as we were able to
significantly reduce the cost of our directors and officers insurance without reducing coverage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income (expense)</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income (expense) was not material for the year ended December 31, 2023, as compared to approximately &#8364;243,000 for the year ended
December 31, 2022, which was mainly due to a tax benefit to help the Company&#8217;s economic growth &#8220;ACE&#8221; (i.e., allowance
for corporate equity) and a reimbursement for bank fees and commissions both accrued in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net financial income was approximately &#8364;309,000 for the year ended December 31, 2023, compared to a net financial loss of approximately
&#8364;37,000 for the year ended December 31, 2022. The change was mainly related to financial interest income on financial investments
made in 2023 in U.S. Treasury bills and Italian government bonds.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
exchange rate gain (loss)</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net exchange loss was approximately &#8364;(217,000) for the year ended December 31, 2023 compared to approximately &#8364;2.3 million
for the year ended December 31, 2022. The change in respect of the preceding year was due to the fluctuation of the USD versus Euro exchange
rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the net exchange loss was due to a net unrealized foreign exchange loss of approximately &#8364; (257,000),
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, the net exchange rate gain was mainly due to an approximately &#8364;1.6 million of net exchange rate
gain realized on the conversion of $12.0 million of IPO proceeds collected in December 2021 to Euros, an approximately &#8364;0.4 million
net exchange rate gain realized on USD trade payables and an approximately &#8364;0.3 million net exchange rate gain unrealized on USD
bank deposits.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, our net loss was approximately &#8364;11.6 million for the year ended December 31, 2023, as compared to approximately
&#8364;8.5 million for the year ended December 31, 2022. The increase in our loss of approximately &#8364;3.2 million was primarily due
to the net exchange rate loss compared to the net exchange rate gain in the prior year, the increase in our overall research and development
spending, and the decrease in tax benefits recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of Year Ended December 31, 2022 to Year Ended December 31, 2021</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our results of operations for the years ended December 31, 2022, and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have presented basic and diluted loss per share at December 31, 2022, which consists of our historical loss divided by the basic and
diluted weighted average number of ordinary shares outstanding at December 31, 2022. There was no dilutive impact due to our net loss
position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have presented pro forma basic and diluted loss per share at December 31, 2021, which consists of our historical loss divided by the
pro forma basic and diluted weighted average number of ordinary shares outstanding at December 31, 2021 since we were an S.r.l. with
classes of quota (similar to membership interests in a limited liability company in the U.S.) rather than shares, until June 18, 2021,
the date of our conversion to an S.p.A. (similar to a C-corporation in the U.S.). (See our disclosures in Note 2 - Summary of significant
accounting policies - <i>Net loss per share -</i> to our consolidated financial statements for additional information regarding the method
used to calculate the pro forma basic and diluted loss per ordinary share and Note 11 &#8211; Quotaholders&#8217; and shareholders&#8217;
equity &#8211; for the pro forma weighted average number of ordinary shares used in the computation of the per share amounts).</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development Expenses</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses were approximately &#8364;5.3 million for the year ended December 31, 2022, as compared to approximately &#8364;3.4
million for the year ended December 31, 2021. The increase of approximately &#8364;1.9 million was primarily due to the increase in research
and development compensation and an increase in manufacturing activity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, we utilized approximately &#8364;0.6 million of research and development tax credit to offset certain
social contributions and taxes payable, while we utilized approximately &#8364;0.5 million for such purpose during 2021. The benefit recorded
for the years ended December 31, 2022 and 2021 to offset research and development expenses was approximately &#8364;0.7 million and &#8364;1.2
million, respectively. The decrease in the benefit recorded for the year ended December 31, 2022, compared to the year ended December
31, 2021, is due to the increase in the utilization rate of the research and development credit, since the effects of the optimization
of the organizational structure will have more impact over the next several years. We consider this estimate reasonable and prudent based
on the actual research and development tax credit utilization rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
reclassified to other non-current assets a portion of the receivable, which is expected to be realized beyond 12 months.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative Expenses</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses were approximately &#8364;5.7 million for the year ended December 31, 2022, as compared to approximately &#8364;2.3
million for the year ended December 31, 2021. The general and administrative expense increase was essentially due to the increase in
general and administrative board and management compensation, including but not limited to share-based compensation, to the increase
in the directors and officers (&#8220;D&amp;O&#8221;) liability insurance policy premium payments, and to the increase in legal advisors
and auditor fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
administrative expenses also increased due mainly to corporate website maintenance and other investor and corporate communication costs
related to business development activities that has required additional efforts since our listing on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
Income (Expense)</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income was approximately &#8364;243,000 for the year ended December 31, 2022, as compared to approximately &#8364;19,600 for the year ended
December 31, 2021. The increase primarily due to a tax benefit received to help the Company&#8217;s economic growth &#8220;ACE&#8221;
(i.e., allowance for corporate equity) of approximately &#8364;180.000 and to a reimbursement for bank fees and commissions of approximately
&#8364;28,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net financial income was approximately &#8364;37,000 for the year ended December 31, 2022, compared to a net financial loss of approximately
&#8364;(11,700) for the year ended December 31, 2021. The change from net financial loss to net financial income was mainly due to financial
interest income on time deposits in U.S. Dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Exchange Rate Gain</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net exchange rate gain was approximately &#8364;2.3 million for the year ended December 31, 2022 and was mainly due to: (i) an approximately
&#8364;1.6 million net exchange rate gain realized on the conversion to Euro of $12.0 million of IPO proceeds collected in December 2021;
(ii) an approximately &#8364;0.4 million net exchange rate gain realized on USD$ trade payables; and (iii) an approximately &#8364;0.3
million net exchange gain unrealized on USD$ time deposits. In the year ended December 31, 2021, the net exchange loss was approximately
&#8364;(7,000), which was considered immaterial. The amount was low compared to 2022, mainly due to maintaining our cash and cash equivalents
in Euros in 2021 with minimal activity in our U.S. subsidiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net loss was approximately &#8364;8.5 million for the year ended December 31, 2022, as compared to approximately &#8364;5.5 million for
the year ended December 31, 2021. The increase in our net loss was primarily due to the increase in our operating expenses of approximately
&#8364;5.4 million, offset by approximately &#8364;2.4 million of other income, primarily from the net exchange rate gain in 2022, as described
above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are prepared in accordance with generally accepted accounting principles in the U.S. The preparation
of our consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported
amounts of assets, liabilities, costs, and expenses, and the disclosure of contingent assets and liabilities in our consolidated financial
statements. We base our estimates on historical experience, known trends, and events and various other factors that we believe are reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may
differ from these estimates under different assumptions or conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the accounting policies described below are critical to understand the judgements and estimates used in the consolidated
financial statements and to fully understand and evaluate our financial condition and results of operations.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accrued
Research and Development Expenses</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the process of preparing our consolidated financial statements, we are required to estimate our accrued research and development
expenses. This process involves reviewing open contracts and purchase orders, communicating with our personnel to identify services that
have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when
we have not yet been invoiced or otherwise notified of actual costs. Many of our service providers invoice us in arrears for services
performed, on a pre-determined schedule or when contractual milestones are met; however, some require advanced payments. We attempt to
obtain estimates directly from vendors on work performed, if possible. If we are unable to obtain estimates from vendors, we estimate
our accrued expenses as of each balance sheet date in the consolidated financial statements based on facts and circumstances known to
us at that time. We periodically confirm the accuracy of these estimates with the service providers and make adjustments, if necessary.
Examples of estimated accrued research and development expenses include fees paid to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
base our expenses related to preclinical studies and clinical trials on our estimates of the services received and efforts expended pursuant
to quotes and contracts with multiple research institutions and CROs that conduct and manage preclinical studies and clinical trials
on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven
payment flows. There may be instances in which payments made to our vendors will exceed the level of services provided and result in
a prepayment of the expense. Payments under some of these contracts depend on factors such as the successful enrollment of patients and
the completion of clinical trial milestones. In accruing service fees, we estimate the time over which services will be performed and
the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies
from the estimate, we adjust the accrual or the amount of prepaid expenses accordingly. Although we do not expect our estimates to be
materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the
actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any period.
To date, there have not been any material adjustments to our prior estimates of accrued research and development expenses.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share-based
compensation</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has implemented a new stock option plan (the &#8220;2021&#8211;2025 Equity Incentive Plan&#8221;) based on a maximum
of 2.7 million of new ordinary shares (i.e., common stock) or 10% of the number of shares outstanding after the IPO (approximately 1.8
million). The 2021&#8211;2025 Equity Incentive Plan is administered by our board of directors, in consultation with the Compensation,
Nomination and Governance Committee.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2021, our board of directors approved the general terms (e.g., regulation) of our 2021 &#8211; 2025 Equity Incentive Plan. Under
Italian law, we do not need to obtain the approval of the specific terms of our equity incentive plans from our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2022, our board of directors, as administrator of the 2021&#8211;2025 Equity Incentive Plan, awarded nonqualified stock options
(&#8220;NSOs&#8221;) on 147,783 shares to its (former) chairman according to the terms of a sub-plan called &#8220;2021-2025 Chairman
Sub-Plan&#8221; (the &#8220;Sub-Plan&#8221;) attached to the 2021&#8211;2025 Equity Incentive Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2022, our board of directors, as administrator of the 2021&#8211;2025 Equity Incentive Plan, awarded NSOs on 392,740 shares to certain
of our directors and employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, our board of directors, as administrator of the 2021&#8211;2025 Equity Incentive Plan, awarded NSOs on 46,400 shares to certain
of our directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2023, our shareholders modified the 2021&#8211;2025 Equity Incentive Plan to extend the final deadline for the issuance of the ordinary
shares until December 31, 2035, in order to allow that all stock options granted during the term of the Plan could provide for an exercise
period of 10 years starting from the date of grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, there were 586,923 options granted and 1,234,772 options available for grant.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
measure share-based awards granted to employees and directors based on the fair value on the date of the grant and recognize compensation
expense for those awards over the requisite service period, which is the vesting period of the respective award. Forfeitures are accounted
for as they occur. The measurement date for option awards is the date of the grant. We classify share-based compensation expense in our
statements of operations and comprehensive loss in the same way the award recipient&#8217;s payroll costs are classified or in which
the award recipient&#8217;s service payments are classified.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the adoption of Accounting Standards Update (&#8220;ASU&#8221;) No. 2018-07, Compensation&#8212;Stock Compensation (Topic 718): Improvements
to Nonemployee Share-Based Payment Accounting on January 1, 2019, the measurement date for non-employee awards is the date of the grant.
The compensation expense for non-employees is recognized, without changes in the fair value of the award, over the requisite service
period, which is the vesting period of the respective award.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and Development Tax Credit Receivable</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for our research and development tax credit receivable in accordance with IAS 20 <i>Accounting for Government Grants and Disclosure
of Government Assistance</i>. The receivable is recognized when there is reasonable assurance that: (1) the recipient will comply with
the relevant conditions and (2) the grant will be received. We elected to present the credit net of the related expenditure on the statements
of operations and comprehensive loss. While these tax credits can be carried forward indefinitely, we recognized an amount which reflects
management&#8217;s best estimate of the amount that is reasonably assured to be realized or utilized in the foreseeable future based
on historical benefits realized, adjusted for expected changes, as applicable.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging
Growth Company Status</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company.&#8221; Under the Jumpstart Our Business Startups Act (&#8220;JOBS Act&#8221;), an emerging growth
company can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as
those standards apply to private companies. We have irrevocably elected to avail ourselves of this exemption from new or revised accounting
standards, and, therefore, will not be subject to the same new or revised accounting standards as public companies that are not emerging
growth companies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not engaged in any off-balance sheet arrangements, such as the use of unconsolidated subsidiaries, structured finance, special purpose
entities, or variable interest entities.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not believe that any future off-balance sheet arrangements and commitments 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 is material to investors.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and Qualitative Disclosure About Market Risk</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our current investment policy is to invest available cash in bank
deposits with banks that have a credit rating of at least A-. Accordingly, a substantial majority of our cash and cash equivalents, or
marketable securities, is held in deposits that bear interest. Given the current rates of interest we receive, we will not be adversely
affected if such rates are reduced. Our market risk exposure is primarily a result of foreign currency exchange rates, which is discussed
in detail in the following paragraph.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Exchange Risk</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations and cash flow are subject to significant fluctuations due to changes in foreign currency exchange rates. Our liquid
assets and our expenses are denominated in EUR and USD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we continue to grow our business, our results of operations, and our cash flows might be subject to fluctuations due to changes in foreign
currency exchange rates, which could adversely impact our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
hypothetical movement of 10% in USD to the EUR exchange rate would have had an impact of approximately &#8364;0.3 million on our net result
for the year ended December 31, 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
we do not hedge our foreign currency exchange risk. In the future, we may enter formal currency hedging transactions to decrease the
risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures, however, may
not adequately protect us from the material adverse effects of such fluctuations.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_006"></span>B.
Liquidity and Capital Resources</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
inception, we have not generated any revenue and have incurred significant operating losses and negative cash flows from our operations.
We have funded our operations to date primarily with proceeds from the sales of quotas, in prior years as an S.r.l., and through our
IPO of our shares as an S.p.A. We received gross cash proceeds of approximately &#8364;33.6 million from sales of quotas (pre-IPO) and
approximately &#8364;32.7 million of gross proceeds from the IPO in December 2021. As of December 31, 2023, the Company had approximately
&#8364;18.8 million in cash and cash equivalents and marketable securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents our cash flows for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
                                            Euros)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash used in operating activities</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(11,205,023</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,418,236</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,958,174</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash used in investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,892,666</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(27,070</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,009</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by
    financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">531</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,742,102</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Effect of exchange rate changes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,278</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net (decrease) increase in cash and cash equivalents</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(26,103,436</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,445,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,774,919</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents
    at beginning of year</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,794,856</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,240,162</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,465,243</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at end of year</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,691,420</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,794,856</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,240,162</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, operating activities used approximately &#8364;11.0 million of cash and cash equivalents, resulting
from our net loss of approximately &#8364;11.6 million, partially offset by non-cash charges of approximately &#8364;1.1 million and the
cash generated by our operating assets and liabilities of approximately &#8364;0.4 million. The non-cash charges primarily included approximately
&#8364;0.7 million of share-based compensation expense, approximately &#8364;0.2 million of unrealized gain on purchase of marketable securities,
and other minor amounts of depreciation, retirement benefit obligation expense and cumulative translation adjustment. The net changes
in our operating assets and liabilities were primarily due to a decrease in accounts payable. The decrease in accounts payable compared
to the prior period, was mainly due to bills from certain suppliers, advisors, and legal consultants received in December 2022 but that
became due and were paid in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, operating activities used approximately &#8364;7.4 million of cash and cash equivalents, resulting from
our net loss of approximately &#8364;8.5 million, partially offset by non-cash charges of approximately &#8364;0.8 million and the cash
generated by our operating assets and liabilities of approximately &#8364;0.2 million. The non-cash charges primarily included approximately
&#8364;0.7 million of share-based compensation expense, and other minor amounts of depreciation, retirement benefit obligation expense
and cumulative translation adjustment. The net changes in our operating assets and liabilities were primarily due to an increase in account
payable and accrued expenses, as well as an increase in other current liabilities. The increase in account payable was mainly due to
bills from certain suppliers, advisors and legal consultants received in December 2022 becoming due and were paid in January 2023, as
well as an increase in account payables to OSR, a related party. The increase in accrued expenses was mainly due to an increase in related
parties accrued expenses for invoices to be received from OSR and for senior management bonuses accrued at year end.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, operating activities used approximately &#8364;7.0 million of cash and cash equivalents, resulting from
our net loss of approximately &#8364;5.5 million and by cash used for changes in our operating assets and liabilities of approximately
&#8364;1.9 million and partially offset non-cash charges of approximately &#8364;0.5 million. The net changes in our operating assets and
liabilities were primarily due to an increase in payment of related party research and clinical accrued expenses, as well as an increase
of prepaid and other current assets mainly related to a VAT (value added tax) receivable. The non-cash charges primarily included approximately
&#8364;0.5 million of share-based compensation expense and a de minimis amount of depreciation and retirement benefit obligation expense.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, investing activities used approximately &#8364;5.9 million to purchase marketable securities (U.S. treasury
bills and Italian government bonds), in order to deploy the liquidity available and not used in current operations more profitably, while
respecting the principle of selecting low-risk profile assets. In addition, approximately &#8364;13,000 of our cash and cash equivalents
were used to primarily purchase laptops and other work tools for new employees hired during the fiscal year ending on December 31, 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, investing activities used &#8364;27,070 of our cash and cash equivalents to both improve our cyber security
and support the implementation of our new ERP system.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, investing activities used &#8364;9,009 of our cash and cash equivalents to invest in our fixed assets,
such as, laptops, smartphones, and other information technology equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, there was no cash provided by financing activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, there was no cash provided by financing activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, net cash provided by financing activities was approximately &#8364;28.7 million, primarily consisting
of net cash proceeds from our IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Current
Outlook</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have not generated revenue and do not expect to generate revenues from the sale of any product candidate in the near term.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our cash and cash equivalents, and marketable securities, were approximately &#8364;18.8 million. Our primary cash
obligations relate to payments to OSR pursuant to the ARLA and other providers of clinical trial related services and manufacturing activities.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our existing cash, we estimate that such funds will be sufficient to fund our operations and capital expenditure requirements into
the second quarter of 2025. We have based this estimate on assumptions that may prove to be wrong, and we could use our available capital
resources sooner than we currently expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our operating plans may change because of many factors that may currently be unknown to us, and we may need to seek additional
funds sooner than planned. Our future capital requirements will depend on many factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    remnants of the COVID-19 pandemic and its impact on our planned clinical trials, operations and financial condition;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    scope, prioritization and number of our clinical trials and other research and development programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of, and timing for, amending current manufacturing agreements for production of sufficient clinical and (eventually) commercial
    quantities of our product candidates, or entering into new agreement with existing or new CMOs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities
    internally; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of acquiring or undertaking the development and commercialization efforts for additional, future therapeutic applications of
    our product candidates and the magnitude of our general and administrative expenses.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
we can generate significant revenues, if ever, we expect to satisfy our future cash needs through our existing cash, cash equivalents
and short-term deposits as well as through additional financings, which we may seek through a combination of private and public equity
offerings, debt financings and collaboration, in-licensing arrangements, joint ventures, strategic alliances or partnerships. For example,
on May 12, 2023, we filed with the SEC a shelf registration statement, which was declared effective by the SEC on May 24, 2023 and permits
us to sell from time to time additional ordinary shares, ordinary shares represented by ADSs or rights exercisable for ordinary shares
or ADSs in one or more offerings in amounts, at prices and on the terms that we will determine at the time of offering for aggregate
gross sales proceeds of up to $100.0 million.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available, we may
be required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect
to, one or more applications of our product candidates.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
expected use of cash and cash equivalents represents our intentions based upon our current plans and business conditions, which could
change in the future as our plans and business conditions evolve. We may also use a portion of the available cash and cash equivalents,
and marketable securities, to in-license, acquire, or invest in additional businesses, technologies, products, or assets.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Termination
of ATM Offering Sales Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 28, 2024, we mutually agreed with Cantor Fitzgerald &amp; Co. (<span style="background-color: white">&#8220;</span>Cantor&#8221;)
to terminate the <span style="background-color: white">Controlled Equity Offering Sales Agreement (the &#8220;Sales Agreement&#8221;),
dated May 12, 2023, pursuant to which we could offer and sell up to $30.0 million ordinary shares represented by ADSs from time to time
through Cantor, as agent, subject to the terms and conditions described in the Sales Agreement and SEC rules and regulations (the &#8220;ATM
Offering&#8221;). Prior to termination, we issued and sold 100 ADSs through the ATM Offering for gross proceeds of approximately $639.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of the Sales
Agreement, a copy of which was filed as Exhibit 1.2 to our Registration Statement of Form F-3 (File No. 333-271901) filed with the SEC
on May 12, 2023 and incorporated here by reference.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_007"></span>C.
Research and Development</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Intellectual Property Rights.&#8221;</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_008"></span>D.
Trend Information</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events for
the fiscal year ended December 31, 2023 that are reasonably likely to have a material and adverse effect on our net revenues, income,
profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative
of future results of operations or financial conditions.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_009"></span>E.
Critical Accounting Estimates</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
our critical accounting estimates, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;A. Operating Results&#8212;Critical
Accounting Policies.&#8221;</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_010"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_011"></span>A.
Directors and Senior Management</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the name, age as of March 26, 2024, and position of the individuals who serve as our directors and executive
officers. The following also includes certain information regarding the individual experience, qualifications, attributes and skills
of our directors and executive officers as well as brief statements of those aspects of our directors&#8217; backgrounds that led us
to conclude that they are qualified to serve as directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    elected</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or
    appointed</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark
    Alan Sirgo, Ph.D.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Chairman
    of the Board of Directors (1)(2)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pierluigi
    Paracchi</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Chief
    Executive Officer, Vice Chairman of the Board of Directors and</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">General
    Manager</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard
    B. Slansky</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Chief
    Financial Officer</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlo
    Russo, M.D.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Chief
    Medical Officer, Head of Development</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roger
    Abravanel</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Director(1)(2)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guido
    Guidi</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Director(1)(2)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
    Marucci</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Director(1)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barbara
    Regonini</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Finance
    Director</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stefania
    Mazzoleni, Ph.D.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#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">Scientific
    Project Manager and Communications Officer</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director (as
  defined under Nasdaq Stock Market rules)</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Compensation,
  Nomination and Governance Committee</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors above were elected at the Company&#8217;s general shareholders&#8217; meeting held on May 20, 2021, for a three-year term.
The board of directors (the &#8220;Board&#8221;) consists of five (5) members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors&#8217; terms will expire with the Company&#8217;s general shareholders&#8217; meeting called to approve the financial statements
for the year ending December 31, 2023 to be held in 2024, or earlier upon resignation.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Pierluigi
Paracchi, Chief Executive Officer, Vice Chairman of the Board of Directors, and General Manager</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Paracchi has over 15 years of combined experience as an investor and director of life science companies, including as Founder and CEO
of Quantica SGR and in senior roles at Ax&#242;n Capital, Sofinnova Partners, and AurorA Science. He was also a board member and investor
in Ethical Oncology Science, which was acquired in 2013 for a total deal of $470 million. Mr. Paracchi is a member of the Assobiotec
Steering Committee, the Italian Association for the development of biotechnology. He also serves on the board of directors of the autoimmune
disease and cancer company Altheia Science, as non-executive Chairman, at a medical device company, Lipogems International, and is a
venture partner with AurorA Science, an independent biotech investment vehicle.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Richard
B. Slansky, Chief Financial Officer</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Slansky is a senior financial executive with more than 30 years of experience as Chief Financial Officer in various biopharmaceutical,
diagnostic and life science companies, including Biological Dynamics, OncoSec Medical, GenMark Diagnostics and C-N Biosciences, now a
part of Millipore Sigma, a division of Merck KGaA. His experience spans across public and private healthcare and technology companies
at various stages of growth, pre-revenue to commercial. He has been responsible for strategic vision and oversight of financial and operational
teams, organizational leadership, creating maximum stakeholder value, financial and governmental compliance, among other activities.
He also serves on the board of directors of several private companies in the life science, aerospace and real estate market segments.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Carlo
Russo, M.D., Chief Medical Officer &amp; Head of Development</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Russo has extensive experience as a biotech executive focused on medical affairs, research and development, and clinical studies. He
has served as Head of Development of GSK&#8217;s R&amp;D Biopharm and Rare Disease Units and the Cardiovascular Metabolic Center. Previously,
Dr. Russo served as an Executive VP and CMO of Adverum, CMO &amp; Head of Research &amp; Development of Annapurna, and President and
CEO of VaxInnate Corporation, among other senior roles. Dr. Russo holds several senior positions at research institutions, including
Cornell University Medical College, Columbia University, and Scripps Research Institute. He holds his MD and Board Certification in Hematology
from the University of Genoa Medical School, and is the author of more than 70 scientific publications.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Barbara
Regonini, Finance Director</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Regonini is an experienced financial executive with skills in strategic finance, restructuring and reorganization processes, internal
controls, and corporate governance systems implementation. Prior to joining Genenta, she was Head of Finance at OAM &#8211; Financial
Supervisory Authority. She previously held CFO roles and was part of the Supervisory Body of a public company in the renewable energy
field. Former senior manager at PriceWaterhouseCoopers, she has a significant finance background in the industrial and service field.
She has a Master&#8217;s degree at the University of Nicosia in Science of Digital Currency, a degree as Strategic CFO at Harvard Business
School, a Master&#8217;s degree in Business and Administration at the University of Parma, and she is a Chartered Public Accountant and
Auditor.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stefania
Mazzoleni, Ph.D., Scientific Project Manager and Communications Officer</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Mazzoleni manages and oversees the scientific development of parallel immuno-gene therapy studies in oncology indications and provides
scientific support for investor interactions. Dr. Mazzoleni has more than 15 years&#8217; experience in life science research and development,
oncology and project management, including over four years of drug development and cell and gene therapy experience acquired while working
at various academic institutions (OSR - San Raffaele Hospital, National Institute of Molecular Genetics) and pharmaceutics (Nerviano
Medical Sciences). Dr. Mazzoleni received a MSc in Medical Biotechnology in 2005, holds a PhD in Molecular and Cellular Biology from
San Raffaele Vita-Salute University, has a second level vocational Master&#8217;s degree in Pharmacy and Pharmaceutical Oncology and
is a member of the European Academy of Tumor Immunology.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mark
A. Sirgo, Pharm.D., Chairman of the Board</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Sirgo is currently the CEO of Corium Innovations, a contract development and manufacturing company specializing in prescription and
over the counter transdermal product delivery. He spent the previous three years as CEO of Aruna Bio, a company specializing in the
utilization of neuro exosomes to treat neurodegenerative diseases. Prior to Aruna Bio he founded and spent 13 years as CEO of the
specialty pharmaceutical company BioDelivery Sciences, Inc. (NASDAQ: BDSI), overseeing the development, approval and
commercialization of three products for pain and addiction disorder, raising over $600 million in capital through equity and debt
financings and growth in market capitalization from $10 million to nearly $1 billion during that period. Dr. Sirgo remained on the
Board until the successful sale of the company in 2022. Dr. Sirgo began his career at GSK where he spent 17 years in roles of
increasing responsibility including Vice President of Clinical Development and Vice President of New Product Marketing. He currently
serves on the boards of several public and private companies. Dr. Sirgo holds a Doctorate in Pharmacy from Philadelphia College of
Pharmacy and Sciences and a Bachelor&#8217;s in Pharmacy from The Ohio State University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Roger
Abravanel, Director</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Abravanel worked at McKinsey &amp; Company for 34 years as a consultant for Italian and multinational corporations in Europe, the U.S.,
and the Far East, and is now an emeritus director. He is a former board member of Luxottica, COFIDE, Teva and Admiral, is currently Chairman
of the INSEAD&#8217;s advisory group in Italy and is the author of several best-selling business books.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Guido
Guidi, MD, Director</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Guidi has 35 years of experience in top global roles in large pharmaceuticals companies, managing up to 7,000 employees and a turnover
of more than &#8364;7 billion. He was previously Head of Pharma E.U. at Novartis, Head of Oncology at Novartis EU, overseeing major products
including Cosentyx, Entresto, Lucentis, Gilenya, Xolair, Ultibro, Seebri, Galvus and Exforge. Dr. Guidi is Vice Chairman of Recordati
and Chairman of Cellestia. He also is a member of several pharma boards.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anthony
Marucci, Director</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Marucci is a seasoned life sciences and public company leader who has raised $1.7 billion in capital in multiple organizations over his
30 years&#8217; experience. He is currently President and CEO of Celldex Therapeutics, the company he co-founded in 2004 and which develops
targeted therapeutics, including immunotherapies and other targeted biologics. Prior to founding Celldex, he was Treasurer at Medarex,
from which Celldex was spun out, and he holds an MBA from Columbia University and a MHL from Brown University.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Scientific Board</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Luigi
Naldini, M.D., Ph.D., Chairman of the Executive Scientific Board</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professor
Naldini is a deeply experienced scientist and academic, considered by many to be the father of lentiviral gene therapy. Dr. Naldini is
Professor of Cell and Tissue Biology and Cell and Gene Therapy at the Vita-Salute San Raffaele University School of Medicine in Milan,
and Director of the San Raffaele-Telethon Institute for Gene Therapy and of the Division of Regenerative Medicine, Stem Cells &amp; Gene
Therapy at the San Raffaele Scientific Institute. He has previously served as President of the European Society of Gene and Cell Therapy
and a member of the board of directors and Advisory Council of the American Society of Gene and Cell Therapy. Dr. Naldini is also a scientific
advisor on EMEA and WHO committees for the evaluation of novel gene transfer medicines and has authored more than 250 scientific publications.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bernhard
Gentner, M.D., Member of the Executive Scientific Board</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Gentner is a physician scientist, serving as Group Leader of the Translational Stem Cell and Leukemia Research Unit at the San Raffaele-Telethon
Institute for Gene Therapy in Milan and Staff Hematologist in the Hematology and Bone Marrow Transplantation Unit of OSR - San Raffaele
Hospital. Dr. Gentner completed his MD studies at the University of Heidelberg, Germany, the MD Anderson Cancer Center and Baylor College
of Medicine, Houston, USA. He completed his internal medicine training at Erlangen University Hospital, Germany and his hematology training
at San Raffaele Vita-Salute University and has authored more than 30 scientific publications.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Strategic
Advisors</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advisors
to the Company include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brad Loncar: Founder and
  Chief Executive Officer at Loncar Investments. Mr. Loncar is a biotech investor, index provider, and creator of two Nasdaq-listed exchange
  traded funds.</span></td></tr>
</table>


<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among our executive officers and directors.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Arrangements
Concerning Election of Directors and Members of Management</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no arrangements or understandings with major shareholders, customers, suppliers, or others pursuant to which any of our directors
or members of senior management were selected as such.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_012"></span>B.
Compensation</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents in the aggregate all compensation we paid to all our directors and senior management as a group for the year
ended December 31, 2023. The table does not include any amounts we paid to reimburse any of such persons for costs incurred in providing
us with services during this period. We are not required to provide the compensation, on an individual basis, of our executive officers
and directors under Italian law. As a matter of Italian law, the compensation of directors is established at the time of their appointment
or by the shareholders&#8217; meeting. The compensation of the managing directors shall be established by the board of directors, with
the opinion of the board of statutory auditors. Our bylaws provides that the shareholders&#8217; meeting may determine a total amount
for the compensation of the directors, including managing directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total amount paid to all directors and senior managers as a group was approximately &#8364;1.3 million for the year ended December 31,
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All directors and senior management
as a group,</span> <span style="font-family: Times New Roman, Times, Serif">consisting of 8
persons including current and former directors</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total cost to the Company for the year ended December 31, 2023 related to all directors and senior managers as a group was approximately
&#8364;2.2 million. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    Bonuses and Related Benefits</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    Retirement and Other Similar Benefits</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Share-Based
    Compensation</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All directors and senior management as a group,</span> <span style="font-family: Times New Roman, Times, Serif">consisting of 8 persons including current and</span> <span style="font-family: Times New Roman, Times, Serif">former directors</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The difference between the total amount paid by the Company and the total
cost to the Company, stems from the fact that the Company&#8217;s cost for each employee is higher than what is actually paid out during
each fiscal year due to tax and contribution charges affecting labor costs. Additionally, according to the regulations applicable to Italian
employees, severance pay is set aside annually and thus constitutes a cost for the Company, whereas it is disbursed and paid out only
in the event of the employee&#8217;s resignation or dismissal. Furthermore, provisions for unexercised stock options during the fiscal
year are also included in the Company&#8217;s cost.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_013"></span>C.
Board Practices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board of Directors</b></span></p>


<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently follow the historical Italian corporate governance system, with a board of directors (<i>consiglio di amministrazione</i>)
and a separate board of statutory auditors (<i>collegio sindacale</i>) with supervisory functions. The two boards are separate, and no
individual may be a member of both corporate bodies. Both the members of the board of directors and the members of the board of statutory
auditors owe duties of loyalty and care to the Company. The board of statutory auditors acts as the Board&#8217;s audit committee for
purposes of SEC and Nasdaq compliance (see <i>Differences between Italian Laws and Nasdaq Requirements</i> below).</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
of Statutory Auditors</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, the Company&#8217;s board of statutory auditors received approximately &#8364;44,000 in compensation in the aggregate for their
services to the Company.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Company&#8217;s annual general shareholders&#8217; meeting held on May 20, 2021, the following individuals were elected or re-appointed
to the Company&#8217;s board of statutory auditors for a three-year term. The board consists of three members, one of which is the chairman,
and two alternates. The board of statutory auditors&#8217; term will therefore expire with the Company&#8217;s general shareholders&#8217;
meeting called to approve the financial statements for the year ending December 31, 2023 to be held in 2024. The following table sets
forth the name, age as of March 26, 2024, and position of the individuals who serve as our board of statutory auditors, and their alternates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    elected</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or
    re-appointed</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlo-Alberto
    Nicchio</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board of Statutory Auditors</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cesare
    Lazzaroni</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory
    auditor</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jacopo
    Doveri</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory
    auditor</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lorenzo
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternate
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alessandro
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternate
    auditor</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
shareholder and shareholders belonging to the same group shall not submit, or contribute to submit, or to cast their vote for more than
one slate, including through a nominee. Each candidate may only be listed on single slate or, otherwise, will be ineligible for election
if named in multiple slates.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company relies on an exemption from the Rule 10A-3 requirements provided by Rule 10A-3(c)(3) of the Exchange Act for foreign private
issuers with a board of statutory auditors established in accordance with local law or listing requirements and subject to independence
requirements under local law or listing requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Additional
Board Committees</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
Italian law does not require that we adopt a Compensation, Nomination and Governance Committee, in connection with our Corporate
Conversion from a limited liability company (societ&#224; a responsabilit&#224; limitata, or &#8220;S.r.l.&#8221;) to a joint
stock company (societ&#224; per azioni, or an &#8220;S.p.A.&#8221;), we established a Compensation, Nomination and Governance
Committee according to Nasdaq Listing Rule 5615(a)(3). </span>The members of our Compensation, Nomination and Governance Committee
include Mark Sirgo, Roger Abravanel, and Guido Guidi. On May 1, 2022, Dr. Sirgo replaced Dr. Squinto on our Compensation, Nomination
and Governance Committee. The Compensation, Nomination and Governance Committee will assist our Board of Directors in overseeing our
cash compensation and equity award recommendations for our executive officers along with the rationale for such recommendations, as
well as summary information regarding the aggregate compensation provided to our executive officers.</p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Differences
between Italian Laws and Nasdaq Requirements</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sarbanes-Oxley Act, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, such as us, to comply
with various corporate governance practices. In addition, following the listing of the ADSs on Nasdaq, we are required to comply with
the Nasdaq Stock Market Rules. Under those rules, we may elect to follow certain corporate governance practices permitted under Italian
law in lieu of compliance with corresponding corporate governance requirements otherwise imposed by the Nasdaq Stock Market Rules for
U.S. domestic registrants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Italian law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market Rules, as a foreign
private issuer, we have elected to rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq
Stock Market Rules, with respect to the following requirements:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Composition
    of the board of directors</i>. Italian law does not require that the majority of our board of directors consist of independent directors.
    Our board of directors therefore may include fewer independent directors than would be required if we were subject to Nasdaq Listing
    Rule 5605(b) (1). In addition, we are not subject to Nasdaq Listing Rule 5605(b)(2), which requires that independent directors must
    regularly have scheduled meetings at which only independent directors are present.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Quorum</i>.
    In accordance with Italian law quorum requirements generally applicable to general meetings of shareholders are set forth in the
    Italian Civil Code therefore our bylaws may not provide a specific regulation of them. Our practice thus varies from the requirement
    of Nasdaq Listing Rule 5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such
    quorum may not be less than one-third of the outstanding voting stock.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
    to Italian law, the management report and the annual financial statements shall be communicated to Company&#8217;s auditor and to
    the board of statutory auditors at least 30 days prior to the general meeting of shareholders convened for its approval. The board
    of statutory auditors must report to the shareholders&#8217; meeting on the results of the financial year and on the activities carried
    out in the performance of its duties and make observations and proposals regarding the financial statements and their approval. The
    financial statements, together with the reports of the directors, statutory auditors, and Company&#8217;s auditors, must remain deposited
    at the Company&#8217;s registered office for the 15 days preceding the shareholders&#8217; meeting called to approve them.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Proxy
    Solicitations</i>. Under Italian law shareholders may appoint attorneys-in-fact by delivering in writing appropriate power of attorney
    to represent them in an ordinary or extraordinary shareholders&#8217; meeting of the Company. Our directors, auditors, and employees
    may not be proxies. Italian law does not have a specific regulatory regime for the solicitation of proxies in private companies;
    thus, our practice varies from the requirement of Nasdaq Listing Rule 5620(b), which sets forth certain requirements regarding the
    solicitation of proxies.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share
    Issuances</i>. Pursuant to Italian law, we have opted out of shareholder approval requirements by way of including authorized and
    conditional share capital for the issuance of securities in connection with certain events such as the acquisition of stock, assets
    or convertible notes, certain private placements and/or public offering. To this extent, our practice varies from the requirements
    of Nasdaq Listing Rule 5635, which generally requires an issuer to obtain shareholder approval for the issuance of securities in
    connection with such events.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
    Committee</i>. U.S. companies listed on Nasdaq are required to have an audit committee that satisfies the requirements of Rule 10A-3
    under the Exchange Act and certain additional requirements set by the Nasdaq. All members of this committee must be independent,
    and the committee must adopt a written charter. The committee&#8217;s prescribed responsibilities include: (i) the appointment, compensation,
    retention and oversight of the external auditors; (ii) establishing procedures for handling &#8220;whistle blower&#8221; complaints
    regarding accounting, internal accounting controls, or auditing matters; (iii) engaging independent counsel and other advisers, as
    it determines necessary to carry out its duties; and, (iv) determine appropriate funding for payments to the external auditor, advisors
    employed by the audit committee and other necessary administrative expenses of the audit committee. A company must also have an internal
    audit function, which may be outsourced, except to the independent auditor. We follow the &#8220;traditional&#8221; model of corporate
    governance for Italian companies and accordingly have established a board of statutory auditors established in accordance with Italian
    law which performs substantially the same functions and is accordingly exempt from the audit committee requirements established by
    Rule 10A-3 and Nasdaq rules. The Company&#8217;s reliance on such exemption is based on the circumstance that the Company&#8217;s
    board of statutory auditors meets the following requirements set forth in Exchange Act Rule 10A-3(c)(3):</span></td></tr>
  </table>
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<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the board of statutory auditors
  is established and selected pursuant to Italian law expressly permitting such a board;</span></td></tr>
</table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    board of statutory auditors is required under Italian law to be separate from the Company&#8217;s board of directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    board of statutory auditors is not elected by management of the Company and no executive officer of the Company is a member of the
    board of statutory auditors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Italian
    law provides for standards for the independence of the board of statutory auditors from the Company and its management; and,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    board of statutory auditors, in accordance with applicable Italian law and the Company&#8217;s governing documents, is responsible,
    to the extent permitted by Italian law, for the appointment, retention and oversight of the work (including, to the extent permitted
    by law, the resolution of disagreements between management and the auditor regarding financial reporting) of any registered public
    accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services
    for the Company.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reliance on Rule 10A-3(c)(3) does not, in our opinion, materially adversely affect the ability of its board of statutory auditors to
act independently and to satisfy the other requirements of Rule 10A-3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
    Committee</i>. Italian law does not require the appointment of a compensation committee composed of independent directors as required
    by the Nasdaq Listing Rules. As a matter of Italian law applicable to Italian stock corporations whose shares are not listed on a
    regulated market in the E.U. and under our bylaws, the compensation of executive directors, including the CEO, is determined by the
    board of directors, after consultation with the board of statutory auditors, while the Company&#8217;s shareholders, according to
    Italian law and our bylaws, may determine a total amount for the compensation of the directors, including managing directors. Compensation
    of the Company&#8217;s executive officers is determined by Board of Directors or by the CEO, if duly empowered. Nevertheless, although
    not required under Italian law, the Company has established a Compensation, Nomination and Governance Committee.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Code
    of Conduct</i>. Pursuant to Italian law, we have adopted an &#8220;Organization and Operational Model&#8221; as required by Italian
    Legislative Decree of June 8, 2001, No. 231 (relating to administrative responsibility) that consists of: (i) a Code of Ethics; and,
    (ii) operating procedures and reporting systems applicable to all of our directors, officers and employees, which may not comply
    with the requirements for a code of conduct meeting the criteria under Nasdaq Listing Rule 5610.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as described in more detail in &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of
Association&#8221;, at our shareholders&#8217; meeting to be held in 2024, our Chief Executive Officer in his capacity as a
shareholder will propose that our shareholders approve a loyalty share program
through a proposed amendment to our bylaws. If our shareholders approve the loyalty share program, pursuant to the home country
exemption set forth under Nasdaq Stock Market Rule 5640, we intend to elect to be exempt from the requirement under Nasdaq Stock
Market Rule 5640, which provides that the voting rights of existing shareholders of publicly traded common stock registered under
Section 12 of the Exchange Act cannot be disparately reduced or restricted through any corporate action or issuance.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_014"></span>D.
Employees</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 26, 2024, we had 14 full-time employees, 11 located in Milan, Italy and three (3) located in the U.S. We also rely on consultants,
and several collaborators at SR-TIGET and OSR. Our full-time employees and consultants are engaged in clinical, research and development,
product development, quality assurance, finance, accounting, and administrative activities. We consider our relationship with our employees
to be good.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_015"></span>E.
Share Ownership</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 7.A. &#8211; Major Shareholders&#8221; below.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_016"></span>F.
Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_017"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_018"></span>A.
Major Shareholders</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding beneficial ownership of our ordinary shares as of March 26, 2024 by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each person, or group of
  affiliated persons, known to us to be the beneficial owner of more than 5% of our outstanding ordinary shares;</span></td></tr>

<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each of our directors and
  executive officers; and</span></td></tr>

<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all of our directors and
  executive officers as a group.</span></td></tr>
</table>


<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage
ownership is based on 18,216,958 ordinary shares (including ordinary shares represented by ADSs) outstanding on March 26, 2024. Beneficial
ownership is determined in accordance with the rules of the SEC, which generally provide that a person has beneficial ownership of a
security if he, she or it possesses sole or shared voting or investment power over that security or has the right to acquire a security,
such as through the exercise of stock options, within 60 days. Shares subject to options that are currently exercisable or exercisable
within 60 days of the date above are considered outstanding and beneficially owned by the person holding such options for the purpose
of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership
of any other person.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>


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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as indicated in footnotes to this table, we believe that the shareholders named in this table have sole voting and investment power with
respect to all shares shown to be beneficially owned by them, based on information provided to us by such shareholders. Our major shareholders
do not have different voting rights than other holders of our ordinary shares. The information is not necessarily indicative of beneficial
ownership for any other purpose. Unless otherwise noted below, each beneficial owner&#8217;s address is: c/o Genenta Science S.p.A.,
Via Olgettina no. 58, 20132 Milan, Italy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold"><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">No.
                                            of Shares</span></p>
                                                                                <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Beneficially
                                            Owned</span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
    Owned<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors and executive
    officers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mark Sirgo (2)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">51,200</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pierluigi Paracchi</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,296,329</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12.60</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Roger Abravanel (3)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">86,179</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Guido Guidi (4)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,553</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Anthony Marucci (5)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Richard B. Slansky (6)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">102,186</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Carlo Russo</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">598,417</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.28</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Luigi Naldini</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,386,145</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.60</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bernhard Gentner</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">692,871</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.80</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stefania Mazzoleni (7)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">53,360</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Barbara Regonini (8)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,039</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All directors and executive
    officers as a group (11 persons)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,391,280</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29.57</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">5% Shareholders</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">OSR - San Raffaele Hospital</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,896,730</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.40</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Less than 1%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The percentages shown are
  based on 18,216,958 ordinary shares issued and outstanding as of March 26, 2024.</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Consists of 2,000 ADSs held directly by Mr. Sirgo and 49,200 ordinary shares underlying options to acquire ordinary
shares of Genenta Science S.p.A. exercisable within 60 days of March 29, 2024.</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">(3)</td>
  <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consists of 76,179 ordinary shares held directly by
Mr. Abravanel and 10,000 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable within 60
days of March 29, 2024.</p>
</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">(4)</td>
  <td style="text-align: justify">Consists of 73,729 ordinary shares and 2,450 ADSs held directly by Dr. Guidi, and 10,000 ordinary shares underlying
options to acquire ordinary shares of Genenta Science S.p.A. exercisable within 60 days of March 29, 2024.</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">(5)</td>
  <td style="text-align: justify">Consists of 30,000 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable
within 60 days of March 29, 2024.</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">(6)</td>
  <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consists of 19,947 ordinary shares held directly by
Mr. Slansky and 82,239 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable within 60 days
of March 29, 2024.</p>
</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">(7)</td>
  <td style="text-align: justify">Consists of 30,321 ordinary shares held directly by Ms. Mazzoleni and 23,039 ordinary shares underlying options to
acquire ordinary shares of Genenta Science S.p.A. exercisable within 60 days of March 29, 2024.</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">(8)</td>
  <td style="text-align: justify">Consists of 23,039 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable
within 60 days of March 29, 2024.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
Changes in Percentage Ownership</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no significant changes in the percentage ownership held by our major shareholders since the IPO in December 2021.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders
in the U.S.</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, as of March 26, 2024, on the same basis of calculation as above, 42% of our total issued and outstanding ordinary shares
were held by one record shareholder in the U.S., namely, The Bank of New York Mellon, the depositary of our ADS program, which held XXX
ordinary shares represented by 7,643,343 ADSs, or XXX record holders. The actual number of holders is likely greater than these numbers
of record holders and includes beneficial owners whose ordinary shares or ADSs are held in street name by brokers and other nominees.
This number of holders of record also does not include holders whose shares may be held in trust by other entities.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the above, we are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_019"></span>B.
Related Party Transactions </b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not during the most recently completed financial year entered into transactions or loans with any (a) enterprises that are directly
or indirectly controlled by or under common control with us; (b) our associates; (c) individuals directly or indirectly owning voting
right which give them significant influence over us or close members of their respective families; (d) our directors, senior management
or close members of their respective families; or, (e) enterprises in which a substantial interest in the voting power is held or significantly
influenced by any of the foregoing individuals (a &#8220;Related Party&#8221;), except as indicated below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agreements
with OSR</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a longstanding relationship with OSR. Beginning January 1, 2020, we entered into a six-year lease agreement for the use of office
space in the OSR building. We paid OSR annual rent of approximately &#8364;15,000 in 2023 with a security deposit of &#8364;3,350.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, we entered into an amended and restated license agreement (the &#8220;ARLA&#8221;) with OSR. The ARLA replaced the Company&#8217;s
original license agreement originally entered into with OSR on December 15, 2014, as subsequently amended on March 16, 2017, February
1, 2019, December 23, 2020, September 28, 2021, January 22, 2022, September 29, 2022, and December 22, 2022 (the &#8220;Original OSR
License Agreement&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effectiveness of the ARLA was subject to Italy&#8217;s Law Decree No. 21 of March 15, 2012 (i.e., the Italian Golden Power regulations),
as subsequently amended and supplemented, and would not become effective until the applicable Italian governmental authority consented
to the ARLA. On April 20, 2023, such consent was received and the ARLA became effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the ARLA, OSR has granted us an exclusive, royalty-bearing, non-transferrable (except with the prior written consent
of OSR), sublicensable, worldwide license, subject to certain retained rights, to: (1) certain patents, patent applications and existing
know-how for the use in the field(s) of Interferon (&#8220;IFN&#8221;) gene therapy by lentiviral based-hematopoietic stem and progenitor
cells (&#8220;HSPC&#8221;) gene transfer with respect to: (a) any solid cancer indication (including glioblastoma and solid liver cancer)
and/or (b) any lympho-hematopoietic indication for which we exercise an option (described below); and, (2) certain gene therapy products
(subject to certain specified exceptions related to replication competent viruses) developed during the license term for use in the aforementioned
field(s) consisting of any lentivirals or other viral vectors regulated by miR126 and/or miR130 and/or other miRs with the same expression
pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN under the control of a Tie2 promoter. Lympho-hematopoietic
indication means any indication related to lympho-hematopoietic malignancies and solid cancer indication means any solid cancer indication
(e.g., without limitation, breast, pancreas, colon cancer), with each affected human organ counting as a specific solid cancer indication.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2023, we entered into a Sponsored Research Agreement (&#8220;CP1 SRA&#8221;), which was contemplated under the ARLA, pursuant
to which we will fund feasibility studies for certain gene therapy products consisting of any lentiviral vectors regulated by miR126
and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN
under the control of a Tie2 promoter, in combination with any immunotherapy (&#8220;Candidate Products 1&#8221;), along with three additional
research projects, to be conducted at OSR. If OSR determines that additional funds are needed, OSR will inform us and provide an estimate
for completing the research. As of December 31, 2023, we have recorded and paid &#8364;250,000 for the CP1 SRA studies to date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2023, we entered into an amendment to the ARLA, whereby we and OSR agreed that we had fulfilled the obligations as set
forth in the ARLA specific to Candidate Products 1 pursuant to the CP1 SRA. Furthermore, the amendment provides that we and OSR have
no further obligations to negotiate and execute a sponsored research agreement for the performance of feasibility studies related to
certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130 and/or other miRs with the same
expression pattern as miR126 and miR130 in hematopoietic cells for the expression of cytokines and their variants (other than IFN or
in addition to IFN) under the control of a Tie2 promoter, either alone or in combination with any immunotherapy (&#8220;Candidate Products
2&#8221;). Notwithstanding the removal of the obligation to enter into a sponsor research agreement with regards to Candidate Products
2, OSR granted us an exclusive option, to be exercised by sending written notice to OSR on or before September 30, 2025, to include certain
intellectual property related to Candidate Products 2 and Candidate Products 2 as part of the licensed patents and licensed products
under the ARLA. The option fee and our fee to extend the option period, if necessary, remain consistent with the prior fees to those
costs reflected in the ARLA specific to Candidate Products 2. OSR will also have the right to prepare, file and prosecute patents and
patent applications with respect to the results of Candidate Products 2. The amendment provides that the costs of the foregoing activities
will be borne by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information regarding the ALRA, CP1 SRA and the amendment to the ARLA, see &#8220;Item 4. Information on the Company&#8212;B. Business
Overview&#8212;Collaboration / Licensing&#8212;Amended and Restated License Agreement with Ospedale San Raffaele&#8221; and &#8220;&#8212;Sponsored
Research Agreement.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employment
Agreements</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into new employment agreements with each of Mr. Paracchi, Dr. Russo, and Mr. Slansky effective upon the consummation of our IPO
or, in the case of Mr. Slansky, November 1, 2021. The forms of such employment agreements have been filed as exhibits. Pursuant to such
employment agreements, Mr. Paracchi, Dr. Russo and Mr. Slansky are entitled to gross annual base salaries of &#8364;420,000, $500,000
and $375,000, respectively. All these employment agreements are subject to annual review by and at the sole discretion of the Compensation,
Nomination and Governance Committee of our board of directors. Mr. Paracchi is also eligible to receive an annual cash bonus of up to
40% of base salary, and Dr. Russo and Mr. Slansky are eligible to receive an annual cash bonus of up to 30% of base salary, provided
that such individual achieves performance targets determined by the Compensation, Nomination and Governance Committee of the board of
directors.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
employment agreements of Dr. Russo and Mr. Slansky, are governed by U.S. law and include the following terms and conditions, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
    </i></span></td>
    <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">each
    employment agreement has a term commencing on the date of consummation of our IPO or, in the case of Mr. Slansky, November 1, 2021,
    and continuing until terminated: (i) upon death of the employee; (ii) upon disability; (iii) for cause or good reason; (iv) without
    cause; or, (v) voluntarily. The employment agreement also contains, among other things, the following material provisions: (i) reimbursement
    for all reasonable travel and other out-of-pocket expenses incurred in connection with such individual&#8217;s employment; (ii) paid
    vacation leave; (iii) health benefits; and, (iv) a severance payment equal to twelve (12) months of base salary and a prorated portion
    of the applicable cash bonus upon termination by such individual for just cause or by the Company without cause (each as defined
    in the relevant agreement), with restrictive covenants applicable for a corresponding period after termination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
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    the event such individual is terminated three months prior to, or one year after, a Change of Control (as defined in the agreement)
    by the Company for any reason other than cause, or by such individual for good reason, then the executive shall be entitled to receive
    a cash payment equal to a multiple of such individual&#8217;s then-current annual base salary determined by the time elapsed since
    the commencement of the agreement (in the case of Dr. Russo) or two times such salary (in the case of Mr. Slansky). Such payment
    shall be in lieu of the severance payment described above.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
employment agreement of Mr. Paracchi is governed by Italian law and includes the following terms and conditions, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    duties of general manager (<i>direttore generale</i>) with direct report to the board of directors of the Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reimbursement
    of reasonable expenses incurred in the performance of work duties, health benefits and, subject to the approval of the board of directors,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    case of Change of Control (as defined in the relevant agreement), in the event of termination not for &#8220;cause&#8221; by the
    Company or of resignation for &#8220;cause&#8221; by the executive (such terms as understood in accordance with Article 2119 of the
    Italian Civil Code), the executive shall be entitled to receive a cash payment equal to three times such individual&#8217;s then-current
    annual base salary (such indemnity will replace any indemnity provided for by the applicable National Collective Labour Agreement
    in case of termination); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-competition
    and non-solicitation obligations of the executive for a 12 month period after the termination of the employment in consideration
    for compensation equal to 12 months after termination at the executive&#8217;s then-current monthly base salary for each obligation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
    agreement has a term commencing on the date of consummation of our IPO and continuing until terminated, among other things: (a) upon
    death of the executive; (b) for just cause; (c) with objective or subjective reason; (d) by resignation of the executive; or, (e)
    voluntarily by mutual agreement between the parties.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consultancy
    Agreements </i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prof.
    Naldini and Dr. Gentner have entered into consulting agreements in connection with their service on our Executive Scientific Board.
    The agreements provide for gross annual fees of &#8364;100,000 and &#8364;45,000, respectively. These agreements automatically renew
    each year. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Sirgo and Mr. Marucci have entered into consultancy agreements in connection with their appointment to the Board of Directors to
    support the development and growth of the Company. The agreements provide for gross compensations of $18,750 (Dr. Sirgo) and $11,875
    (Mr. Marucci) per quarter (pro-rated for partial quarters). The consultant will be fully and solely responsible for the payment of
    all tax and/or social security charges and will not be entitled to expenses reimbursement. These agreements have a term of three
    years but are subject to termination at the option of either party by written notice given at least 15 days prior to each anniversary
    of the date of effectiveness of the agreement).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition, Messrs. Brad Loncar and Gaurav Shah have entered into consultancy agreements for the activity of support the development
    and the growth of the Company in the U.S. market. All agreements provide for a gross compensation of USD 30,000 for the 12-months&#8217;
    period of duration of the agreements and a specific no-conflict clause towards the Company.</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indemnification
Agreements</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into an indemnification agreement with our directors and executive officers which requires us to indemnify our directors
and executive officers to the fullest extent permitted by law, save for a limited number of instances, including when: (i) officers and
directors&#8217; acts or omissions constituted willful misconduct or gross negligence; (ii) officers and directors did not act in good
faith, for a purpose which they reasonably believed to be in, or not opposed to, the best interests of the Company; and (iii) officers
and directors are held liable towards the Company.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification of liabilities arising under the Securities Act may be permitted to executive officers and board members or persons
controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_020"></span>C.
Interests of Experts and Counsel</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_021"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_022"></span>A.
Consolidated Statements and Other Financial Information.</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s consolidated financial statements are stated in EUROs and are prepared in accordance with US GAAP.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audited
Financial Statements</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements for the 2023, 2022 and 2021 fiscal years as required under Item 17 are included immediately following
the text of this Annual Report. The audit reports of the Company are included herein immediately preceding the consolidated financial
statements.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Policy
on Dividend Distributions</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not paid any dividends on its outstanding ordinary shares since its incorporation and does not anticipate that it will do
so in the foreseeable future. The payment of dividends in the future, if any, is within the discretion of the Board of Directors and
will depend upon our earnings, our capital requirements and financial condition and other relevant factors. We do not anticipate declaring
or paying any dividends in the foreseeable future.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Legal Proceedings.&#8221;</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_023"></span>B.
Significant Changes</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this Annual Report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this Annual Report.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_024"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_025"></span>A.
Offer and Listing Details</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares are listed on The Nasdaq Capital Market in the form of ADSs under the symbol &#8220;GNTA.&#8221; Neither the Company&#8217;s
ordinary shares nor its ADSs are listed on a securities exchange outside the U.S. Bank of New York Mellon is the Company&#8217;s depositary
for purposes of issuing ADSs. Trading in the ADSs on The Nasdaq Capital Market commenced on December 15, 2021.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_026"></span>B.
Plan of Distribution</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_027"></span>C.
Markets</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 9. The Offer and Listing&#8212;A. Offer and Listing Details.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_028"></span>D.
Selling Shareholders</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_029"></span>E.
Dilution</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_030"></span>F.
Expenses of the Issue</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page -->

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_031"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_032"></span>A.
Share Capital</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_033"></span>B.
Memorandum and Articles of Association</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of certain terms and provisions of our bylaws is incorporated by reference to our Registration Statement filed on Form F-1
(File No. 333-260923) filed with the SEC and as declared effective on December 14, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At our shareholders&#8217; meeting to be held in
2024, our Chief Executive Officer in his capacity as a shareholder will propose that our shareholders approve a proposed amendment to our bylaws (the &#8220;Bylaw Amendment&#8221;), which would establish a loyalty
share program.</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">If the Bylaw Amendment is approved by our shareholders,
each ordinary share held in registered form would entitle the shareholder to a double vote (i.e. two votes for each ordinary share) if
the ordinary share has been held by the same shareholder for a continuous period of not less than twenty-four months from the date of
its registration in the Special List (as defined below). An additional vote would also be granted upon the expiration of each 12-month
period, following the expiration of the period referred to above, in which such ordinary share has been held by the shareholder, up to
a total maximum of ten votes per ordinary share.  Continuous ownership prior to the registration date in the special list would also be taken into account.</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">To effect the loyalty share program, a special
list (the &#8220;Special List&#8221;) would be maintained by us. To be added to the Special List, the registered shareholder would
need to submit a specific application, enclosing a communication certifying the ordinary share ownership &#8211; which may also
concern only part of the ordinary shares held by the registered shareholder &#8211; issued by the intermediary with whom the
ordinary shares are deposited pursuant to the laws in force. In the case of entities other than individuals, the application would need to
specify whether the entity is subject to direct or indirect control by third parties and the identification data of the controlling
entity, if any. The Special List would be updated by us. Cancellation from the Special List would result from the following cases:
renunciation of the interested party; communication of the interested party or of the intermediary proving the loss of the
prerequisites for the increase of the voting right or the loss of the ownership of the right; ex officio, when we are informed of
the occurrence of facts that entail the loss of the prerequisites for the increase of the voting right or the loss of the ownership
of the right.</p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_034"></span>C.
Material Contracts</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in &#8220;Item
4. Information on the Company&#8221; or elsewhere in this Annual Report.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_035"></span>D.
Exchange Controls</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Italian law, there are no exchange control restrictions on investments in, or payments on, the Genenta ordinary shares. There are no
special restrictions in the Genenta Articles of Association or Italian law that limit the right of shareholders who are not citizens
or residents of Italy to hold or vote the Genenta ordinary shares.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_036"></span>E.
Taxation</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Italian
Tax Consequences</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b>.
Under Italian law, financial instruments issued by an Italian company are subject to the same tax regime as are shares, provided that
their remuneration is entirely represented by participation in the economic results of the issuer. Pursuant to Article 10(3) of the Income
Tax Convention, the tax regime of dividends applies to income from corporate rights of an Italian company, which is subject to the same
taxation treatment as income from shares under the laws of Italy.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Tax Withholding on Dividends</i></b>. We do not anticipate making any distributions on our ordinary shares in the foreseeable future.
However, if we were to make distributions on our ordinary shares, we would generally be required under Italian law, except as otherwise
discussed below, to apply a definitive withholding tax on payments made to holders of our ordinary shares who are not residents of Italy
for tax purposes.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notably,
dividends paid to beneficial owners who are not Italian residents and do not have a permanent establishment in Italy are generally subject
to a 26 percent substitute tax rate. Therefore, the amount of the dividends that the holders of American Depository Receipts (&#8220;ADRs&#8221;)or holders of equity shares not residing in Italy will initially receive will be net of such Italian substitute tax.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
non-Italian resident owners of equity shares or ADRs may benefit from reduced withholding tax settled in the relevant anti-double tax
treaty undersigned between Italy and the country of residence for tax purposes of the owners of equity shares or ADRs. The reduced withholding
tax rate under the relevant anti-double tax treaty will be applicable provided that the non-resident owners of the equity shares or ADRs
are able to produce the documentation attesting the requirements to be eligible for the application of the relevant anti-double tax treaty.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Italian law, U.S. owners can claim, in accordance with Presidential Decree No. 600 of October 16, 1973, Article 27(3), a refund of up
to eleven-twenty-sixths (<i>i.e.,</i> 11/26) of the Italian withholding tax withheld on dividends upon presenting evidence to the Italian
tax authorities that income taxes have been fully paid on the dividends in the country of residence of the U.S. owners in an amount at
least equal to the total refund claimed. U.S. holders should consult an independent tax advisor concerning the availability of this refund,
which has traditionally become payable only after extensive delays.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the double tax treaty in force between Italy and the U.S. (&#8220;U.S./Italy Income Tax Treaty&#8221;), if the payee is the beneficial
owner of the payment, dividends paid to U.S. owners will be subject to Italian withholding tax at a reduced rate of: 1) 5%, if the beneficiary
is a company owning at least 25% of the payer&#8217;s voting shares (for at least 12 months preceding the dividend distribution); or,
2) 15% in any other case. The aforementioned regime (both 1 and 2) is applicable only if the payee does not carry out an entrepreneurial
activity in Italy through a permanent establishment or performs independent personal services through a fixed place situated therein.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
or entities subject to corporation tax and resident in States that are E.U. Member States or participants in the EEA (included in the
list provided for by Italian Ministerial Decree, September 4, 1996, amended and supplemented by Ministerial Decree March 23, 2017) may
be entitled to a reduced tax rate of 1.2% on dividends distributed. The pensions funds established in an E.U. Member State or EEA country
may be entitled to a reduced tax rate of 11% or, under certain conditions, to exemption from Italian taxation on dividends.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Tax on Capital Gains</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
gains from shares in Italian companies, under custody in Italy, could give rise to a taxable income for the non-resident transferor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
gains exempt from taxation in Italy </i>- &#8220;Non-qualified shareholdings&#8221; are those which are below 2% of the voting rights
and 5% of the capital of an exchange-listed company. Gains from the disposal of non-qualified share investments in Italian listed companies
by non-Italian residents are not subject to Italian income tax under domestic rule.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
gains subject to tax in Italy </i>- &#8220;Qualified shareholdings&#8221; in a listed company are those representing more than the 2%
of the voting rights or more than the 5% of the capital of an exchange-listed company. Capital gains from the disposal of a qualified
shareholding in a listed company are subject to a withholding tax of 26% under the domestic rule.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;qualified shareholding&#8221; thresholds must be verified over a 12-month monitoring period, starting from the day on which the
investor has held at least a qualifying stake, either actual or potential (this rule aimed at preventing that a buy/sale kind of trading
resulting in an overall disposition of over 2% in 12 months may result in a qualifying gain having to be declared even when the investor
has never owned an actual or potential qualifying stake). Consequently, all trades cumulatively carried out in a 12-month period should
be considered. More in details: (i) until the investor holds a qualifying shareholding at any point in time, trades are not relevant
for capital gain purposes, even if the overall amount disposed in a 12-month period exceeds the relevant thresholds; and, (ii) starting
from the day when the taxpayer holds a qualifying shareholding, all the trades carried out in any consecutive 12 months give rise to
qualified capital gains if the overall amount disposed of exceeds one of the relevant thresholds.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
please be informed that in accordance with rules stated in the anti-double tax treaty, in force between Italy and the country of residence
for tax purposes of the transferor, is possible to claim the benefit of exemption of the 26% taxation on capital gains. In principle,
and more in details, the art. 13 of the OECD model convention basically states that the capital gain is only taxed in the transferor&#8217;s
country of tax residence. The Italy &#8211; U.S. anti-double treaty tax convention states a taxation criterion in line with the above.
In the light of the above and upon conditions that all the requirements relevant for the application of the Italy &#8211; U.S. anti-double
treaty tax convention are met, an U.S. investor may benefit from the fully exemption of taxation in Italy.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
save for any applicable anti-avoidance provision, pursuant to the Income Tax Convention, a U.S. owner will not be subject to Italian
capital gain tax or to Italian individual or corporate income tax unless such U.S. owner has a permanent establishment or fixed base
in Italy to which the owner&#8217;s ordinary shares is effectively connected. To this end, U.S. owners selling ordinary shares and claiming
benefits under the Income Tax Convention may be required to produce appropriate documentation establishing that the above-mentioned conditions
have been met.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Estate
and Gift Tax</i>. Inheritance and gift taxes, which were abolished in 2001, have been re-introduced in the Italian system by Law
Decree No. 262 of October 3, 2006 (converted into law, with amendments, by Law Decree No. 286 of November 24, 2006), as amended.
Such taxes will apply to the overall net value of the relevant assets, at the following rates, depending on the relationship between
the testate (or donor) and the beneficiary (or donee): (a) 4%, if the beneficiary (or donee) is the spouse or a direct ascendant or
descendant (such rate only applying on the net asset value exceeding, for each person, &#8364;1.0 million); (b) 6%, if the
beneficiary (or donee) is a brother or sister (such rate only applying on the net asset value exceeding, for each person, &#8364;0.1
million); </span>(c) 6% if the beneficiary (or donee) is another relative within the fourth degree or a direct relative-in-law as
well as an indirect relative-in-law within the third degree; and, (d) 8% if the beneficiary is a person other than those mentioned
under (a), (b) and (c), above. If the beneficiary has a serious disability recognized under applicable law, inheritance and gift
taxes will apply to its portion of the net asset value exceeding &#8364;1.5 million.</p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transfer
tax</i>. In connection with the Italian stamp duty tax on the transfer of shares, according to article 37 of Law No. 248 of December
31, 2007, converted with amendments into Law No. 31 of February 28, 2008, the stamp duty has been abolished regarding contracts having
as their object the transfer of shares. In certain cases, the relevant transfer acts would be subject to the registration tax at a flat
amount equal to &#8364;200.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Communications
Stamp Duty</i>. A stamp duty has been introduced under article 19 of Law Decree No. 201 of December 6, 2011, converted into Law No.
214 of December 22, 2011, to be imposed on communications (issued by banks and financial intermediaries) to clients relating to
securities, even where the deposit of such securities is not mandatory (although certain entities are excluded). The amount of the
stamp duty is based on the market value of the securities or, in the absence of a market value, on the nominal amount or the amount
payable on redemption. As a general comment, the stamp duty rate is 0.2% on a yearly <i>pro-rata temporis</i> basis (from January 1
up to December 31). The minimum amount is fixed of &#8364;34.20 up to a maximum amount of &#8364;14,000 for persons other than individuals. The communication is deemed
to be sent to clients at least once a year, even where there is no obligation to issue any such communication.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
Transaction Tax</i>. Law 228 of December 24, 2012, Article 1(491 &#8211; 500) introduced the Italian Financial Transaction Tax applicable:
(i) to the transfer of shares and other participative financial instruments issued by companies resident in Italy (&#8220;Italian Equity&#8221;)
and securities representing Italian Equity, regardless of the country where the issuer has its residence (together with Italian Equity
are referred to as &#8220;Qualifying Equity&#8221;); (ii) on the basis of the &#8220;value of the transaction&#8221;; (iii) regardless
of the place where the transaction is concluded and of the State where the parties have their residence; (iv) to transactions on &#8220;regulated
markets and on multilateral trading facilities&#8221; with a reduced rate; and, (v) to over-the-counter transactions with a full rate.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
taxable event, triggering Italian Financial Transaction Tax, is the transfer of ownership of Qualifying Equity. Securities representing
Italian Equity are in scope of the Italian Financial Transaction Tax, regardless of the State where the issuer has its residence. This
provision is aimed at including in the scope of the Italian Financial Transaction Tax, ADRs, Global Depository Receipts and any other
certificate of deposit, where the underlying securities are Italian Equity.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the transaction is determined based on the net balance of the transactions settled daily, calculated for each taxpayer with
reference to the number of securities traded under the transactions settled in the same day and relating to the same financial instrument.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
calculation is made by the financial intermediary responsible for the payment of the tax, i.e., the one receiving the order to execute
the transaction directly from the purchaser or final counterparty.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Italian Financial Transaction Tax is due by the person in whose favor the transfer of ownership of the Qualifying Equities occurs.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax rate applicable is 0.20% while the reduced rate for transactions on &#8220;regulated markets and on multilateral trading facilities&#8221;
is 0.10%.</span></p>

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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax shall be paid by the 16th day of the month following the one in which the relevant triggering event occurs.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Italian Financial Transaction Tax does not apply to the transfer of ownership of Italian Equity where the issuing companies are listed
in regulated markets and have a market capitalization below 500 million Euros. Such exclusion also applies to the transfer of ownership
of securities representing Italian Equity.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
Federal Income Taxation </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
FOLLOWING SUMMARY IS INCLUDED HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE LEGAL OR TAX
ADVICE. EACH U.S. HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF
THE PURCHASE, OWNERSHIP AND SALE OF ADS&#8217;S, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX LAWS AND POSSIBLE
CHANGES IN THE TAX LAWS.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the limitations described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences
to a &#8220;U.S. Holder&#8221; arising from the purchase, ownership, and sale of the ADSs. For this purpose, a &#8220;U.S. Holder&#8221;
is a holder of ADSs that is: (1) an individual citizen or resident of the U.S., including an alien individual who is a lawful permanent
resident of the U.S. or meets the substantial presence residency test under U.S. federal income tax laws; (2) a corporation (or entity
treated as a corporation for U.S. federal income tax purposes) or a partnership (other than a partnership that is not treated as a U.S.
person under any applicable U.S. Treasury regulations) created or organized under the laws of the U.S. or the District of Columbia or
any political subdivision thereof; (3) an estate, the income of which is includable in gross income for U.S. federal income tax purposes
regardless of source; (4) a trust if a court within the U.S. is able to exercise primary supervision over the administration of the trust
and one or more U.S. persons have authority to control all substantial decisions of the trust; or, (5) a trust that has a valid election
in effect to be treated as a U.S. person to the extent provided in U.S. Treasury regulations.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is for general information purposes only and does not purport to be a comprehensive description of all the U.S. federal income
tax considerations that may be relevant to a decision to invest in or dispose of the ADSs. This summary generally considers only U.S.
Holders that will own the ADSs as capital assets and who will not hold the ADSs as part of a permanent establishment in Italy. This summary
does not consider the U.S. federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules applicable
to determine a taxpayer&#8217;s status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue Code of 1986,
as amended, or the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative and judicial
interpretations thereof, and the U.S./Italy Income Tax Treaty, all as in effect as of the date hereof and all of which are subject to
change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek a ruling from the IRS
regarding the U.S. federal income tax treatment of an investment in the ADSs by U.S. Holders and, therefore, can provide no assurances
that the IRS will agree with the conclusions set forth below.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address all the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based on
such holder&#8217;s particular circumstances and does not discuss any estate, gift, generation-skipping, transfer, state, local, excise
or foreign tax considerations. In addition, this discussion does not address the U.S. federal income tax treatment of a U.S. Holder who
is: (1) a bank, life insurance company, regulated investment company, or other financial institution or &#8220;financial services entity;&#8221;
(2) a broker or dealer in securities or foreign currency; (3) a person who acquired our securities in connection with employment or other
performance of services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax; (5) a U.S. Holder that holds our securities
as a hedge or as part of a hedging, straddle, conversion or constructive sale transaction or other risk-reduction transaction for U.S.
federal income tax purposes; (6) a tax-exempt entity; (7) real estate investment trusts or grantor trusts; (8) an expatriate or a former
long-term resident of the U.S.; or, (9) a U.S. Holder having a functional currency other than the U.S. dollar. This discussion does not
address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively, at any time, securities representing
10% or more of the voting power or value of our shares.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the U.S. federal income tax treatment of partnerships (or other pass-through entities) or persons who hold securities through a partnership
or other pass-through entity are not addressed. If a partnership (including any entity treated as a partnership for U.S. federal income
tax purposes) holds ADSs, the U.S. federal income tax consequences to the partners of such partnership will depend on the activities
of the partnership and the status of the partners.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
investor is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing, holding,
or disposing of our securities, including the effects of applicable state, local, foreign or other tax laws and possible changes in the
tax laws.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Dividends Paid on Ordinary Shares</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to pay dividends in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under
the heading &#8220;Passive Foreign Investment Companies&#8221; below and the discussion of &#8220;qualified dividend income&#8221; below,
a U.S. Holder, other than certain U.S. Holders that are U.S. corporations, will be required to include in gross income as ordinary income
the U.S. dollar amount of any distribution paid on ordinary shares (including the amount of any Italy tax withheld on the date of the
distribution), to the extent that such distribution does not exceed our current and accumulated earnings and profits, as determined for
U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings and profits will be treated first as a non-taxable
return of capital, reducing the U.S. Holder&#8217;s tax basis for the ordinary shares to the extent thereof, and then as capital gain.
We do not expect to maintain calculations of our earnings and profits under U.S. federal income tax principles and, therefore, U.S. Holders
should expect that the entire amount of any distribution generally will be reported as dividend income. Any dividends we pay with respect
to the ADSs, or ordinary shares are expected to constitute foreign source income for foreign tax credit purposes.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, preferential tax rates for &#8220;qualified dividend income&#8221; and long-term capital gains are applicable for U.S. Holders
that are individuals, estates, or trusts. For this purpose, &#8220;qualified dividend income&#8221; means, inter alia, dividends received
from a &#8220;qualified foreign corporation.&#8221; A &#8220;qualified foreign corporation&#8221; is a corporation that is entitled to
the benefits of a comprehensive tax treaty with the U.S. which includes an exchange of information program. The IRS has stated that the
Italy/U.S. Tax Treaty satisfies this requirement and we believe we are eligible for the benefits of that treaty.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our dividends will be qualified dividend income if our ordinary shares are readily tradable on Nasdaq or another established
securities market in the U.S. Dividends will not qualify for the preferential rates if we are treated, in the year the dividend is paid
or in the prior year, as a PFIC, as described below under &#8220;Passive Foreign Investment Companies.&#8221; A U.S. Holder will not
be entitled to the preferential rate: (1) if the U.S. Holder has not held our ordinary shares for at least 61 days of the 121 day period
beginning on the date which is 60 days before the ex-dividend date; or, (2) to the extent the U.S. Holder is under an obligation to make
related payments on substantially similar property. Any days during which the U.S. Holder has diminished its risk of loss on our ordinary
shares are not counted towards meeting the 61-day holding period. Finally, U.S. Holders who elect to treat the dividend income as &#8220;investment
income&#8221; pursuant to Code section 163(d)(4) will not be eligible for the preferential rate of taxation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of a distribution with respect to our ordinary shares will be measured by the amount of the fair market value of any property
distributed, and for U.S. federal income tax purposes, the amount of any Italian taxes withheld therefrom. Cash distributions paid by
us in Euros will be included in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange in effect on
the date the dividend is includible in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such Euros for U.S. federal
income tax purposes equal to such U.S. dollar value. If the U.S. Holder subsequently converts the Euros into U.S. dollars or otherwise
disposes of it, any subsequent gain or loss in respect of such Euros arising from exchange rate fluctuations will be U.S. source ordinary
exchange gain or loss.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain limitations, Italian withholding tax, if any, paid in connection with any distribution with respect to ADSs may be claimed
as a credit against a U.S. Holder&#8217;s U.S. federal income tax liability if the U.S. Holder elects not to take a deduction for any
non-U.S. income taxes for that taxable year; otherwise, such Italian withholding tax may be taken as a deduction. If a U.S. Holder is
eligible for benefits under the Treaty or is otherwise entitled to a refund for the taxes withheld, the U.S. Holder will not be entitled
to a foreign tax credit or deduction for the amount of any Italian taxes withheld in excess of the maximum rate under the Treaty or for
the taxes with respect to which the U.S. Holder can obtain a refund from the Italian taxing authorities. As the relevant rules are very
complex, U.S. Holders should consult their own tax advisors concerning the availability and utilization of the foreign tax credit or
deductions for non-U.S. taxes in their circumstances.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of the Disposition of Ordinary Shares</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as provided under the PFIC rules described below under &#8220;Passive Foreign Investment Companies,&#8221; upon the sale, exchange or
other disposition of our ordinary shares, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between
such U.S. Holder&#8217;s tax basis for the ordinary shares in U.S. dollars and the amount realized on the disposition in U.S. dollar
(or its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the amount realized
is denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of ordinary shares will be
long-term capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the disposition. Individuals
who recognize long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital losses is subject
to various limitations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Companies</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
U.S. federal income tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for
U.S. federal income tax purposes for any taxable year that either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%
    or more of our gross income (including our pro rata share of gross income for any company, in which we are considered to own 25%
    or more of the shares by value), in a taxable year is passive; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    least 50% of our assets, averaged over the year and generally determined based upon fair market value (including our pro rata share
    of the assets of any company in which we are considered to own 25% or more of the shares by value) are held for the production of,
    or produce, passive income.</span></td></tr>
  </table>
<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
this purpose, passive income generally consists of dividends, interest, rents, royalties, annuities, and income from certain commodities
transactions and from notional principal contracts. Cash is treated as generating passive income.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt">Our status as a PFIC will depend on the nature
and composition of our income and the nature, composition and value of our assets. Our status may also depend, in part, on how quickly
we utilize cash proceeds received from previous offerings of our ADSs or ordinary shares in our business. Based on preliminary analysis,
we believe that we were likely classified as a PFIC in 2023, and we may be classified as a PFIC for 2024 and future years. In particular,
so long as we do not generate revenue from operations for any taxable year and do not receive any research and development grants, or
even if we receive a research and development grant, if such grant does not constitute gross income for United States federal income
tax purposes, we likely will be classified as a PFIC in any taxable year due to the gross income from investment of cash reserves and
other passive sources that we derive.</p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we currently are or become a PFIC during the holding period of a U.S. Holder, the U.S. Holder would be subject to potentially materially
greater amounts of tax and subject to additional U.S. tax form filing requirements. In addition, a non-corporate U.S. Holder will not
be eligible for qualified dividend income treatment on dividends received from us if we are treated as a PFIC for the taxable year in
which the dividends are received or for the preceding taxable year. Specifically, each U.S. Holder who has not elected to mark the shares
to market (as discussed below), would, upon receipt of certain distributions by us and upon disposition of our ordinary shares at a gain:
(1) have such distribution or gain allocated ratably over the U.S. Holder&#8217;s holding period for the ordinary shares, as the case
may be; (2) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which
we were a PFIC would be taxed as ordinary income; and, (3) the amount allocated to each of the other taxable years would be subject to
tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral
benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, when shares of
a PFIC are acquired by reason of death from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up
to fair market value as of the date of the decedent&#8217;s death, but instead would be equal to the decedent&#8217;s basis if lower,
unless all gain were recognized by the decedent. Indirect investments in a PFIC may also be subject to these special U.S. federal income
tax rules.</span></p>

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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PFIC rules described above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has
held the ordinary shares while we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S. Holder
who has made such a QEF election is required for each taxable year that we are a PFIC to include in income such U.S. Holder&#8217;s pro
rata share of our ordinary earnings as ordinary income and such U.S. Holder&#8217;s pro rata share of our net capital gains as long-term
capital gain, regardless of whether we make any distributions of such earnings or gain. In general, a QEF election is effective only
if we make available certain required information. However, we provide no assurance as to whether we will calculate our &#8220;ordinary
earnings&#8221; or &#8220;net capital gain&#8221; under U.S. tax principles or supply U.S. Holders with the required &#8220;PFIC Annual
Information Statement.&#8221; If we do not provide this information for any reason, it generally will not be possible for a U.S. Holder
to make a QEF election if we are, or if we become, a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the PFIC rules described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder
of our ordinary shares which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to mark the
ordinary shares to market annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close
of the taxable year between the fair market value of the ordinary shares and the U.S. Holder&#8217;s adjusted tax basis in the ordinary
shares. Losses are allowed only to the extent of net mark-to-market gain previously included income by the U.S. Holder under the election
for prior taxable years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders who hold our ordinary shares during a period when we are a PFIC will be subject to the foregoing rules, even if we cease to be
a PFIC. U.S. Holders are strongly urged to consult their tax advisors about the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
on Net Investment Income</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders who are individuals, estates, or trusts will generally be required to pay a 3.8% Medicare tax on their net investment income
(including dividends on and gains from the sale or other disposition of our ordinary shares), or in the case of estates and trusts on
their net investment income that is not distributed. In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder&#8217;s
total adjusted income exceeds applicable thresholds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Withholding</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder may be subject to backup withholding at a rate of 24% with respect to cash dividends and proceeds from a disposition of ordinary
shares. In general, backup withholding will apply only if a U.S. Holder fails to comply with specified identification procedures. Backup
withholding will not apply with respect to payments made to designated exempt recipients, such as corporations and tax-exempt organizations.
Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder,
provided that the required information is timely furnished to the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
federal income tax law requires certain U.S. investors to disclose information relating to investments in securities of a non-U.S. issuer.
Failure to comply with applicable disclosure requirements could result in the imposition of substantial penalties. U.S. Holders should
consult their own tax advisors regarding any disclosure obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_001"></span>F.
Dividends and Paying Agents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_002"></span>G.
Statement by Experts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_003"></span>H.
Documents on Display</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents
concerning us that are referred to in this document may be inspected at our office at Via Olgettina No. 58, 20132 Milan, Italy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we file annual reports and other information with the Securities and Exchange Commission. We file annual reports on Form 20-F
and submit other information under cover of Form 6-K. As a foreign private issuer, we are exempt from the proxy requirements of Section
14 of the Exchange Act and our officers, directors, and principal shareholders are exempt from the insider short-swing disclosure and
profit recovery rules of Section 16 of the Exchange Act. The Commission maintains a web site that contains reports and other information
regarding registrants (including us) that file electronically with the Commission which can be assessed at http://www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_004"></span>I.
Subsidiary Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_005"></span>J.
Annual Report to Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_006"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genenta&#8217;s
activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk), credit risk,
and liquidity risk. The overall risk management strategy focuses on the unpredictability of the finance markets and seeks to minimize
the potential adverse effects on the financial performance. Genenta uses different methods to measure different types of risk to which
it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange, and other price risks, aging
analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk. Risk management is carried out
under the direction of the Board. Please see Note 1 &#8211; Nature of business and history - to our audited consolidated financial statements
for further information with respect to certain of these risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_007"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_008"></span>A.
Debt Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_009"></span>B.
Warrants and Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_010"></span>C.
Other Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_011"></span>D.
American Depositary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon, as depositary, collects its fees for delivery and surrender of ADSs directly from investors depositing shares
or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions
to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees.
The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors
or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction
from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated
to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Persons
depositing or withdrawing shares or ADS holders must pay:</i></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt; width: 2%"/><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>For:</i></b></span></td>
</tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
     <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
(or less) per 100 ADSs (or portion of 100 ADSs).</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property.
                                            Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates.</span></td></tr>
     <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
     <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
                                            (or less) per ADS.</span></p>
                             <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                             fee equivalent to the fee that would be payable if securities distributed to you had been shares and the
                             shares had been deposited for issuance of ADSs.</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            cash distribution to ADS holders distribution of securities distributed to holders of deposited
                                            securities (including rights) that are distributed by the depositary to ADS holders depositary
                                            services.</span></td></tr>
     <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
     <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
                                            (or less) per ADS per calendar year.</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
                                            or transfer fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 123pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
of the depositary.</span></p>

</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
                                            and registration of shares on our share register to or from the name of the depositary or
                                            its agent when you deposit or withdraw shares.</span></p>
                                                                         <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cable
                                            (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)
                                            Converting foreign currency to U.S. dollars, as necessary.</span></p>
</td></tr>
     <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
     <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
taxes, stamp duty or withholding taxes. Any charges incurred by the depositary or its agents for servicing the deposited securities.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            necessary.</span></td></tr>
     </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. For the fiscal year ended December 31, 2022, we were entitled to receive approximately $30,000 reimbursement
from the depositary for our expenses incurred in connection with establishment and maintenance of the ADS program. This amount has been
fully paid to us. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers
or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads, or commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars
to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for
its own account and not as agent, advisor, broker, or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate
receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used
or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to
the depositary&#8217;s obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency
conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation
to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined
will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will
not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends
or other distributions from the us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from
foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible
for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the
most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_012"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_013"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_014"></span>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS Material Modifications to the Rights of Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 10. Additional Information&#8221; for a description of the rights of securities holders, which remain unchanged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_015"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in reports filed or submitted under the
Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), is recorded, processed, summarized and reported within
the time periods specified in the SEC&#8217;s rules and forms. Disclosure controls include, without limitation, controls and procedures
designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to management, including
principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure. There are inherent
limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the
circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide
reasonable assurance of achieving their control objectives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management carried out an evaluation, under the supervision of our chief executive officer and chief financial officer, of the effectiveness
of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act as of December
31, 2022. Based on that evaluation, our management, including our chief executive officer and chief financial officer, has concluded
that the Company&#8217;s disclosure controls and procedures were effective as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Annual Report on Internal Control over Financial Reporting </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s internal control over financial reporting is a process designed under the supervision of the chief executive officer
and chief financial officer to provide reasonable assurance as to the reliability of the Company&#8217;s financial reporting and the
preparation of its consolidated financial statements for external purposes in accordance with generally accepted accounting principles.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of consolidated financial statements in accordance with U.S. GAAP and includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of a company&#8217;s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated
financial statements in accordance with generally accepted accounting principles, and that a company&#8217;s receipts and expenditures
are being made only in accordance with authorizations of a company&#8217;s management and directors; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company&#8217;s assets that could have
a material effect on the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance with respect
to consolidated financial statements preparation and presentation and may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
evaluated the effectiveness of our internal control over financial reporting as of December 31, 2023 and concluded our internal control
over financial reporting was effective as of December 31, 2023. In making this evaluation, management used the framework established
in Internal Control &#8212; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(&#8220;COSO&#8221;). The COSO framework summarizes each of the components of a company&#8217;s internal control system, including the
control environment, risk assessment, control activities, information and communication, and monitoring activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Remediation
of Previously Disclosed Material Weaknesses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed in Item 15 &#8220;Controls and Procedures&#8221; of our prior Annual Reports on Form 20-F, management previously
identified and disclosed material weaknesses in internal control over financial reporting, including but not limited to our lack of adequate
staff to: (i) process financial information in a timely manner; (ii) analyze and account for complex, non-routine transactions - including
those subject to the Company&#8217;s critical accounting policies; and (iii) maintain adequate segregation of duties; and, the lack of
documentation related to the Company&#8217;s internal control over financial reporting including its policy over related party relationships
and transactions. During the quarter ended December 31, 2023, we remediated our previously reported material weaknesses related to these
matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, our management, with oversight from our board of statutory auditors, executed a remediation plan, in order to fully remediate
the historical causes of the material weaknesses. As of December 31, 2023, the Company had taken the following steps to address the internal
control deficiencies that contributed to the material weaknesses in prior periods, including, but not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
new hires of additional finance and accounting personnel with high professional skills, prior experience working for finance departments,
and technical accounting experience, supplemented by third-party resources, maintain the overall control over the relevant operating
activities, having in place incremental and compensating controls;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
implementation of a new accounting and reporting system - cloud-based ERP system - with controlled access, approval workflow and segregation
of duties to avoid to rely on third party service provider for the accounting and financial reporting closing process;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
improvement of the documentation and formally assessed our accounting and financial reporting policies and procedures; and,</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 32.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
increase in the use of third-party consultants in assessing significant accounting transactions and other technical accounting and financial
reporting issues, preparing accounting memoranda addressing these issues and maintaining these memoranda in our corporate records.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
Report of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Internal Controls over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as described above under &#8220;&#8212;Management&#8217;s Annual Report on Internal Control over Financial Reporting&#8212;Remediation
of Previously Disclosed Material Weaknesses,&#8221; there were no changes in our internal control over financial reporting (as defined
in Rule 13a-15(f) of the Exchange Act, as amended) that occurred during the quarter ended December 31, 2023 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_016"></span>ITEM
16. [RESERVED]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_017"></span>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has determined that, because of the existence and nature of its board of statutory auditors, it qualifies for an exemption
provided by Rule 10A-3(c)(3) of the Exchange Act from many of the Rule 10A-3 audit committee requirements. The board of statutory auditors
has determined that each of its members is an &#8220;audit committee financial expert&#8221; as defined in Item 16A of Form 20-F. For
the names of the members of the board of statutory auditors, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Statutory
Auditors&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the audit committee financial experts is independent under the Nasdaq Independence Standards that would apply to audit committee members
in the absence of our reliance on the exemption in Rule 10A-3(c)(3).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_018"></span>ITEM
16B. CODE OF ETHICS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted a Code of Conduct that applies to its Chief Executive Officer and all of its directors, officers and employees, or
persons performing similar functions. A copy of our Code of Conduct is available at its website. Any future changes to the Code of Conduct
will be posted on the Company&#8217;s website or filed as an exhibit to a report filed with the SEC within five business days of the
change being effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_019"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table represents aggregate fees billed to the Company for fiscal years ended December 31, 2023 and 2022 by Dannible &amp; McKee,
LLP (&#8220;Dannible &amp; McKee&#8221; or &#8220;DM&#8221;), the Company&#8217;s principal accounting firm, and Mayer, Hoffman McCann
P.C. (&#8220;MHM&#8221;), the Company&#8217;s former principal accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accountant
    Fees and Services (in Euros)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    Fees*</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">433,884</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">264,620</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">433,884</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">264,620</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*For
the fiscal year ended December 31, 2023, Dannible &amp; McKee billed &#8364;312,629, while MHM billed &#8364;121,255.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*For
the fiscal year ended December 31, 2022, MHM billed &#8364;258,057, and Dannible &amp; McKee billed &#8364;6,563.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
Fees</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit fees for the years ended December 31, 2023 and 2022 respectively, were paid for professional services rendered for the audits of
our consolidated financial statements, half year reviews, consents, and assistance with review of documents filed with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2022, the Company reported the dismissal of MHM as the Company&#8217;s principal accounting firm, effective December 12,
2022, and the appointment of Dannible &amp; McKee as the Company&#8217;s principal accounting firm, effective December 12, 2022 and for
the fiscal year ended December 31, 2022. For the fiscal year ended December 31, 2023, Dannible &amp; McKee&#8217;s engagement was renewed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Fees</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Fees</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Pre-Approval
Policies and Procedures</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to engaging , Dannible &amp; McKee to perform audit services, our Board obtains an estimate for the service to be performed. All of the
services described above were approved by the members of the board of statutory auditors in accordance with its procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_020"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genenta
is relying on the exemption from listing standards for audit committees provided by Exchange Act Rule 10A-3(c)(3). The basis for this
reliance is that Genenta&#8217;s board of statutory auditors meets the following requirements set forth in Exchange Act Rule 10A-3(c)(3):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            board of statutory auditors is established and selected pursuant to Italian law expressly
                                            permitting such a board;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            board of statutory auditors is required under Italian law to be separate from Genenta&#8217;s
                                            board of directors;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            board of statutory auditors is not elected by management of Genenta and no executive officer
                                            of Genenta is a member of the board of statutory auditors;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Italian
                                            law provides for standards for the independence of the board of statutory auditors from Genenta
                                            and its management;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            board of statutory auditors, in accordance with applicable Italian law and Genenta&#8217;s
                                            governing documents, is responsible, to the extent permitted by Italian law, for the appointment,
                                            retention and oversight of the work (including, to the extent permitted by law, the resolution
                                            of disagreements between management and the auditor regarding financial reporting) of any
                                            registered public accounting firm engaged for the purpose of preparing or issuing an audit
                                            report or performing other audit, review or attest services for Genenta, and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            the extent permitted by Italian law, the audit committee requirements of paragraphs (b)(3),
                                            (b)(4) and (b)(5) of Rule 10A-3 apply to the board of statutory auditors.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s reliance on Rule 10A-3(c)(3) does not, in its opinion, materially adversely affect the ability of its board of statutory
auditors to act independently and to satisfy the other requirements of Rule 10A-3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_021"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_022"></span>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_023"></span>ITEM
16G. CORPORATE GOVERNANCE.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees &#8211; C. Board Practices &#8211; Differences between Italian Laws and Nasdaq
Requirements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_024"></span>ITEM
16H. MINE SAFETY DISCLOSURE.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_025"></span>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_026"></span>ITEM
16K. CYBERSECURITY.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize the critical importance of maintaining the trust and confidence of our patients, business partners, employees and other stakeholders.
As a result, cybersecurity risk management is an integral part of our overall risk management and compliance program. While we are in the process of fully implementing a comprehensive cybersecurity
risk management program, our current cybersecurity
risk management processes are modeled after industry best practices, such as the National Institute of Standards and Technology Cybersecurity
Framework, for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications
developed by third-party service providers, and facilitate coordination across different departments of our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has overall oversight responsibility for our cybersecurity risk management; however, it delegates cybersecurity risk
management oversight to our management and board of statutory auditors. Our management and board of statutory auditors is responsible
for ensuring that we have processes in place designed to identify and evaluate cybersecurity risks to which we are exposed and
implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
processes include steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat, including
whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation
strategies, and informing management and our board of directors of material cybersecurity threats and incidents. Our information technology
consultant is responsible for assessing our cybersecurity risk management program, and we currently do not engage other third parties
for such assessment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cybersecurity program is under the direction of our Chief Financial Officer and Finance Director, who receive reports from our
information technology consultant and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Our Chief Financial Officer and Finance Director together have over 50 years of information technology experience in various
roles of increasing importance. Their experience includes overseeing and supervising information technology risk management
processes. Among their other duties as Chief Financial Officer and Finance Director, respectively, they manage our cybersecurity
consultant, who is a certified and experienced information security professional, and he has been instrumental in the implementation
and monitoring of our various cybersecurity systems and tools.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is responsible for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes to
ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining
cybersecurity programs, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing
                                            a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity
                                            threats and incidents, while also implementing controls and procedures that provide for the
                                            prompt escalation of certain cybersecurity incidents so that decisions regarding the public
                                            disclosure and reporting of such incidents can be made by management in a timely manner;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">deploying
                                            technical safeguards that are designed to protect our information systems from cybersecurity
                                            threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality
                                            and access controls, which are evaluated and improved through vulnerability assessments and
                                            cybersecurity threat intelligence;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
                                            and maintaining comprehensive incident response and recovery plans that fully address our
                                            response to a cybersecurity incident, and such plans are tested and evaluated on a regular
                                            basis; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
                                            regular, mandatory training for personnel regarding cybersecurity threats as a means to equip
                                            our personnel with effective tools to address cybersecurity threats, and to communicate our
                                            evolving information security policies, standards, processes and practices</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management,
including our Chief Financial Officer and Finance Director, regularly update our board of statutory auditors on our cybersecurity processes,
material cybersecurity risks and mitigation strategies. Our board of statutory auditors reports all material cybersecurity risks to our
board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
are augmenting our current program to be a more comprehensive cybersecurity risk management program. Our roadmap for the future
is centered on the maturation of our cybersecurity risk management program to align to international IT frameworks that will
strengthen our defenses, enhance our threat detection capabilities, and ensure the confidentiality, integrity, and availability of
our critical systems and data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are subject to ongoing and evolving cybersecurity threats, we are not aware of any material risks from cybersecurity threats in 2023
that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations
or financial condition. For more information on our cybersecurity risks, see &#8220;Risk Factors <i>&#8212;</i> Our internal information
technology systems, or those of our third party vendors, collaborators, or other contractors or consultants, may fail or suffer cyber
security breaches or other unauthorized or improper access, which could result in a significant disruption of our product development
programs, give rise to significant liability, subject us to costly and protracted litigation, cause significant reputational harm, and
impact our ability to operate our business effectively.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_027"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_028"></span>ITEM
17. CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audited Consolidated Financial Statements are included as the &#8220;F&#8221; pages attached to this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
consolidated financial statements in this Annual Report, unless otherwise stated, are presented in accordance with US GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_029"></span>ITEM
18. CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to provide consolidated financial statements pursuant to ITEM 17.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_030"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4<sup>**</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315222011671/ex2-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deed of Incorporation of Genenta Science S.p.A.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2****<sup></sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315223013272/ex3-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;Amended and Restated Bylaws of Genenta Science S.p.A.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit Agreement dated December 17, 2021 between the Company and The Bank of New York Mellon, as depositary.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of American Depositary Receipt (included in exhibit 4.1)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3<sup>**</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315222011671/ex4-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriter Warrants dated December 17, 2021</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex8-1.htm">List of subsidiaries of the registrant</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1<sup>****,&#8224;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315223013272/ex10-17.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated License Agreement between Genenta Science S.p.A. and Ospedale San Raffaele S.r.l. (&#8220;OSR&#8221;) dated March 23, 2023 (the &#8220;ARLA&#8221;)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.2<sup>###,&#8224;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315223037845/ex10-2.htm" style="-sec-extract: exhibit">Amendment
to ARLA dated September 28, 2023</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3<sup>###,&#8224;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315223037845/ex10-1.htm" style="-sec-extract: exhibit">Sponsored Research Agreement with OSR dated August 1, 2023</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.4<sup>*,&#8224;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex10-5.htm" style="-sec-extract: exhibit">Sponsored Research Agreement with OSR dated February 12, 2021</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.5<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex10-6.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Know-How License Agreement with Fondazione Telethon dated February 2, 2016</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.6<sup>*,&#8224;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex10-7.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Master Service Agreement dated March 6, 2019, between Molecular Medicine S.p.A. and Genenta Science S.p.A.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.7<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex10-8.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-2025 Genenta Science Employee Share Option Plan with Chairman Sub-Plan</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.9<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex10-9.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement of Pierluigi Paracchi</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.0<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex10-10.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement of Carlo Russo</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.10<sup>*</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315221027683/ex10-11.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement of Richard B. Slansky</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8204;10.14<sup>##,&#8224;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315223003331/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development and Manufacturing Services Agreement dated January 20, 2023 between AGC Biologics S.p.A. and Genenta Science S.p.A.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1<sup>**</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1838716/000149315222011671/ex11-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics of the Registrant</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>12.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Certification of the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>12.2</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Certification of the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>13.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex97-1.htm">Compensation Recovery Policy of Registrant</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
                                            by reference to the registration statement on Form F-1 of the Registrant (File No. 333-260923).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
by reference to the Annual Report on Form 20-F of the Registrant filed on May 2, 2022.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
                                            by reference to the Form 6-K of the Registrant filed on October 3, 2022.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">****</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
                                            by reference to the Annual Report on Form 20-F of the Registrant filed on April 21, 2023.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#
Incorporated by reference to the Form 6-K of the Registrant filed on December 22, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 178.95pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">##
Incorporated by reference to the Form 6-K of the Registrant filed on February 1, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 178.95pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">###
Incorporated by reference to the Form 6-K of the Registrant filed on October 20, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
Portions of these exhibits (indicated with markouts) have been redacted in accordance with Item 601(b)(10)(iv).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="nja_031"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GENENTA
SCIENCE S.P.A.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>By:</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>/s/
    Pierluigi Paracchi</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>By:</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>/s/
    Richard B. Slansky</i></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><b>Name:</b></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><b>Pierluigi Paracchi</b></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><b>Name:</b></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><b>Richard B. Slansky</b></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
    Executive Officer (Principal Executive Officer)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
    Financial Officer (Principal Financial and Accounting Officer)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
    29, 2024</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
    29, 2024</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_001">Report
    of Independent Registered Public Accounting Firm</a> (PCAOB ID: <span id="xdx_90F_edei--AuditorFirmId_c20230101__20231231_zP0lAt0o0k7c"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:AuditorFirmId">528</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#ja_002"><span style="font-size: 10pt">Consolidated
    Statements of Operations and Comprehensive Loss </span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#ja_003"><span style="font-size: 10pt">Consolidated
    Balance Sheets</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#ja_004"><span style="font-size: 10pt">Consolidated
    Statements of Changes in Quotaholders&#8217; and Shareholders&#8217; Equity</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#ja_005"><span style="font-size: 10pt">Consolidated
    Statements of Cash Flows</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#ja_006"><span style="font-size: 10pt">Notes
    to the Consolidated Financial Statements</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7
    &#8211; F-31</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of Genenta Science S.p.A.:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Genenta Science S.p.A. (the &#8220;Company&#8221;) as of December 31,
2023, 2022, and 2021 and the related consolidated statements of operations and comprehensive loss, changes in quotaholders&#8217;
and shareholders&#8217; equity, and cash flows for the three years then ended and the related notes (collectively referred to as the
&#8220;consolidated financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2023, 2022, and 2021, and the results of their operations and their cash
flows for each of the three years in the year then ended, in conformity with accounting principles generally accepted in the United
States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with
the U.S. Federal Securities Laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to
error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not
for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_90F_edei--AuditorName_c20230101__20231231_zSHP5vCMXCja"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorName">Dannible &amp; McKee, LLP</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--AuditorLocation_c20230101__20231231_zeFkAVhQjnCg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:AuditorLocation">Syracuse,
New York</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
29, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_002"></span>Genenta
Science S.p.A.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(formerly,
Genenta Science S.r.l.)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statements of Operations and Comprehensive Loss</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_300_113_zT0GvpKpRoF4" summary="xdx: Statement - Consolidated Statements of Operations and Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zPTzbDRb3VWk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--OtherNonoperatingIncomeExpense_i01_pp0p0_maNIEz7ay_zhipzYb0iCwl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_ecustom--FinanceIncomeExpenses_i01_pp0p0_maNIEz7ay_zXfmbtP7PgX8" 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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="GNTA:FinanceIncomeExpenses" contextRef="From2021-01-012021-12-31" id="Fact000087" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">11,716</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_408_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_i01_pp0p0_maNIEz7ay_zN8kG8n80xe4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0091">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--AwardsAndSubsidies_i01_maNIEz7ay_z3ldnVcmbpz3" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0094">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:AwardsAndSubsidies" contextRef="From2021-01-012021-12-31" id="Fact000095" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">150,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--NonoperatingIncomeExpense_i01T_pp0p0_mtNIEz7ay_maILFCOzG76_z29Iyub9sT01" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total other income (expense),
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact000099" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">157,941</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_mtILFCOzG76_maPLz2QU_zVBH5u8BcJx4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss before income taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000101" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">11,645,455</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000102" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">8,477,763</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000103" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">5,529,332</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_msPLz2QU_zwqaxl2SQZI3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income tax benefit (expense)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0105">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0106">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0107">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--NetIncomeLoss_iT_pp0p0_mtPLz2QU_maCINOTzXfa_z5eIxKtgpgI1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000109" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">11,645,455</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000110" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">8,477,763</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000111" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">5,529,332</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_401_ecustom--OtherComprehensiveIncomeChangeInFairValueOfMarketableDebtSecuritiesFairValueMeasurement_i01_maOCILTzvxM_z3538KpfDhQ5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0143">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent_i01_maOCILTzvxM_zAO5lsq2jp95" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0146">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40C_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_i01T_mtOCILTzvxM_maCINOTzXfa_z1VEmcmWDMLe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0151">-</span><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--ComprehensiveIncomeNetOfTax_i01T_pp0p0_mtCINOTzXfa_zynQbiB9FK4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Comprehensive loss</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000153" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">11,446,324</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">8,477,763</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_003"></span>Genenta
Science S.p.A.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Balance Sheets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_302_111_zPSoySLdfp1k" summary="xdx: Statement - Consolidated Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" id="xdx_496_20221231_zILS9tDWjXek" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">At
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AssetsCurrentAbstract_i01B_zW2C7mHyEw38" 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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pp0p0_maACzpzB_zw7RKrrxjy61" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" id="Fact000167" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">37,240,162</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--MarketableSecuritiesCurrent_i02I_pp0p0_maACzpzB_zTnpSWzmAJmg" 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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MarketableSecuritiesCurrent" contextRef="AsOf2023-12-31" id="Fact000169" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">15,084,284</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0170">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0171">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_pp0p0_maACzpzB_z9wVDIziwxId" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    expenses and other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000173" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">2,480,554</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000174" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,926,512</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2021-12-31" id="Fact000175" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,519,023</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AssetsCurrent_i02TI_pp0p0_mtACzpzB_maAzs34_zF8EONjK6FQa" style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000177" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">21,256,258</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000178" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">31,721,368</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2021-12-31" id="Fact000179" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">38,759,185</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--AssetsNoncurrentAbstract_i01B_z5vrtZ1X7dY5" style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maANzVYh_zWt3D0NGGbP9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Fixed assets, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact000185" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">82,977</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact000186" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">111,639</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" id="Fact000187" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">23,090</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--OtherAssetsNoncurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maANzVYh_zs8Ta1tx4Xng" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Other non-current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31_us-gaap_NonrelatedPartyMember" id="Fact000189" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,004,560</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31_us-gaap_NonrelatedPartyMember" id="Fact000190" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,601,503</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2021-12-31_us-gaap_NonrelatedPartyMember" id="Fact000191" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,241,215</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherAssetsNoncurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maANzVYh_z3IMI3KRbP83" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000193" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">3,350</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000194" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">3,350</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--OtherAssetsNoncurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maANzVYh_zMFNpceZ2ZT" style="display: none; vertical-align: bottom; background-color: White">
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<tr id="xdx_40D_eus-gaap--AssetsNoncurrent_i02TI_pp0p0_mtANzVYh_maAzs34_zL1Xg33o9Iwj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact000202" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,716,492</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_409_eus-gaap--Assets_i01TI_pp0p0_mtAzs34_zKNOQxs5A269" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zPf4D7EVUTD1" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities and shareholders&#8217;
    equity</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B_z6rl7Z4N8orj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsPayableCurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maLCzXP9_z4MctgQEKdm8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31_us-gaap_NonrelatedPartyMember" id="Fact000217" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">294,975</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_us-gaap_NonrelatedPartyMember" id="Fact000218" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,042,054</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-12-31_us-gaap_NonrelatedPartyMember" id="Fact000219" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">164,819</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzXP9_z2nlir4mwb0j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accounts payable - related
    party</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000221" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">170,888</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000222" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">151,988</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-12-31_us-gaap_RelatedPartyMember" id="Fact000223" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">25,047</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccountsPayableCurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzXP9_zyQ62fSH1yYb" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000225" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">170,888</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000226" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">151,988</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-12-31_us-gaap_RelatedPartyMember" id="Fact000227" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">25,047</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maLCzXP9_zVhgZn5inQd3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_NonrelatedPartyMember" id="Fact000229" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">153,136</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31_us-gaap_NonrelatedPartyMember" id="Fact000230" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">202,389</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31_us-gaap_NonrelatedPartyMember" id="Fact000231" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">712,313</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--AccruedLiabilitiesCurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzXP9_zibhJpeBSo7c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses - related
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000233" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">861,578</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31_us-gaap_RelatedPartyMember" id="Fact000235" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">132,141</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_i02I_pp0p0_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzXP9_zoswLfW4FKQ" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000238" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">489,207</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31_us-gaap_RelatedPartyMember" id="Fact000239" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">132,141</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_402_eus-gaap--OtherLiabilitiesCurrent_i02I_pp0p0_maLCzXP9_zxtQp8m974nk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Other
    current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000241" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">255,062</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000242" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">297,875</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2021-12-31" id="Fact000243" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">100,719</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--LiabilitiesCurrent_i02TI_pp0p0_mtLCzXP9_maLASEz347_zgCMaTVHUUh5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000245" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,735,639</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000246" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">2,183,513</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" id="Fact000247" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,135,039</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zUdubBlBjUod" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OtherLiabilitiesNoncurrent_i01I_maLz0TA_zGAxu5p5R2rc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Other non-current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000253" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">14,594</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2022-12-31" id="Fact000254" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">27,218</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0255">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--RetirementBenefitObligation_i02I_maLz0TA_zOUC89e3x2yg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Retirement
    benefit obligation</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:RetirementBenefitObligation" contextRef="AsOf2023-12-31" id="Fact000257" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">164,655</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:RetirementBenefitObligation" contextRef="AsOf2022-12-31" id="Fact000258" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">88,963</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:RetirementBenefitObligation" contextRef="AsOf2021-12-31" id="Fact000259" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">30,618</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLz0TA_maLASEz347_zoMENtzobXg5" style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    long-term liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000261" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">179,249</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-12-31" id="Fact000262" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">116,181</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2021-12-31" id="Fact000263" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">30,618</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--CommitmentsAndContingencies_i01I_pp0p0_maLASEz347_zf8DcYigSeQ8" style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Commitments and contingencies</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0265">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0266">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0267">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--StockholdersEquityAbstract_i01B_zMg0XmM9C7i5" style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shareholders&#8217; equity</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr id="xdx_400_eus-gaap--StockholdersEquity_i02TI_pp0p0_mtSEIPAzJWE_maLASEz347_zIXIdktc3Kd3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total quotaholders&#8217;
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000302" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">31,138,166</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2021-12-31" id="Fact000307" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">40,026,840</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="ja_004"></span></i>Genenta
Science S.p.A.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(formerly,
Genenta Science S.r.l.)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statement of Changes in Quotaholders&#8217; and</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders&#8217;
Equity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_309_114_z03BuE1wzEE7" summary="xdx: Statement - Consolidated Statement of Changes in Quotaholders' and Shareholders' Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_40D_ecustom--CorporateCapitalAdjustmentFromSrlToSpa_zNPzklbf5QT9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_zRVVhhtOFaYg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_ecustom--CapitalIncreaseFromIpoNetOfIssuanceCosts_zDAeEC5riku5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zDjRCuvWtvj9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_43A_c20220101__20221231_eus-gaap--StockholdersEquity_iS_z4w5YJxt2uxe" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition_zbl7IzgkyTOc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--NetIncomeLoss_zTLwBNuvAwZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0404">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0405">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember" id="Fact000406" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">8,477,763</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0407">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000408" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">8,477,763</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_43B_c20230101__20231231_eus-gaap--StockholdersEquity_iS_zWQcAIzCPO9c" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2022</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0411">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31_us-gaap_RetainedEarningsMember" id="Fact000413" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">35,465,559</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0414">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000415" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">31,138,166</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_430_c20230101__20231231_eus-gaap--StockholdersEquity_iS_zM9KNhcBC0ae" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Balance </td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0420">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000421" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">66,603,725</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31_us-gaap_RetainedEarningsMember" id="Fact000422" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">35,465,559</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000424" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">31,138,166</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_406_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition_zrkH9D4mwBab" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition" contextRef="From2023-01-01to2023-12-31" id="Fact000433" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">739,884</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--CapitalIncreaseAtmProgram_z9DfefHd9QOj" 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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0438">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0439">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_407_eus-gaap--OtherComprehensiveIncomeLossNetOfTax_zSFdZWSBcWa6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="ja_005"></span></i>Genenta
Science S.p.A.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(formerly,
Genenta Science S.r.l.)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statements of Cash Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_112_zB1QP88ATEUk" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zi179SQN88hg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash flows from operating
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--NetIncomeLoss_i01_pp0p0_maNCPBUzTQi_zM1zWo4iXdY9" style="vertical-align: bottom; background-color: White">
    <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000481" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">8,477,763</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000482" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">5,529,332</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_z0wYZuD3HeCd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments to reconcile net loss to net cash
    used in operating activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_i02N_pp0p0_di_msNCPBUzTQi_zpNc7RK0c57b" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Foreign exchange adjustment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0488">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact000489" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">32,011</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0490">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--DepreciationDepletionAndAmortization_i02_pp0p0_maNCPBUzTQi_zJ3wv1QG48Xa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Depreciation expense</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact000492" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">42,453</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2022-01-012022-12-31" id="Fact000493" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">6,140</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2021-01-012021-12-31" id="Fact000494" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">4,889</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash_i02_pp0p0_maNCPBUzTQi_zUzUnZ4NU3Oi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Retirement benefit obligation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash" contextRef="From2023-01-01to2023-12-31" id="Fact000496" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">75,692</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash" contextRef="From2022-01-012022-12-31" id="Fact000497" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">58,344</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash" contextRef="From2021-01-012021-12-31" id="Fact000498" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">13,231</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_i02_maNCPBUzTQi_zVtoIBn7enhb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Share-based compensation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000500" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">739,884</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-012022-12-31" id="Fact000501" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">722,735</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31" id="Fact000502" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">497,104</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zJLT4rA8nz9d" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes in operating assets and liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_pp0p0_di_msNCPBUzTQi_z0mKGUACEHh4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Prepaid expenses and other
    current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000508" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">554,042</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2022-01-012022-12-31" id="Fact000509" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">407,489</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-01-012021-12-31" id="Fact000510" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">450,090</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInOtherNoncurrentAssets_i03N_pp0p0_di_msNCPBUzTQi_zEx2LM6sCNx3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Other non-current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000512" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">596,943</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2022-01-012022-12-31" id="Fact000513" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">427,906</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2021-01-012021-12-31" id="Fact000514" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">295,597</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_pp0p0_maNCPBUzTQi_z0udc70zgjT8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000516" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">747,079</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-012022-12-31" id="Fact000517" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">877,235</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-012021-12-31" id="Fact000518" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">380,169</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_407_ecustom--IncreaseDecreaseInAccountsPayableRelatedParty_i03_pp0p0_maNCPBUzTQi_zXAQRYB2SJxj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Accounts payable - related
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  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_pp0p0_mtNCPBUzTQi_maCCERCzaXz_zxlzcmDBt1r7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000542" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">6,958,174</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_z2WDZSnkVLZ1" style="vertical-align: bottom; background-color: White">
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    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PaymentsToAcquireMarketableSecurities_iN_di_msNCPBUzTYz_zJ7tiRwyG2Ra" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Purchase of marketable securities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireMarketableSecurities" contextRef="From2023-01-01to2023-12-31" id="Fact000548" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">14,878,875</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0549">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0550">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_iN_di_msNCPBUzTYz_zLF6nVq0mPo3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Purchases
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000552" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">13,791</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact000553" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">27,070</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000554" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">9,009</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_pp0p0_mtNCPBUzTYz_maCCERCzaXz_zuk1Q5JdNZJ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net cash used in investing
    activities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000556" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">14,892,666</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000557" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">27,070</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000558" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="Euro">9,009</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zmHPodZd2cHi" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash flows from financing
    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_i01_maNCPBUzUyx_zZ36rjJ7f56f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations_iT_pp0p0_mtCCERCzaXz_zVsH5lUaAAo" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_pp0p0_zCph6bwKs6Bf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    at beginning of period</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31" id="Fact000588" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">29,794,856</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31" id="Fact000589" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">37,240,162</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="ja_006"></span>Genenta
Science S.p.A.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(formerly
Genenta Science S.r.l.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000596" name="us-gaap:NatureOfOperations"><p id="xdx_803_eus-gaap--NatureOfOperations_zKr1KRKrEtp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -8.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<b><span id="xdx_826_zjf23DvUxbOd">Nature of business and history</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genenta
Science S.p.A. (the &#8220;Company&#8221; or &#8220;Genenta&#8221; &#8211; formerly Genenta Science S.r.l. &#8220;societ&#224; a responsabilit&#224;
limitata,&#8221; similar to a Limited Liability Company in the U.S.) converted to an Italian corporation (&#8220;societ&#224; per azioni&#8221;,
or &#8220;S.p.A.&#8221;) in June 2021, which is similar to a C corporation in the U.S. The Company was founded in Milan, Italy by San
Raffaele Hospital (&#8220;OSR&#8221;), Pierluigi Paracchi, Luigi Naldini and Bernhard Gentner, and was incorporated in July 2014. On
May 20, 2021, the quotaholders (owners of the Company) resolved that the Company convert from an S.r.l. to an S.p.A. and determined that
the outstanding quota be converted to <span id="xdx_909_eus-gaap--ConversionOfStockSharesIssued1_pn6n6_c20210519__20210520_zOhpV9ZzKR5e" title="Conversion of stock, shares issued"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-05-192021-05-20" id="Fact000598" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="Shares">15</ix:nonFraction></span> million common shares at no par value. (See Note 11. Quotaholder&#8217;s and shareholder&#8217;s
equity.) New Bylaws were adopted, and a new Board of Directors and board of statutory auditors were appointed. The registered office
(or headquarters) remained located in Milan, Italy. The Company&#8217;s reporting currency is Euros (&#8220;EUR&#8221; or &#8220;&#8364;&#8221;).
In May 2021, the Company formed a wholly owned, Delaware incorporated subsidiary, Genenta Science, Inc., intended for future operations
in the U.S. (&#8220;U.S. Subsidiary&#8221;). The U.S. Subsidiary operates in U.S. Dollars (&#8220;USD&#8221; or &#8220;$&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 17, 2021, the Company completed an initial public offering (&#8220;IPO&#8221;) of its shares. The shares began trading on the
Nasdaq Stock Capital Market on December 15, 2021. Through the IPO, <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211214__20211215__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zmTNGIcX9vil" title="Number of ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-12-142021-12-15_us-gaap_IPOMember" id="Fact000600" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,120,114</ix:nonFraction></span> new ordinary shares with no par value were issued. <span id="xdx_900_eus-gaap--CommonStockSharesSubscribedButUnissued_iI_c20211215_zJkDB9KLsQx3" title="Number of ordinary shares subscribed"><ix:nonFraction name="us-gaap:CommonStockSharesSubscribedButUnissued" contextRef="AsOf2021-12-15" id="Fact000602" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">720,114</ix:nonFraction></span>
ordinary shares were subscribed by the Company&#8217;s existing shareholders through a Reserved Offering, while <span id="xdx_90C_ecustom--AmericanDepositoryShares_c20211214__20211215_zm2xuAn89GJk" title="American depository shares"><ix:nonFraction name="GNTA:AmericanDepositoryShares" contextRef="From2021-12-142021-12-15" id="Fact000604" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,400,000</ix:nonFraction></span> American Depository
Shares (&#8220;ADS&#8221;) were directly placed on the market. Subsequently, on December 27, 2021, the Company&#8217;s underwriter exercised
a portion of its &#8220;green shoe&#8221; allotment for an additional <span id="xdx_905_ecustom--AmericanDepositoryShares_c20211226__20211227__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z4y4gusoTEM9" title="American depository shares"><ix:nonFraction name="GNTA:AmericanDepositoryShares" contextRef="From2021-12-262021-12-27_us-gaap_OverAllotmentOptionMember" id="Fact000606" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">96,744</ix:nonFraction></span> ADS. The total number of shares outstanding resulting at
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million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 12, 2023, the Company filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) a shelf registration statement that
was subsequently declared effective on May 24, 2023. It permits the Company to sell from time-to-time ordinary shares, including ordinary
shares represented by ADSs, or rights to subscribe for ordinary shares or ordinary shares represented by ADSs in one or more offerings
in amounts, at prices and on the terms that the Company will determine at the time of offering for aggregate gross sale proceeds of up
to $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pn5n6_c20230512__20230512_zJN70s3tcs8" title="Gross sale proceeds"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2023-05-122023-05-12" id="Fact000614" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">100.0</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, the Company issued 100 ADSs for gross proceeds of approximately $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20230701__20230731__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zE21ZliUdBne" title="Gross proceeds"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2023-07-012023-07-31_custom_SalesAgreementMember" id="Fact000616" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">639</ix:nonFraction></span>, bringing the total number of shares outstanding to
<span id="xdx_904_eus-gaap--SharesOutstanding_iI_c20230731__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zdS258QJPqb1" title="Shares outstanding"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2023-07-31_custom_SalesAgreementMember" id="Fact000618" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,958</ix:nonFraction></span>, pursuant to a Controlled Equity Offering  Sales Agreement, dated May 12, 2023 (the &#8220;Sales
Agreement&#8221;), between the Company and Cantor Fitzgerald &amp; Co. (&#8220;Cantor&#8221;), as agent, subject to the terms and
conditions described in the Sales Agreement and SEC rules and regulations (the &#8220;ATM Offering&#8221;). On March 28, 2024, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company mutually
agreed with Cantor to terminate the Sales Agreement. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genenta
is an early-stage company developing first-in-class cell and gene therapies to address unmet medical needs in cancerous solid tumors.
The Company is initially developing its clinical leading product, Temferon&#8482;, to treat glioblastoma multiforme (&#8220;GBM&#8221;),
a solid tumor affecting the brain. The Company intends to continue its clinical trials in Italy, and eventually start a clinical trial
in Europe and the U.S. to study Temferon&#8482; in other cancers. In June 2023, the Company&#8217;s Board of Directors selected Renal
Cell Cancer (&#8220;RCC&#8221;) as the second solid tumor indication for Temferon. The Company is currently developing a clinical plan
for RCC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to risks and uncertainties common to early-stage clinical companies in the life-science and biotechnology industries,
including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals
for product candidates, development by competitors of new competing products, dependence on key personnel, protection of proprietary
technology, compliance with government regulations and the ability to secure additional capital to fund operations. The clinical product
candidates currently under development will require significant additional research and development efforts, including regulatory approval
and clinical testing prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel
and infrastructure and extensive compliance-reporting capabilities. Even if the Company&#8217;s product development efforts are successful,
it is uncertain when, if ever, the Company will realize revenue from product sales and profit from operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
and risks</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has incurred losses since its inception, including a net loss of &#8364;<span id="xdx_906_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20230101__20231231_zyaTRmIMcPrb" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000620" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="Euro">11.6</ix:nonFraction></span> million, &#8364;<span id="xdx_908_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20220101__20221231_zjWOFeYrsow8"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000621" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="Euro">8.5</ix:nonFraction></span> million and &#8364;<span id="xdx_901_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20210101__20211231_zTjd3faVUSi9" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000623" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="Euro">5.5</ix:nonFraction></span> million
for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively. In addition, as of December 31, 2023,
the Company had an accumulated deficit of &#8364;<span id="xdx_901_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20231231_zN1KiyRUelk6" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000625" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="Euro">47.1</ix:nonFraction></span> million. The Company has primarily funded these losses through the proceeds from
sales of convertible debt and equity quotas, prior to the Company&#8217;s conversion to an S.p.A. and its IPO after its conversion to
an S.p.A. Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the
Company expects that its existing cash and cash equivalents and marketable securities on hand as of December 31, 2023 of &#8364;<span id="xdx_90A_eus-gaap--CashCashEquivalentsAndShortTermInvestments_iI_pn5n6_c20231231_zdbtSubcj4D5" title="Cash and cash equivalents and marketable securities"><ix:nonFraction name="us-gaap:CashCashEquivalentsAndShortTermInvestments" contextRef="AsOf2023-12-31" id="Fact000627" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">18.8</ix:nonFraction></span> million,
will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the
filing date of these consolidated financial statements. However, the future viability of the Company is dependent on its ability to raise
additional capital to finance its operations. The Company&#8217;s inability to raise capital as and when needed could have a negative
impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating
plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has evaluated whether there are conditions and events considered in the aggregate that raise substantial doubt about the Company&#8217;s
ability to continue as a going concern. The Company&#8217;s business model, typical of biotechnology companies developing new therapeutic
products that have not reached a balanced income and financial position, features negative cash flows. This is because, at this stage,
costs must be borne in relation to services and personnel, directly connected to research and development activities, and return for
these activities is not certain and, in any case, it is expected in future years. Based on the accounting policies adopted, requiring
full recognition of research and development costs in the statement of operations and comprehensive loss in the year they are incurred,
the Company has reported a loss since its inception, and expects to continue to incur significant costs for research and development
in the foreseeable future. There is no certainty that the Company will become profitable in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will require additional capital to meet its long-term operating requirements. It expects to raise additional capital through,
among other things, the sale of equity or debt securities, which may include sales of ADSs pursuant to the ATM Offering. If adequate
funds are not available in the future, the Company may be forced to delay, reorganize, or cancel research and development programs, or
to enter into financing, licensing or collaboration agreements with unfavorable conditions or waive rights to certain products which
otherwise it would not have waived, resulting in negative effects on the activity and on the economic, patrimonial and /or financial
situation of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to raise additional capital may be adversely impacted by the potential worsening of global economic and political
conditions and volatility in the credit and financial markets in the U.S. and worldwide. This could be exacerbated by, among other factors,
the lingering effects of the COVID-19 pandemic and its ongoing variants, the war between Russia and Ukraine, and/or the Israeli and Hamas
war. The Company&#8217;s failure to raise capital as and when needed or on acceptable terms could have a negative impact on the Company&#8217;s
financial condition and its ability to pursue its business strategy, and the Company may have to delay, reduce the scope of, suspend
or eliminate one or more of its research-stage programs, clinical trials, or future commercialization efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and qualitative disclosure about market risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is exposed to market risks in the ordinary course of its business. Market risk represents the risk of loss that may impact the
Company&#8217;s financial position due to adverse changes in financial market prices and rates. The Company&#8217;s current investment
policy is conservative due to the need to support operations. The Company invests available cash in bank time deposits with reputable
banks that have a credit rating of at least &#8220;A&#8221; and Italian and U S government treasury notes and bonds with short term maturity.
A minority of the Company&#8217;s cash and cash equivalents and marketable securities are held in deposits that bear a small amount of
interest. The Company&#8217;s market risk exposure is primarily a result of foreign currency exchange rates, which is discussed in detail
in the following paragraph.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an early-stage cell and gene therapy company commercializing technology licensed from OSR. The Company intends to continue
to conduct its operations so that neither it nor its subsidiary is required to register as an investment company under the Investment
Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (the &#8220;40 Act&#8221;). To ensure that the
Company does not become subject to regulation under the &#8216;40 Act, the Company may be limited in the type of assets that it may own
or acquire. If the Company were to become inadvertently subject to the &#8216;40 Act, any violation of the &#8216;40 Act could subject
the Company to material adverse consequences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
currency exchange risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s results of operations and cash flow may be subject to fluctuations due to changes in foreign currency exchange rates.
The Company&#8217;s liquid assets and expenses are denominated in EUR and USD. At December 31, 2023, the Company maintained &#8364;<span id="xdx_909_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20231231_zANaB82AxBL4" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact000629" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">3.7</ix:nonFraction></span>
million in cash and cash equivalents and &#8364;<span id="xdx_902_eus-gaap--MarketableSecurities_iI_pn5n6_c20231231_zUhl5G1mC45l" title="Marketable securities"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2023-12-31" id="Fact000631" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">15.1</ix:nonFraction></span> million in marketable securities. Changes in the USD/EUR exchange rate could increase/decrease
the Company&#8217;s operating expenses, especially as more costs are incurred in the U.S. or, as USD are exchanged for EUR to cover European
operating costs. As the Company continues to grow its business, the Company&#8217;s results of operations and cash flows might be subject
to significant fluctuations due to changes in foreign currency exchange rates, which could adversely impact the Company&#8217;s results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Company has recorded an unrealized net loss from exchange rate of approximately &#8364;<span id="xdx_90B_eus-gaap--ForeignCurrencyTransactionLossBeforeTax_pn5n6_c20230101__20231231_zQUecQMB65R4" title="Unrealized net loss from exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000633" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.2</ix:nonFraction></span> million. The Company does not currently
hedge its foreign currency exchange risk. In the future, the Company may enter formal currency hedging transactions to decrease the risk
of financial exposure from fluctuations in the exchange rates of its principal operating currencies. These measures, however, may not
adequately protect the Company from the material adverse effects of such fluctuations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000635" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80F_eus-gaap--SignificantAccountingPoliciesTextBlock_zK4LIHJZWUi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
<span id="xdx_822_zgRSDEFESKqb">Summary of significant accounting policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000637" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z1clHOhdQbGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zx8xqSVTeNw">Basis
of presentation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;US GAAP&#8221;) for consolidated financial information and with the instructions to Form 20-F and Article
10 of Regulation S-X promulgated by the Securities and Exchange Commission (&#8220;SEC&#8221;). Any reference in these notes to applicable
guidance is meant to refer to the authoritative US GAAP as found in the Accounting Standards Codification (&#8220;ASC&#8221;) and Accounting
Standards Update (&#8220;ASU&#8221;) of the Financial Accounting Standards Board (&#8220;FASB&#8221;), unless otherwise stated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the significant accounting policies applied in the preparation of these consolidated financial statements is presented below,
only for the categories and headings now applicable and that might be applicable in the future based on the Company&#8217;s business.
These policies have been consistently applied, unless otherwise stated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000639" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_84D_eus-gaap--ConsolidationPolicyTextBlock_zCE53QLdm532" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zkE9tZAjnyUk">Principles
of consolidation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany
accounts and transactions have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000641" name="us-gaap:UseOfEstimates"><p id="xdx_845_eus-gaap--UseOfEstimates_zWCmiQgVpxZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zoFcQGLjLYAc">Use
of estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts reported in the financial statements and the disclosures made in the accompanying notes. Estimates and assumptions reflected
in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and related
milestone payments, share-based compensation expense, valuation of Research &amp; Development (&#8220;R&amp;D&#8221;) tax credits, the
valuation of equity and the recoverability of the Company&#8217;s net deferred tax assets and related valuation allowance. Estimates
are periodically reviewed considering changes in circumstances, facts, and experience. Actual results may differ from these estimates
under different assumptions or conditions. Changes in estimates are recorded in the period in which they become known. The areas involving
a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements
are disclosed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000643" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_840_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zalthsCHSuLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zvuX5oHetDC5">Cash
and cash equivalents</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents,
which amounts may at times exceed federally insured limits. The Company has not experienced any losses on such accounts and does not
believe it is exposed to any significant credit risk. In the consolidated cash flow statements, cash and cash equivalents include: cash
on hand, deposits held with banks, and other short-term highly liquid investments. In the consolidated balance sheets, bank overdrafts,
if any, are shown in current liabilities. Cash and cash equivalents are detailed as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000645" name="us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zGb117JozsEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Georgia; font-size: 10pt">&#160;</span><span id="xdx_8BD_zGBD75ySeMD1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
of cash and cash equivalents</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Euro)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--DueFromBanks_iI_uEuro_maCACEAzkgB_zRfrxVvcmN8k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash in bank</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DueFromBanks" contextRef="AsOf2023-12-31" id="Fact000647" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">3,687,402</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_400_eus-gaap--Cash_iI_uEuro_maCACEAzkgB_zD5o4rDwspY7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash in hand &amp; prepaid
    cards</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-12-31" id="Fact000651" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">4,018</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2022-12-31" id="Fact000652" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">4,018</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-12-31" id="Fact000653" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">4,073</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_uEuro_mtCACEAzkgB_zwcMLJlsXFFd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact000655" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">3,691,420</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31" id="Fact000656" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">29,794,856</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" id="Fact000657" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,240,162</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zy0bNxjLJbrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000659" name="us-gaap:MarketableSecuritiesPolicy"><p id="xdx_847_eus-gaap--MarketableSecuritiesPolicy_z35Vf8zEMUdk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span id="xdx_86E_z76nJiwmvdka">Marketable
securities</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s marketable securities are maintained by investment managers and consist of highly rated foreign government debt securities.
Debt securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component
of shareholders&#8217; equity until realized. Any premium arising at purchase is amortized to the earliest call date and any discount
arising at purchase is accreted to maturity. Amortization and accretion of premiums and discounts are recorded in interest income, net.
Realized gains and losses on debt securities are determined using the specific identification method and are included in other income
(expense), net.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale.
Marketable securities with a remaining maturity date greater than one year are classified as non-current assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
January 1, 2023, the Company adopted ASU 2016-13<span style="background-color: white">, <i>Financial Instruments - Credit Losses (Topic
326): Measurement of Credit Losses on Financial Statements</i></span> (&#8220;ASU 2016-13&#8221; or &#8220;ASC 326&#8221;), using the
effective date method. As the Company had never recorded any other-than-temporary-impairment adjustments to its available-for-sale debt
securities prior to the effective date, no transition provisions are applicable to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assesses its available-for-sale debt securities under the available-for-sale debt security impairment model in ASC 326 as of
each reporting date in order to determine if a portion of any decline in fair value below carrying value recognized on its available-for-sale
debt securities is the result of a credit loss. The Company records credit losses in the consolidated statements of operations and comprehensive
loss as credit loss expense within other income (expense), net, which is limited to the difference between the fair value and the amortized
cost of the security. To date, the Company has not recorded any credit losses on its available-for-sale debt securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
interest receivable related to the Company&#8217;s available-for-sale debt securities is presented within receivables and other current
assets on the Company&#8217;s consolidated balance sheets. The Company has elected the practical expedient available to exclude accrued
interest receivable from both the fair value and the amortized cost basis of available-for-sale debt securities for the purposes of identifying
and measuring any impairment. The Company writes off accrued interest receivable once it has determined that the asset is not realizable.
Any write offs of accrued interest receivable are recorded by reversing interest income, recognizing credit loss expense, or a combination
of both. To date, the Company has not written off any accrued interest receivables associated with its marketable securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unrealized gain recognized during the reporting period on marketable securities still held at the report date was approximately &#8364;<span id="xdx_902_eus-gaap--MarketableSecuritiesUnrealizedGainLoss_c20230101__20231231_z65nKNU1Rdt7" title="Unrealized gain"><ix:nonFraction name="us-gaap:MarketableSecuritiesUnrealizedGainLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000661" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">268,000</ix:nonFraction></span>.
The unrealized loss recognized during the reporting period on marketable securities still held at the report date was approximately &#8364;(<span id="xdx_903_ecustom--MarketableSecuritiesUnrealizedLoss_c20230101__20231231_zdohAUtjwGmi" title="Unrealized gain"><ix:nonFraction name="GNTA:MarketableSecuritiesUnrealizedLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000663" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">53,000</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000665" name="GNTA:NetLossAndComprehensiveLossPolicyTextBlock"><p id="xdx_845_ecustom--NetLossAndComprehensiveLossPolicyTextBlock_zPZXv3LWbAq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zsoDXZQq6sPi">Net
loss and comprehensive income (loss)</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources.
ASC 220 Comprehensive Income requires that an entity records all components of comprehensive (loss) income, net of their related tax
effects, in its financial statements in the period in which they are recognized. For the years ended December 31, 2023, net loss was &#8364;<span id="xdx_90E_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20230101__20231231_zydsNxnExom1" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000667" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="Euro">11.6</ix:nonFraction></span> million with other comprehensive income being approximately
&#8364;<span id="xdx_905_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_c20230101__20231231_zuqH9vRz6cll" title="Other comprehensive income"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" contextRef="From2023-01-01to2023-12-31" id="Fact000669" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">199,131</ix:nonFraction></span> and total comprehensive loss was &#8364;<span id="xdx_905_eus-gaap--ComprehensiveIncomeNetOfTax_iN_pn5n6_di_c20230101__20231231_zAdZCgCNNS9a" title="Comprehensive loss"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000671" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="Euro">11.4</ix:nonFraction></span> million. For 2022 and 2021, the comprehensive loss was equal to net loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000673" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zhlWJ2pJr1Ze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zSviFtRGxid6">Net
loss per share</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss per share (&#8220;EPS&#8221;) is computed in accordance with US GAAP. Basic EPS is computed by dividing net loss by the weighted
average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net
loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares
that would have been outstanding if all potential common shares had been issued and were dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EPS calculation was applied at the Company conversion to S.p.A. in June 2021, after the increase in capital to &#8364;<span id="xdx_901_eus-gaap--StockholdersEquityPeriodIncreaseDecrease_c20220101__20221231_z9GUqxjWjhO9"><ix:nonFraction name="us-gaap:StockholdersEquityPeriodIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact000674" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">50,000</ix:nonFraction></span> required
to be an S.p.A. by Italian law. The Company&#8217;s shareholders authorized <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_pn5n6_c20221231_zIJgwVfTklEi"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31" id="Fact000675" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Shares">59.7</ix:nonFraction></span> million ordinary common shares. In July 2023, following
the ATM Offering exercise, <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230701__20230731_zZOFU6VJmlN2" title="Number of american depository shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-07-012023-07-31" id="Fact000677" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100</ix:nonFraction></span> new ADS were issued. At December 31, 2023, the Company had <span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231_zxwujhCsFtcc"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000678" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,958</ix:nonFraction></span> common shares issued and outstanding
with <span id="xdx_90D_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pn5n6_c20231231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember_zgS97WOyyFYa"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2023-12-31_custom_EquityIncentivePlanTwoThousandTwentyOneToTwoThousandTwentyFiveMember" id="Fact000679" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Shares">2.7</ix:nonFraction></span> million common shares reserved for the Company&#8217;s Equity Incentive Plan 2021&#8211;2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the Company had <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zim2DEzayjx7"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31_us-gaap_EmployeeStockOptionMember" id="Fact000680" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">382,785</ix:nonFraction></span> outstanding options and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20231231__us-gaap--AwardTypeAxis__custom--UnderswritersCommonShareWarrantsMember_zOhEcrU8w3a8" title="Common share equivalents"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31_custom_UnderswritersCommonShareWarrantsMember" id="Fact000682" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,502</ix:nonFraction></span> common share equivalents, in the form of underwriters&#8217;
common share warrants. Diluted EPS was not relevant at December 31, 2023, 2022, or 2021, as the effect of common share equivalents, in
the form of <span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z0ySz4cYW7Xi"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2023-01-012023-12-31_us-gaap_EmployeeStockOptionMember" id="Fact000683" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">382,785</ix:nonFraction></span> stock options and of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20231231__us-gaap--AwardTypeAxis__custom--UnderswritersCommonShareWarrantsMember_zx4EQqTqeeic"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31_custom_UnderswritersCommonShareWarrantsMember" id="Fact000684" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,502</ix:nonFraction></span> underwriters&#8217; common share warrants, would have been anti-dilutive. (See Note 12.
Quotaholders&#8217; and shareholders&#8217; equity and Note 12. Share-based compensation.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000686" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_849_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zC4J5Citj9ub" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zx3IGS9tOT0h">Foreign
currency translation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reporting and functional currency of the Company is Euros. All amounts are presented in Euros unless otherwise stated. All amounts disclosed
in the consolidated financial statements and notes have been rounded to the nearest Euro unless otherwise stated. Foreign currency transactions,
if any, are translated into Euros using the exchange rates prevailing at the date(s) of the transaction(s) or valuation where items are
re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of
operations. For financial reporting purposes, the assets and liabilities of the U.S. Subsidiary are translated into EUR using exchange
rates in effect at the balance sheet date. The net income/(loss) of the U.S. Subsidiary is translated into EUR using average exchange
rates in effect during the reporting period. The resulting currency translation impact is recorded in Shareholders&#8217; equity as a
cumulative translation adjustment. For 2023, the currency translation impact was approximately &#8364;<span id="xdx_906_eus-gaap--CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_c20230101__20231231_zfTLBWDQmIHf" title="Impact of foreign currency translation"><ix:nonFraction name="us-gaap:CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact000688" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">15,800</ix:nonFraction></span>. During the period ended
December 31, 2023, foreign exchange gains and losses were a net loss of approximately &#8364;<span id="xdx_909_eus-gaap--NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable_pn5n6_c20230101__20231231_zzw1IBGEa1G" title="Netincomeloss"><ix:nonFraction name="us-gaap:NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable" contextRef="From2023-01-01to2023-12-31" id="Fact000690" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.2</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net exchange gain was approximately &#8364;<span id="xdx_906_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_pn5n6_uEuro_c20220101__20221231_zNVVkxCLMT7b" title="Net exchange gain"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" contextRef="From2022-01-012022-12-31" id="Fact000692" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">2.3</ix:nonFraction></span> million for the year ended December 31, 2022 and was related mainly to: i) approximately
&#8364;<span id="xdx_90F_eus-gaap--ForeignCurrencyTransactionGainLossRealized_pn5n6_uEuro_c20220101__20221231_zCdM2o7avfA7" title="Net exchange gain realized"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossRealized" contextRef="From2022-01-012022-12-31" id="Fact000694" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">1.6</ix:nonFraction></span> million in net exchange rate gains realized on the conversion of $<span id="xdx_904_eus-gaap--ForeignCurrencyTransactionGainLossRealized_pn5n6_uUSD_c20220101__20221231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQv0oRvQhFq3" title="Net exchange gain realized"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossRealized" contextRef="From2022-01-012022-12-31_us-gaap_IPOMember" id="Fact000696" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.0</ix:nonFraction></span> million of IPO proceeds obtained in December 2021 to
Euros; ii) approximately &#8364;<span id="xdx_904_ecustom--ForeignCurrencyTransactionGainRealized_pn5n6_c20220101__20221231__us-gaap--CashAndCashEquivalentsAxis__custom--USTradePayablesMember_zZspqYrbccDh" title="Net exchange gain realized"><ix:nonFraction name="GNTA:ForeignCurrencyTransactionGainRealized" contextRef="From2022-01-012022-12-31_custom_USTradePayablesMember" id="Fact000698" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.4</ix:nonFraction></span> million in net exchange rate gain realized on USD$ trade payables; and iii) approximately &#8364;<span id="xdx_90A_ecustom--ForeignCurrencyTransactionLossUnrealized_pn5n6_c20220101__20221231__us-gaap--CashAndCashEquivalentsAxis__custom--USTimeDepositsMember_zBwY3pELSMph" title="Net exchange loss unrealized"><ix:nonFraction name="GNTA:ForeignCurrencyTransactionLossUnrealized" contextRef="From2022-01-012022-12-31_custom_USTimeDepositsMember" id="Fact000700" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.3</ix:nonFraction></span>
million in exchange gain unrealized on USD$ time deposits;. The change in the net foreign exchange rate effect was due to the fluctuation
in the USD exchange rate with the Euro.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000702" name="GNTA:EmergingGrowthCompanyStatusPolicyTextBlock"><p id="xdx_84D_ecustom--EmergingGrowthCompanyStatusPolicyTextBlock_zgM2j2CBz0K2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zrj77EV96tSj">Emerging
growth company status</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in the U.S. Jumpstart Our Business Startups Act, or U.S. JOBS Act, and
may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not
emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an &#8220;emerging growth
company.&#8221; Section 107 of the U.S. JOBS Act provides that an &#8220;emerging growth company&#8221; can take advantage of the extended
transition period afforded by the U.S. JOBS Act for the implementation of new or revised accounting standards. The Company has elected
to use the extended transition period for complying with new or revised accounting standards and, because of this election, its consolidated
financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage
of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering (&#8220;IPO&#8221;)
or such earlier time that it is no longer an &#8220;emerging growth company.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000704" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zPmcB05wZh3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zaGzHdf2jF76">Fair
value measurements</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
assets and liabilities of the Company are carried at fair value under US GAAP. Fair value is defined as the exchange price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value
must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair
value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are
considered observable and the last is considered unobservable:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Level 1 &#8212; Quoted prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Level 2 &#8212; Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities,
quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can
be corroborated by observable market data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Level 3 &#8212; Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value
of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest
for instruments categorized in Level 3. A financial instrument&#8217;s level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000706" name="us-gaap:FairValueMeasurementInputsDisclosureTextBlock"><p id="xdx_891_eus-gaap--FairValueMeasurementInputsDisclosureTextBlock_zILMk1aNseh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of the Company&#8217;s R&amp;D tax credits, VAT credits, accounts payable, accrued expenses and other current liabilities
were evaluated and determined to approximate their fair values due to the short-term nature of these assets and liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_zrcNRnjiNCuj" style="display: none">Schedule of fair values due to short-term nature of assets and liabilities</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_497_20231231_zyiN1NnHvMdk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" id="xdx_492_20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5COF2fEFZAk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_z6JGLvsbv0qk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2023-12-31" id="Fact000708" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">3,691,420</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000709" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">3,691,420</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0710">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0711">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--SecuritiesBorrowedFairValueDisclosure_iI_z9NRAGSSOKsd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Marketable Securities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SecuritiesBorrowedFairValueDisclosure" contextRef="AsOf2023-12-31" id="Fact000713" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">15,084,284</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SecuritiesBorrowedFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000714" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">15,084,284</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0715">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0716">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AssetsFairValueDisclosure_iI_zlfrwUqdlmQ8" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    financial assets</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsFairValueDisclosure" contextRef="AsOf2023-12-31" id="Fact000718" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">18,775,704</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000719" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">18,775,704</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0720">-</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0721">-</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49E_20221231_zwOk66xIWIb6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_494_20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zBakU5l0YHK2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zxez3wbgJVY" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_495_20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zTPJ1z0cUJcd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zYmQVNRD0Trl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and
    cash equivalents</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2022-12-31" id="Fact000723" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">29,794,856</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2022-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000724" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">29,794,856</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0725">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0726">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    financial assets</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsFairValueDisclosure" contextRef="AsOf2022-12-31" id="Fact000728" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">29,794,856</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Level
    3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_zMhlpYsQCBC9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and
    cash equivalents</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2021-12-31" id="Fact000733" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,240,162</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000734" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,240,162</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0735">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0736">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AssetsFairValueDisclosure_iI_zOFwdSELCQzb" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    financial assets</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsFairValueDisclosure" contextRef="AsOf2021-12-31" id="Fact000738" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,240,162</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsFairValueDisclosure" contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member" id="Fact000739" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,240,162</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0740">-</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0741">-</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zfefcOHBe1gh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000743" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_84D_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zGU31UpHli3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zc1KYjP7oZ9d">Segment
information</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation
by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company and its
chief operating decision-maker view the Company&#8217;s operations and manages its business in one operating segment, which is the research
and development in the pharmaceutical sector with a focus on developing novel therapeutics to treat cancer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000745" name="GNTA:TaxCreditOnInvestmentsInResearchAndDevelopmentPolicyTextBlock"><p id="xdx_84D_ecustom--TaxCreditOnInvestmentsInResearchAndDevelopmentPolicyTextBlock_zBD1Ie6Jp9Jj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zB2TCZdlSrD7">Tax
credit on investments in research and development</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
line with the legislation in force at December 31, 2023, and 2022, companies in Italy that invest in eligible research and development
activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit which can be used in
order to reduce most taxes payable, including income tax or regional tax on productive activities, as well as social security contributions
and payroll withholding taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
eligible research and development activities, the tax credit was equal to 20% in fiscal year 2022 (&#8220;FY 2022&#8221;) of the eligible
costs incurred, with a maximum annual amount of &#8364;<span id="xdx_90D_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zVXTQEUhgjF5" title="Tax credit on investments in research and development, annual amount"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxCreditsResearch" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact000747" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">4.0</ix:nonFraction></span> million. Starting with the fiscal year 2023 (&#8220;FY 2023&#8221;) the law
extended the measure up to the tax period ended December 31, 2031; however, the tax credit rate was decreased to 10% of the eligible
expenses, and the annual ceiling of the credit increased to &#8364;<span id="xdx_906_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zPpSED8qLLjb" title="Tax credit on investments in research and development, annual amount"><span id="xdx_90F_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zKd9VYGaNgz7" title="Tax credit on investments in research and development, annual amount"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxCreditsResearch" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact000749" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxCreditsResearch" contextRef="From2022-01-012022-12-31_srt_MinimumMember" id="Fact000751" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">5.0</ix:nonFraction></ix:nonFraction></span></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
eligible activities consist of fundamental research, industrial research, and experimental development as defined respectively of the
letters m), </span><span style="font-family: Times New Roman, Times, Serif">q) and j) of point 15, par. 1.3 of the Communication no.
198/2014 of the European Commission. To determine the cost basis of the benefit, the following expenses are eligible:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -7.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Personnel
    costs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    and development projects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, by analogy, accounts for this receivable in accordance with International Accounting Standards (IAS) 20, <i>Accounting for Government
Grants and Disclosure of Government Assistance</i>. The receivable is recognized when there is reasonable assurance that: (1) the recipient
will comply with the relevant conditions; and, (2) the grant will be received. The Company has elected to present it net of the related
expenditure on the Consolidated Statements of Operations and Comprehensive Loss .</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
these tax credits can be carried forward indefinitely, the Company recognized an amount which reflects management&#8217;s best estimate
of the amount that is reasonably assured to be realized or utilized in the foreseeable future based on historical benefits realized,
adjusted for expected changes, as applicable. The tax credits are recorded as an offset to research and development expenses in the Company&#8217;s
Consolidated Statements of Operations and Comprehensive Loss .</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000753" name="us-gaap:ShareBasedCompensationForfeituresPolicyTextBlock"><p id="xdx_84E_eus-gaap--ShareBasedCompensationForfeituresPolicyTextBlock_zKI2pGRtdRB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zyfILLe4j6Qa">Share-based
compensation</span></i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
reward the efforts of employees, directors, and certain consultants and to promote the growth of the Company, the Company&#8217;s Board
of Directors has approved, prior to the Company&#8217;s conversion to an S.p.A., various share-based awards. All options have been awarded
with an exercise price of &#8364;1 per quota and, when exercised, all options have been converted to Quota B. The options granted had
the vesting condition that the individual must remain in his/her role at least one year or as otherwise specified for each person.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, the Company&#8217;s quotaholders adopted the Company&#8217;s &#8220;Equity Incentive Plan 2021&#8211;2025&#8221; (&#8220;the
Plan&#8221;); however, through December 31, 2021, no options or awards were granted and there were no outstanding options or awards.
(See Note 12. Share-based compensation.)</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2022, the Company&#8217;s board of directors, as administrator of the Plan, awarded nonqualified stock options (&#8220;NSOs&#8221;)
on <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20220401__20220430_zCy0W7RyWJt7" title="Number of shares awarded"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" contextRef="From2022-04-012022-04-30" id="Fact000755" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">147,783</ix:nonFraction></span> shares to its (former) Chairman according to the terms of a Sub-Plan called &#8220;2021-2025 Chairman Sub-Plan&#8221; (the
&#8220;Sub-Plan&#8221;) attached to the Plan. (See Note 12. Share-based compensation.)</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2022, the Company&#8217;s board of directors, as administrator of the Plan, awarded NSOs on <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20220701__20220731_zl4kEBSejjTh" title="Number of shares awarded"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" contextRef="From2022-07-012022-07-31" id="Fact000757" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">392,740</ix:nonFraction></span> shares to certain of the Company&#8217;s
directors and employees. (See Note 12. Share-based compensation.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the board of directors, as administrator of the Plan, awarded NSOs on <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_c20230301__20230331_ziigFG9IL9j8" title="Number of shares awarded"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" contextRef="From2023-03-012023-03-31" id="Fact000759" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">46,400</ix:nonFraction></span> shares to certain of the Company&#8217;s directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2023, the Company&#8217;s shareholders modified the Plan to extend the final deadline for the issuance of the ordinary shares until
December 31, 2035, in order to allow that all stock options granted during the term of the Plan could provide for an exercise period
of 10 years starting from the date of grant. (See Note 12. Share-based compensation.)</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Company has authorized options on <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwErymZg4b6f" title="Number of shares authorized"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2023-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_CommonStockMember" id="Fact000761" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,821,695</ix:nonFraction></span> ordinary shares (i.e., approximately <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_pid_dp_uPure_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zussCBp2WaV2" title="Number of shares outstanding, percentage"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" contextRef="From2023-01-012023-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_CommonStockMember" id="Fact000763" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of the number of shares outstanding, which are
currently <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zGV81P4M1IN7" title="Number of options shares outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_CommonStockMember" id="Fact000765" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,958</ix:nonFraction></span> ordinary shares outstanding); however, at the quotaholders&#8217; meeting held on May 20, 2021, the quotaholders
approved an increase to the Plan of up to a maximum of options on <span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease_pid_c20210520__20210520__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_z8BUJ6FstjA6" title="Share-based payment award, options, number of shares, period increase"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease" contextRef="From2021-05-202021-05-20_us-gaap_CommonStockMember_srt_MaximumMember" id="Fact000767" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,700,000</ix:nonFraction></span> ordinary shares. Therefore, as the Company raises additional
capital, the Board of Directors has authority to issue options on upto <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20210520__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zktiIVUTiiOg" title="Number of shares available for issuance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-05-20_us-gaap_CommonStockMember_srt_MaximumMember" id="Fact000769" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,700,000</ix:nonFraction></span> ordinary shares, as the number of issued and outstanding
ordinary shares increases, i.e., the Company does not have to obtain further authorization from shareholders to increase the number of
ordinary shares available for equity grants until the outstanding ordinary shares exceed <span id="xdx_90C_eus-gaap--SharesOutstanding_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zXcLXQq9cYb4" title="Number of shares outstanding"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember_srt_MaximumMember" id="Fact000771" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">27,000,000</ix:nonFraction></span>. The number of options granted at
December 31, 2023 were <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0ZUHlLZvt65" title="Number of shares outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact000773" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">586,923</ix:nonFraction></span> and the number of options available for grant were <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20231231_zC89dtAZDTAi" title="Number of options available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2023-12-31" id="Fact000775" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,234,772</ix:nonFraction></span>.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures its stock option awards granted to employees, officers, directors, and consultants under the Plan based on their fair
value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is normally
the vesting period of the respective award. Forfeitures are accounted for as they occur. The measurement date for option awards is the
date of the grant. The Company classifies stock-based compensation expense in its Consolidated Statement of Operations and Comprehensive
Loss in the same manner in which the award recipient&#8217;s payroll costs are classified or in which the award recipient&#8217;s service
payments are classified.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company chose the Black-Scholes-Merton model because it is considered easier to apply and also it is a defined equation and incorporates
only one set of inputs. As a result, it is the model most commonly in use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000777" name="GNTA:RepresentativeWarrantsPolicyTextBlock"><p id="xdx_84C_ecustom--RepresentativeWarrantsPolicyTextBlock_zvhCQttGuAx1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zTiG8HvYIqQi">Representative
warrants</span></i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agreed to issue warrants to the underwriters of the IPO (&#8220;Warrants&#8221;) to purchase <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__custom--UnderswritersWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zzlbjGW920Z8" title="Number of warrants issued to the underwriters"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-012023-12-31_custom_UnderswritersWarrantsMember_us-gaap_IPOMember" id="Fact000779" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,502</ix:nonFraction></span> ADSs. The Warrants are exercisable
at a per share exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20221231_zM1SqEnMmxLf"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-12-31" id="Fact000780" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">14.375</ix:nonFraction></span> per ADS. The Warrants are exercisable at any time and from time to time, in whole or in part,
during the four and one-half-year period commencing June 13, 2022.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants will provide for adjustment in the number and price of the Warrants and the ADSs underlying such Warrants in the event of recapitalization,
merger, stock split or other structural transaction, or a future financing undertaken by the Company. The Warrants were evaluated under
applicable guidance and accordingly classified as equity in the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000782" name="GNTA:NoncurrentAssetsRightofUseROUPolicyTextBlock"><p id="xdx_843_ecustom--NoncurrentAssetsRightofUseROUPolicyTextBlock_zTpre4fioSF8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zewwrlO2Uxaj">Non-current
assets right of use (ROU)</span></i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
commencement of a contract containing a lease, the Company classifies leases other than short-term leases as either an operating lease
or a finance lease according to the criteria prescribed by ASC 842. The Company recognizes both lease liabilities and right-of-use assets
on the balance sheet for all leases, except for short-term leases (those with a lease term of 12 months or less). Lease liabilities are
initially measured at the present value of the future lease payments over the lease term, discounted at the rate implicit in the lease
or, if that rate is not readily determinable, the Company&#8217;s incremental borrowing rate. The right-of-use assets represent the lessee&#8217;s
right to use the underlying asset for the lease term and are initially measured at the same amount as the corresponding lease liability.
For finance leases, the Company recognizes interest expense on the lease liability and amortization expense on the right-of-use asset.
For operating leases, lease expense is recognized on a straight-line basis over the lease term.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Assets</span></i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost, including any accessory and direct costs that are necessary to make the assets fit for use, and adjusted
by the corresponding accumulated depreciation. Depreciation is systematically recorded in the consolidated financial statements taking
into consideration the use, purpose, and financial-technical duration of the assets, based on their estimated useful economic lives.
Leasehold improvements depreciation is recorded based on the shorter of the life of the leasehold improvement or the remaining term of
the lease.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
maintenance costs are expensed to the Consolidated Statements of Operations and Comprehensive Loss in the year in which they are incurred.
Extraordinary maintenance costs, the purpose of which is to extend the useful economic life of the asset, to technologically upgrade
it and/or to increase its productivity or safety for the purpose of economic productivity of the Company, are attributed to the asset
to which they refer and depreciated on the basis of its estimated useful economic life. Amortization of leasehold improvements is computed
using the straight-line method based upon the terms of the applicable lease or estimated useful life of the improvements, whichever is
less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000786" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84E_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zcA4CEFfK7n" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zOG2gZVATGC5">Impairment
of long-lived assets</span></i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC Topic 360-10-20, &#8220;Property, Plant and Equipment,&#8221; the Company performs an impairment test whenever events
or circumstances indicate that the carrying value of long- lived assets with finite lives may be impaired. Impairment is measured by
comparing the carrying value of the long-lived assets to the estimated undiscounted pre-tax cash flows expected to result from the use
of such assets and their ultimate disposition. In circumstances where impairment is determined to exist, the Company will write down
the asset to its fair value based on the present value of estimated cash flows. To date, no impairments have been identified for the
periods ended December 31, 2023, and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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offering costs</span></i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
public offering costs, which primarily consist of direct, incremental legal and accounting fees relating to fundraising activities (e.g.,
an IPO), were capitalized within prepaid expenses and other current assets prior to the IPO and netted or offset with the IPO proceeds
upon closing of the IPO.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company incurred approximately &#8364;<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueOther_pn5n6_c20230101__20231231__us-gaap--SubsidiarySaleOfStockAxis__custom--ATMOfferingCostsMember_zKjuMkwu8Eak" title="Number of stock issued, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2023-01-012023-12-31_custom_ATMOfferingCostsMember" id="Fact000790" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.3</ix:nonFraction></span> million of ATM Offering costs that were fully expensed
in the Consolidated Statement of Operations and Comprehensive Loss.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, the Company did not incur offering costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2021, the Company incurred approximately &#8364;<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueOther_pn5n6_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zfy3pPua90g4" title="Number of stock issued, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2021-01-012021-12-31_us-gaap_IPOMember" id="Fact000792" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">3.9</ix:nonFraction></span> million in qualifying offering costs that were recorded
as an offset to IPO proceeds, approximately &#8364;<span id="xdx_90C_eus-gaap--DeferredOfferingCosts_iI_c20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zpuo3CpPEMV8" title="Deferred offering costs"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2021-12-31_us-gaap_IPOMember" id="Fact000794" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">156,000</ix:nonFraction></span> of these costs were recognized as deferred offering costs in the preceding
period.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000796" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_841_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zg3YtTtkloOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zet4GNoIdpQj">Recently
issued accounting pronouncements</span></i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2012, the U.S. Jump-Start Our Business Startups Act (the &#8220;U.S. JOBS Act&#8221;) was signed into law. The U.S. JOBS Act contains
provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company,
the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically
is later than when public companies must adopt the standards. The Company has elected to take advantage of the extended transition period
afforded by the U.S. JOBS Act and, as a result, unless the Company elects early adoption of any standards, will adopt the new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-public companies.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify
the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation, the methodology
for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The
new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the
accounting for transactions that result in a step-up in the tax basis of goodwill. For non-public entities, the standard is effective
for annual periods beginning after December 15, 2021, with early adoption permitted. Adoption of the standard requires certain changes
to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact that
the adoption of ASU 2019-12 will have on its consolidated financial statements.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance.
The aim of ASU 2021-10 is to increase the transparency of government assistance including the disclosure of (1) the types of assistance,
(2) an entity&#8217;s accounting for the assistance, and (3) the effect of the assistance on an entity&#8217;s financial statements.
Diversity currently exists in the recognition, measurement, presentation, and disclosure of government assistance received by business
entities because of the lack of specific authoritative guidance in GAAP. The ASU will be effective for annual reporting periods after
December 15, 2021, and early adoption is permitted. Upon implementation, the Company may use either a prospective or retrospective method
of adoption when adopting the ASU. The Company is evaluating the impact of adopting the new ASU.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020, the FASB issued ASU 2020-06, Debt&#8212;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
&#8212;Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s
Own Equity. This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity&#8217;s
own equity and improves and amends the related EPS guidance for both Subtopics. The ASU will be effective for annual reporting periods
after December 15, 2023, and interim periods within those annual periods and early adoption is permitted in fiscal periods ending after
December 15, 2020. Upon implementation, the Company may use either a modified retrospective or full retrospective method of adoption.
The Company is evaluating the impact of adopting the new ASU.</span></p>

</ix:nonNumeric><p id="xdx_85B_zt186mQxTmb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000798" name="us-gaap:ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock"><p id="xdx_80A_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_zxtElAkYFQEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_820_zm67dxMPEJMd">Research and development</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and
development activities, including salaries, share- based compensation and benefits, facilities costs, third-party license fees, and external
costs of outside vendors and consultants engaged to conduct clinical development activities and clinical trials, (e.g., contract research
organizations, or CROs), as well as costs to develop a manufacturing processes, perform analytical testing and manufacture clinical trial
materials, (e.g., contract manufacturing organizations, or CMOs). Non-refundable prepayments for goods or services that will be used
or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense
as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered,
or the services rendered. In addition, funding from research grants, if any, is recognized as an offset to research and development expense
based on costs incurred on the research program.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company annually sustains a significant amount of research costs to meet its business objectives. The Company has various research and
development contracts, and the related costs are recorded as research and development expenses as incurred. When billing terms under
these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding
obligations at period end to those third parties. Any accrual estimates are based on several factors, including the Company&#8217;s knowledge
of the progress towards completion of the research and development activities, invoicing to date under the contracts, communication from
the research institution or other companies of any actual costs incurred during the period that have not yet been invoiced, and the costs
included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting
period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company have
not been materially different from the actual costs. For further details, please refer to the Related Parties disclosures in Note 13
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000800" name="GNTA:GeneralAndAdministrativeDisclosureTextBlock"><p id="xdx_809_ecustom--GeneralAndAdministrativeDisclosureTextBlock_zkGhigOJRMvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_82A_zG5ER5d1mN3">General and administrative</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative costs consist primarily of salaries, share-based compensation, benefits and other related costs for personnel and
consultants in the Company&#8217;s executive and finance functions, professional fees for legal, finance, accounting, auditing, tax and
consulting services, travel expenses and facility-related expenses, which include rent and maintenance of facilities and other operating
costs not otherwise included in research and development expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000802" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_805_eus-gaap--IncomeTaxDisclosureTextBlock_zwuR0CjRryT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
<span id="xdx_820_zsbcgBQB9pek">Income taxes</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to taxation in Italy, and with the addition of the Company&#8217;s wholly owned subsidiary in the U.S., the Company
is subject to taxation in the U.S. Taxation in Italy includes the standard corporate income tax and a regional business tax. Taxation
in the U.S. includes federal corporate income tax (&#8220;IRS&#8221;), as well as state and local taxes. Taxes are recorded on an accrual
basis. They therefore represent the allowances for taxes paid or to be paid for the year, calculated according to the current enacted
rates and applicable laws. In the future, the Company may be taxed in various other countries where it may have permanent establishments,
as applicable. For the period ending December 31, 2023, 2022 and 2021, due to the tax loss position reported, no income taxes were due
in Italy or in the U.S., although the U.S. subsidiary had taxable income in 2022. In addition, the subsidiary in the U.S. had an immaterial
amount of other state taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities
are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets
and liabilities, measured at tax rates expected to be enacted at the time of their reversals. These temporary differences primarily relate
to net operating losses carried forward available to offset future taxable income.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
each reporting date, the Company considers existing evidence, both positive and negative, that could impact its view with regards to
future realization of deferred tax assets. In consideration of the start-up status of the Company, a valuation allowance has been established
to offset the deferred tax assets, as the related realization is currently uncertain. In the future, should the Company conclude that
it is more likely than not that the deferred tax assets are partially or fully realizable, the valuation allowance will be reduced to
the extent of such expected realization, and the corresponding amount will be recognized as income tax benefit in the Company&#8217;s
Consolidated Statements of Operations and Comprehensive Loss.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes tax liabilities from an uncertain tax position if it is more likely than not that the tax position will not be sustained
upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that
have been recognized in the accompanying consolidated financial statements. For the Italian Company, the prior five years of tax returns
(2019-2023) are potentially subject to audit, for the Subsidiary in the U.S. the open years for tax examination are 2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. A reconciliation of the Company&#8217;s
effective tax rate is summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zogdSvncu3k4" style="display: none">Schedule of effective income tax rate reconciliation</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzi7I_zvo14lTkyIK9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income taxes at Italy statutory
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31" id="Fact000807" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">2,034,663</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31" id="Fact000808" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">1,296,797</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_maITEBzi7I_zlsrolPibIN9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Permanent differences</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2023-01-01to2023-12-31" id="Fact000810" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">309,512</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-01-012022-12-31" id="Fact000811" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">160,133</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2021-01-012021-12-31" id="Fact000812" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">1,189,844</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzi7I_z8CkUvwMvKW1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2023-01-01to2023-12-31" id="Fact000814" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">171,032</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2022-01-012022-12-31" id="Fact000815" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">715</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2021-01-012021-12-31" id="Fact000816" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">29,928</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_404_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate_maITEBzi7I_zdNX3cbWaYUa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Federal Income tax for Genenta INC</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="GNTA:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact000818" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">89,910</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="GNTA:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate" contextRef="From2022-01-012022-12-31" id="Fact000819" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">31,993</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="GNTA:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalIncomeTaxRate" contextRef="From2021-01-012021-12-31" id="Fact000820" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="Euro">26,462</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzi7I_zH1oPdirsecc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Change in valuation
    allowance</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2023-01-01to2023-12-31" id="Fact000822" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">2,746,339</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2022-01-012022-12-31" id="Fact000823" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">2,226,074</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" id="Fact000824" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">2,543,031</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzi7I_zGVVc62ScGd5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total provision expense
    for income taxes</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0826">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0827">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0828">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zMTYlvqOxYG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000830" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zjH3CNSL7ZDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
components of the Company&#8217;s net deferred tax assets are summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;<span id="xdx_8BF_zKwN4jFbCwOi" style="display: none">Schedule of deferred tax assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_499_20231231_zZlm9a8mNGSd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20221231_zPYmhVfZ8d09" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_494_20211231_zU1n3Ze4AUO7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">At
    December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzEJM_zFZ1WCAfAZIj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carryforwards</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_iI_maDTAGzEJM_zw3HQPmucmK8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOther" contextRef="AsOf2022-12-31" id="Fact000837" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">52,996</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOther" contextRef="AsOf2021-12-31" id="Fact000838" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">6,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--DeferredTaxAssetsAllowanceForCorporateEquity_iI_maDTAGzEJM_zQZzmiQkPKpe" 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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:DeferredTaxAssetsAllowanceForCorporateEquity" contextRef="AsOf2021-12-31" id="Fact000842" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">315,322</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzEJM_maDTANzPjF_zI64i2zfezA9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total deferred tax assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzPjF_zO9psp2mctFc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31" id="Fact000849" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">9,672,570</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" id="Fact000850" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">7,446,496</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzPjF_zTu21FJqoSO1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net deferred tax assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

</ix:nonNumeric><p id="xdx_8A6_zZGQuP1oiW2" style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, 2022 and 2021, the Company believes there are no significant differences with regards to its deferred tax assets and
its relevant components, compared to the computations of the preceding periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2011, the Italian tax authorities issued a set of rules that modified the previous treatment of tax loss carryforwards. According to
the DL 98/2011, at the end of 2011, all existing tax loss carryforwards will never expire but they can off-set only <span id="xdx_90C_ecustom--PercentageOfTaxableIncome_pid_dp_uPure_c20230101__20231231_zoYCh4WRRAlk" title="Percentage of taxable income can off-set"><ix:nonFraction name="GNTA:PercentageOfTaxableIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000856" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span>% of the taxable
income of the year. The rules do not affect the tax loss carryforward that refer to the start-up period, defined as the first three years
of operations starting from the inception of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the amount of deferred tax assets that can be carried forward indefinitely and used without limitation or with
the limit of 80% of taxable income generated in Italy, as provided by Legislative Decree 98/2011:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000858" name="GNTA:ScheduleOfTaxLossCarryforwardsExpireTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfTaxLossCarryforwardsExpireTableTextBlock_zt1B2OFnWCec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_z6OSwf14u218" style="display: none">Schedule of tax loss carryforwards expire</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20231231_zlaftL6HZg1a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20221231_zUQJkDuErj3f" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_491_20211231_zHVdGUY2qZB8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">At
    December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--IncomeTaxAuthorityAxis__custom--NoExpirationDateMember_zcgiGRBfr0Y1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">No expiration date</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_NoExpirationDateMember" id="Fact000860" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">5,487,085</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2022-12-31_custom_NoExpirationDateMember" id="Fact000861" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">5,487,085</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_404_eus-gaap--OperatingLossCarryforwards_iI_hus-gaap--IncomeTaxAuthorityAxis__custom--NoExpirationDateDlNinetyEightMember_zuKm07IjEs2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">No expiration date -
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2022-12-31_custom_NoExpirationDateDlNinetyEightMember" id="Fact000865" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">33,054,966</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_custom_NoExpirationDateDlNinetyEightMember" id="Fact000866" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">24,241,891</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

</ix:nonNumeric><p id="xdx_8AC_z4wYWg2WepZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 121; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has analyzed its tax position by determining the amount of tax losses that can be carried forward indefinitely and has decided
to accrue an allowance for related deferred tax assets as the Company is in a situation of pre-revenues that is destined to remain in
the long run and there is no certainty of the future recoverability of such tax losses through tax relevant incomes. Future taxable profits
for the Company depend on the manufacture of marketable drugs following the successful completion of the clinical trial. Since the clinical
trial is still in Phase I/2A, the time frame and uncertainties regarding the outcome of the completion justify the full allowance of
deferred tax assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000872" name="us-gaap:OtherCurrentAssetsTextBlock"><p id="xdx_803_eus-gaap--OtherCurrentAssetsTextBlock_z5K6hv4NBbUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
<span id="xdx_826_zWi5gmMduOac">Prepaid expenses and other current assets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000874" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zajwfMIQ6HE" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses and other current assets consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zcgdqG2PY0sl" style="display: none">Schedule of prepaid expenses and other current assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" id="xdx_490_20211231_zU8ycXBXz2xl" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Euro)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--ValueAddedTaxReceivable_iI_maPECzw0D_zwVHgI8vsiS9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Value Added Tax (VAT)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivable" contextRef="AsOf2023-12-31" id="Fact000876" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,170,634</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivable" contextRef="AsOf2022-12-31" id="Fact000877" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">912,423</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivable" contextRef="AsOf2021-12-31" id="Fact000878" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">820,780</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--ResearchAndDevelopmentTaxCredit_iI_maPECzw0D_zinODes982rf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research and development tax credit</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCredit" contextRef="AsOf2023-12-31" id="Fact000880" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">833,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCredit" contextRef="AsOf2022-12-31" id="Fact000881" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">650,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCredit" contextRef="AsOf2021-12-31" id="Fact000882" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">600,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--Supplies_iI_maPECzw0D_zA2lBznO8gXf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Advances payments to suppliers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Supplies" contextRef="AsOf2023-12-31" id="Fact000884" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">34,108</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Supplies" contextRef="AsOf2022-12-31" id="Fact000885" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">41,149</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Supplies" contextRef="AsOf2021-12-31" id="Fact000886" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">58,009</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--OtherAssetsCurrent_iI_maPECzw0D_zW3f7GchLP8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000888" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">64,664</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000889" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">219,400</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other prepaids</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherPrepaidExpenseCurrent" contextRef="AsOf2022-12-31" id="Fact000893" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">103,540</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_407_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzw0D_zqvKla6kfE7g" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2022-12-31" id="Fact000897" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,926,512</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

</ix:nonNumeric><p id="xdx_8A7_zg8clG4xa6O4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value
Added Tax (VAT) receivables are linked to purchases. Italian VAT (<i>Imposta sul Valore Aggiunto</i>) applies to the supply of goods
and services carried out in Italy by entrepreneurs, professionals, or artists and on imports carried out by anyone. Intra-Community acquisitions
are also subject to VAT under certain situations. The Italian standard VAT rate for 2023 and 2022 was <span id="xdx_90A_ecustom--PercentageofValueAddedTax_iI_pid_dp_uPure_c20231231_zjbymqSeoyb9" title="Percentage of value added tax"><span id="xdx_90E_ecustom--PercentageofValueAddedTax_iI_pid_dp_uPure_c20221231_z9ycy1iK4cPj" title="Percentage of value added tax"><ix:nonFraction name="GNTA:PercentageofValueAddedTax" contextRef="AsOf2023-12-31" id="Fact000900" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="GNTA:PercentageofValueAddedTax" contextRef="AsOf2022-12-31" id="Fact000902" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">22</ix:nonFraction></ix:nonFraction></span></span>%. Reduced rates are provided
for specifically listed supplies of goods and services. It is carried forward indefinitely and does not expire. The Company reclassified
to other non-current assets a portion of the receivable which is expected to be realized beyond 12 months.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
credits on research and development represent a special tax relief offered to Italian companies operating in the research and development
sector and can be used to offset most taxes payable. The Company has a total research and development tax credit available to be used
of approximately &#8364;<span id="xdx_90C_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20230101__20231231_z1dW9h7bZzf2" title="Research and development tax credit"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxCreditsResearch" contextRef="From2023-01-01to2023-12-31" id="Fact000904" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">4.1</ix:nonFraction></span> million at December 31, 2023, and approximately &#8364;<span id="xdx_908_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn5n6_c20220101__20221231_zvPsfwcgsDgh" title="Research and development tax credit"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationTaxCreditsResearch" contextRef="From2022-01-012022-12-31" id="Fact000906" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">4.4</ix:nonFraction></span> million at December 31, 2022, which can be carried
forward indefinitely and does not expire. However, given the start-up status of the Company, and the fact that it will not be profitable
in the foreseeable future (which limits the utilization of the credit), the Company recognized a receivable balance that represents the
Company&#8217;s best estimate of the amount of tax credit that can be used in offsetting taxes payable for approximately 17 months after
December 31, 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the 12 months period ended December 31, 2023, the Company utilized approximately &#8364;<span id="xdx_90E_eus-gaap--TaxesPayableCurrent_iI_c20231231_z1GNhBjC7HH5" title="Taxes payable current"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000908" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">732,000</ix:nonFraction></span> to offset certain social contributions
and taxes payable, while during the financial year 2022, the Company utilized approximately &#8364;<span id="xdx_90A_eus-gaap--TaxesPayableCurrent_iI_c20221231_zAEIIMRhKj94" title="Taxes payable current"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact000910" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">600,000</ix:nonFraction></span>. The benefit recorded for the
12 months ended December 31, 2023 and 2022, to offset research and development expenses was approximately &#8364;<span id="xdx_90D_eus-gaap--ResearchAndDevelopmentExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_zxNP5gJOY9Mg" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2023-01-012023-12-31_custom_ResearchAndDevelopmentExpenseRelatedPartyMember" id="Fact000912" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">430,000</ix:nonFraction></span> and &#8364;<span id="xdx_908_eus-gaap--ResearchAndDevelopmentExpense_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--ResearchAndDevelopmentExpenseRelatedPartyMember_z2ALXS4qRo7e" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-12-31_custom_ResearchAndDevelopmentExpenseRelatedPartyMember" id="Fact000914" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">698,000</ix:nonFraction></span>,
respectively. The Company reclassified to other non-current assets a portion of the receivable, which is expected to be realized beyond
12 months (see Note 8. Non-current assets right of use (ROU)).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
payments to suppliers at December 31, 2023 and 2022 mainly relate to R&amp;D operating services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
current assets at December 31, 2023 mainly relate to interests maturing on investment in marketable securities, while Other current assets
at December 31, 2022 mainly relate to the allowance for corporate equity (&#8220;ACE&#8221;) of approximately &#8364;<span id="xdx_90C_eus-gaap--OtherAssetsCurrent_iI_c20221231__us-gaap--InvestmentTypeAxis__custom--AllowanceForCorporateEquityMember_zSNMBTxTXMli" title="Other current assets"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2022-12-31_custom_AllowanceForCorporateEquityMember" id="Fact000916" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">180,000</ix:nonFraction></span> and the quota
of accruing financial interest income on time deposit of approximately &#8364;<span id="xdx_901_eus-gaap--OtherAssetsCurrent_iI_c20221231__us-gaap--InvestmentTypeAxis__custom--AccruingFinancialInterestIncomeOnTimeDepositMember_zSCgcE1MKsEb" title="Other current assets"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2022-12-31_custom_AccruingFinancialInterestIncomeOnTimeDepositMember" id="Fact000918" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">38,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, Other prepaid expenses mainly relate to the directors and officers (&#8220;D&amp;O&#8221;) insurance policy paid in
December 2023 of approximately &#8364;<span id="xdx_900_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn5n6_c20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_zh2iRsso034a" title="Other prepaid expense"><ix:nonFraction name="us-gaap:OtherPrepaidExpenseCurrent" contextRef="AsOf2023-12-31_srt_DirectorMember" id="Fact000920" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.2</ix:nonFraction></span> million, while at December 31, 2022 other prepaids mainly include expenses for various services,
already financially incurred but attributable to the following year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000922" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_809_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zwuv2W9Mqf9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
<span id="xdx_820_zqP6Gd0XxjD5">Fixed assets, net</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000924" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_896_eus-gaap--PropertyPlantAndEquipmentTextBlock_zC5RjoldWGy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
assets consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_z97ba5H71VW7" style="display: none">Schedule of fixed assets,net</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_409_eus-gaap--CapitalizedComputerSoftwareGross_iI_maPPAEGzU9t_zqqNdrkmu3Ig" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0928">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--MachineryAndEquipmentGross_iI_maPPAEGzU9t_zlKP8RI0slva" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Computer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MachineryAndEquipmentGross" contextRef="AsOf2023-12-31" id="Fact000930" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">35,971</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MachineryAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact000931" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">31,307</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MachineryAndEquipmentGross" contextRef="AsOf2021-12-31" id="Fact000932" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">24,869</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--FurnitureAndFixturesGross_iI_maPPAEGzU9t_zDUGVSQaGqyi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Furniture and fixtures</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FurnitureAndFixturesGross" contextRef="AsOf2023-12-31" id="Fact000934" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">13,005</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iTI_mtPPAEGzU9t_maPPAENz4zN_zXeLbVz1Qina" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total fixed assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact000939" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">123,783</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31" id="Fact000940" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">29,879</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENz4zN_z7r5JE9tfkU2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENz4zN_zgkNIFC4MPy1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Fixed assets, net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A8_zqggLr3vzyS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the period ended December 31, 2023 and 2022 software was approximately &#8364;<span id="xdx_90A_eus-gaap--CapitalizedComputerSoftwareGross_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z9eYEqmgFc2i" title="Net of accumulated depreciation"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareGross" contextRef="AsOf2023-12-31_us-gaap_SoftwareAndSoftwareDevelopmentCostsMember" id="Fact000950" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">53,144</ix:nonFraction></span>
and &#8364;<span id="xdx_908_eus-gaap--CapitalizedComputerSoftwareGross_iI_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_ztcUt6WA1KUg" title="Net of accumulated depreciation"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareGross" contextRef="AsOf2022-12-31_us-gaap_SoftwareAndSoftwareDevelopmentCostsMember" id="Fact000952" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">87,800</ix:nonFraction></span>, respectively, net of accumulated depreciation, and included software customization and development costs related to information technology
security infrastructure and the new ERP system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
consists of computers and furniture and fixtures of our office space in Milan, Italy. There were no significant disposals, nor impairments
during the periods. Depreciation has been calculated by taking into consideration the use, purpose, and financial-technical duration
of the assets, based on their estimated economic lives. No significant purchases occurred during the period ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000954" name="GNTA:DisclosureOfNoncurrentAssetsRightofUseTextBlock"><p id="xdx_800_ecustom--DisclosureOfNoncurrentAssetsRightofUseTextBlock_zgPJ2TRTW1V1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
<span id="xdx_827_zK6nSCPWXZB9">Non-current assets right of use (ROU)</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2022, the Company entered into a four-year (i.e., 48 month) lease of an automobile, with an ending date of January 2026. The
&#8220;base&#8221; annual lease payment is &#8364;<span id="xdx_905_eus-gaap--OperatingLeaseExpense_c20230101__20231231_zzIT4EIyY8P" title="Annual lease payment"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000956" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">13,967</ix:nonFraction></span> payable monthly in the amount of &#8364;<span id="xdx_90D_ecustom--OperatingLeaseExpenseMonthlyPayment_c20230101__20231231_zetNar6Z1yAa" title="Monthly lease payment"><ix:nonFraction name="GNTA:OperatingLeaseExpenseMonthlyPayment" contextRef="From2023-01-01to2023-12-31" id="Fact000958" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,164</ix:nonFraction></span>. The <span id="xdx_906_eus-gaap--LesseeOperatingLeaseDescription_c20230101__20231231_zEhGCTEWefOd" title="Lease, description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000960" name="us-gaap:LesseeOperatingLeaseDescription">lease payment will remain fixed
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the initial measurement, the calculation of the net present value of the right of use asset and liability was made by using the discounted
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component costs for lease insurance was accounted for separately from the lease. At December 31, 2023, the net present value of the ROU
asset and liability amounted to approximately &#8364;<span id="xdx_901_ecustom--NetPresentValueOfRightOfUseAssetAndLiability_iI_c20231231_z9NLMTgITpA6" title="Net present value of right of use asset and liability"><ix:nonFraction name="GNTA:NetPresentValueOfRightOfUseAssetAndLiability" contextRef="AsOf2023-12-31" id="Fact000966" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">27,200</ix:nonFraction></span>. The liability was determined to be &#8364;<span id="xdx_908_ecustom--OperatingLeaseLiabilitiesCurrent_iI_c20231231_zlACpUqfHdzj" title="Lease liability current"><ix:nonFraction name="GNTA:OperatingLeaseLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000968" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">12,600</ix:nonFraction></span> as a current liability and
&#8364;<span id="xdx_900_ecustom--OperatingLeaseLiabilitiesNonCurrent_iI_c20231231_zAkOMsn5noQ3" title="Long term liability"><ix:nonFraction name="GNTA:OperatingLeaseLiabilitiesNonCurrent" contextRef="AsOf2023-12-31" id="Fact000970" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">14,600</ix:nonFraction></span> as a long-term liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000972" name="us-gaap:OtherAssetsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--OtherAssetsDisclosureTextBlock_z67FE2w6ZANj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
<span id="xdx_82E_ziheF87VCcWf">Other non-current assets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000974" name="us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_zRBzwByK6BRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
non-current assets consist of the long-term portion of the VAT receivable and R&amp;D tax credit, as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zpD8lENuS3W" style="display: none">Schedule of other non-current assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" id="xdx_49F_20221231_zHCIENFNZYx3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ValueAddedTaxReceivableNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zxrisKjJCbd6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Value Added Tax (VAT)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivableNoncurrent" contextRef="AsOf2023-12-31_us-gaap_NonrelatedPartyMember" id="Fact000976" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">630,342</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_406_ecustom--ResearchAndDevelopmentTaxCreditNoncurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zqMwCMccmGkc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research and development tax credit</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCreditNoncurrent" contextRef="AsOf2023-12-31_us-gaap_NonrelatedPartyMember" id="Fact000980" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">167,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCreditNoncurrent" contextRef="AsOf2022-12-31_us-gaap_NonrelatedPartyMember" id="Fact000981" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">650,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCreditNoncurrent" contextRef="AsOf2021-12-31_us-gaap_NonrelatedPartyMember" id="Fact000982" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">600,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_ecustom--OtherNoncurrentAssets_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maOANziDQ_zLi2R9ayaoug" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other non-current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:OtherNoncurrentAssets" contextRef="AsOf2022-12-31_us-gaap_NonrelatedPartyMember" id="Fact000985" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">39,079</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OtherAssetsNoncurrent_iTI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_mtOANziDQ_zr4FfIh6Vji2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total other non-current
    assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31_us-gaap_NonrelatedPartyMember" id="Fact000988" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,004,560</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31_us-gaap_NonrelatedPartyMember" id="Fact000989" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,601,503</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2021-12-31_us-gaap_NonrelatedPartyMember" id="Fact000990" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,241,215</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_z0DBVpKC8K0a" style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VAT tax credit matured in 2023 and is expected to become eligible for reimbursement after twelve months from December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
R&amp;D tax credit long term decreased in 2023, mainly because of the decrease in the percentage of eligible R&amp;D expense that by
law was reduced from <span id="xdx_90B_ecustom--ResearchAndDevelopmentTaxCreditPercentage_iI_pid_dp_uPure_c20221231_zSYbwvv83lvl" title="Research and development percentage"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCreditPercentage" contextRef="AsOf2022-12-31" id="Fact000992" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% in 2022 to <span id="xdx_909_ecustom--ResearchAndDevelopmentTaxCreditPercentage_iI_dp_uPure_c20231231_zkh7ywT9vPPk" title="Research and development percentage"><ix:nonFraction name="GNTA:ResearchAndDevelopmentTaxCreditPercentage" contextRef="AsOf2023-12-31" id="Fact000994" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% in 2023. The decrease was also partially due to the different estimation of the projected utilization
time frame, compared to the same estimation of the previous year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
non-current assets mainly include the allowance for corporate equity (&#8220;ACE&#8221;) of approximately &#8364;<span id="xdx_909_ecustom--AllowanceForCorporateEquity_iI_pn5n6_c20231231__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentAssetsMember_zIv38JBlNVod" title="Allowance for corporate equity"><ix:nonFraction name="GNTA:AllowanceForCorporateEquity" contextRef="AsOf2023-12-31_us-gaap_OtherCurrentAssetsMember" id="Fact000996" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.2</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, other non-current assets - related party includes a security deposit of &#8364;<span id="xdx_90E_eus-gaap--SecurityDeposit_iI_c20231231__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherNoncurrentAssetsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zlUoWMkezAcl" title="Security deposit"><ix:nonFraction name="us-gaap:SecurityDeposit" contextRef="AsOf2023-12-31_us-gaap_OtherNoncurrentAssetsMember_us-gaap_RelatedPartyMember" id="Fact000998" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">3,350</ix:nonFraction></span> paid to OSR - San Raffaele Hospital as
security guarantee for the office lease contract. (See Note 14. Commitments and contingencies).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001000" name="us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--PensionAndOtherPostretirementBenefitsDisclosureTextBlock_zj6oXEumzWik" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
<span id="xdx_82C_zjimjTkkSO5d">Retirement benefit obligation</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
in Italy are entitled to Trattamento di Fine Rapporto (&#8220;TFR&#8221;), commonly referred to as an employee leaving indemnity, which
represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on
an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal).
<span id="xdx_909_ecustom--DefinedContributionPlanMaximumAnnualContributionsPerEmployeeDescription_c20230101__20231231_zdG2PQi2IgPe" title="Description of annual contributions"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001002" name="GNTA:DefinedContributionPlanMaximumAnnualContributionsPerEmployeeDescription">The annual accrual is approximately <span id="xdx_900_eus-gaap--DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_pid_dp_uPure_c20230101__20231231_zTlpxld190de" title="Percentage of total pay"><ix:nonFraction name="us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" contextRef="From2023-01-01to2023-12-31" id="Fact001004" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of
return of 1.50%, plus 75% of the Consumer Price Index</ix:nonNumeric></span>, and is recorded by a book reserve. TFR is an unfunded plan. The costs of the retirement
benefit obligation are accounted for under the provisions of ASC 715, <i>Compensation &#8211; Retirement Benefits</i>. The amount of
the obligation at December 31, 2023 and 2022 was &#8364;<span id="xdx_90F_eus-gaap--PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_iI_c20231231_zKMJ2kn1T1lb" title="Obligation amount"><ix:nonFraction name="us-gaap:PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact001006" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">164,655</ix:nonFraction></span> and &#8364;<span id="xdx_90F_eus-gaap--PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_iI_c20221231_zB3EziMll082" title="Obligation amount"><ix:nonFraction name="us-gaap:PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" contextRef="AsOf2022-12-31" id="Fact001008" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">88,963</ix:nonFraction></span>, respectively. The increase was mainly due to the increase
in the Company&#8217;s organizational structure and the increase in employee compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001010" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80D_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zv0F05bVj2L3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.
<span id="xdx_82F_zpn8OhFG6lyc">Quotaholders&#8217; and shareholders&#8217; equity</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was an S.r.l., which is an Italian limited liability company like a limited liability company in the U.S., prior to May 2021.
The Articles of Incorporation, Shareholders&#8217; Agreement and the By-laws of the Company provided for different quotas, which represented
the Company&#8217;s corporate capital, rather than shares of stock as ownership.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 123; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Corporate
capital</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an S.r.l., the Company&#8217;s ownership was called &#8220;corporate capital&#8221; and &#8220;quotas&#8221; rather than shares, stock,
or units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001012" name="GNTA:ScheduleOfEquityMethodInvestmentsandOwnershipPecentageTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfEquityMethodInvestmentsandOwnershipPecentageTableTextBlock_zzniG7yLK1pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s capital was divided between five (5)categories of quotas as summarized below at January 1, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_z8LGH1bwCWvg" style="display: none">Schedule of equity method investment and ownership percentage</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">At</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">January 1,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Ownership</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Quota</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">A</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaAMember_zqw4RQyg7SC1" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-01-01_custom_QuotaAMember" id="Fact001016" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">B</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--EquityMethodInvestments_iI_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaBMember_zKVaPnG3K2a4" title="Equity method investments" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2021-01-01_custom_QuotaBMember" id="Fact001018" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">6,886</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaBMember_z6GKKkIBi6s5" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-01-01_custom_QuotaBMember" id="Fact001020" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">C</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--EquityMethodInvestments_iI_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaCMember_zmwUkfRvFTTk" title="Equity method investments" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2021-01-01_custom_QuotaCMember" id="Fact001022" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">8,645</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaCMember_z3rVX8GGV0sc" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-01-01_custom_QuotaCMember" id="Fact001024" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">23</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">D</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--EquityMethodInvestments_iI_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaDMember_zBT2bZcLcO5e" title="Equity method investments" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2021-01-01_custom_QuotaDMember" id="Fact001026" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">4,034</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaDMember_z9e6PXtGaRid" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-01-01_custom_QuotaDMember" id="Fact001028" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">E</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--EquityMethodInvestments_iI_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaEMember_z3pE7KkDRYo" title="Equity method investments" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2021-01-01_custom_QuotaEMember" id="Fact001030" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">7,033</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaEMember_zntZht5Tg9gj" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-01-01_custom_QuotaEMember" id="Fact001032" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19</ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98F_eus-gaap--EquityMethodInvestments_iI_c20210101_z3D4rYWMcgzf" title="Total" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2021-01-01" id="Fact001034" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,056</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210101__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QuotaTotalMember_z1LSt2saJj1c" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-01-01_custom_QuotaTotalMember" id="Fact001036" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zfNkX0HNhkf9" style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had five (5) categories of quotas:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quota
                                            A was reserved for certain founders. One of the founders had the right to appoint three (3)
                                            board members out of five (5), appoint the Chair from these three (3) persons and appoint
                                            one (1) member of the board of statutory auditors. One other founder had the right to appoint
                                            two (2) board members out of five (5), appoint two (2) statutory auditors and appoint the
                                            Chair of the statutory auditors from the two (2) appointees. <span id="xdx_908_eus-gaap--CommonStockVotingRights_c20210101__20210101__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaAMember_zG0WxAySgQ6c" title="Common stock, voting rights"><ix:nonNumeric contextRef="From2021-01-012021-01-01_custom_QuotaAMember" id="Fact001038" name="us-gaap:CommonStockVotingRights">Quota A had voting rights.</ix:nonNumeric></span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--CommonStockVotingRights_c20210101__20210101__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zTAKV32Pkyzh" title="Common stock, voting rights"><ix:nonNumeric contextRef="From2021-01-012021-01-01_custom_QuotaBMember" id="Fact001040" name="us-gaap:CommonStockVotingRights">Quota
                                            B had no voting rights</ix:nonNumeric></span>, the same profit-sharing rights as Quota A and was priced at a nominal
                                            amount of &#8364;<span id="xdx_906_ecustom--NominalAmount_c20210101__20210101__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zQe0Kkjl4h9b" title="Nominal amount"><ix:nonFraction name="GNTA:NominalAmount" contextRef="From2021-01-012021-01-01_custom_QuotaBMember" id="Fact001042" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1.00</ix:nonFraction></span>. The Company had historically utilized Quota B for its share-based compensation
                                            program offered to board members, employees, and consultants. Quota B was also held by certain
                                            co-founders. The Company&#8217;s stock options were exercisable into Quota B for past and
                                            present board members, employees, and consultants.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quota
                                            C had the right to appoint one (1) member of the board of statutory auditors; specifically,
                                            the one (1) that a founder had the right to appoint.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quota
                                            D and Quota E had no rights.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quotas
                                            A, C, D &amp; E. During a divestiture proceeding (meaning Quotas representing <span id="xdx_90F_ecustom--CorporateCapitalPercentage_iI_pid_dp_uPure_c20210101_zLnKb834vuSj" title="Corporate capital, percentage"><ix:nonFraction name="GNTA:CorporateCapitalPercentage" contextRef="AsOf2021-01-01" id="Fact001044" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the
                                            corporate capital of the Company) or a dissolution of the Company, Quotas C, D &amp; E all
                                            had the same rights with respect to the proceeds of a divestiture, i.e., all three (3) quotas
                                            shared the divestiture consideration equally (on a pari passu basis) up to the amount of
                                            their investment. If there was any consideration remaining after payment to quotas C, D &amp;
                                            E, then quota A was entitled to the amount remaining up to the amount of their investment.
                                            If proceeds of a divestiture were less than or equal to &#8364;<span id="xdx_90A_eus-gaap--ProceedsFromDivestitureOfBusinesses_pn6n6_c20210101__20210101_zcUQlhwO4MEc" title="Proceeds from divestiture of businesses"><ix:nonFraction name="us-gaap:ProceedsFromDivestitureOfBusinesses" contextRef="From2021-01-012021-01-01" id="Fact001046" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="Euro">50</ix:nonFraction></span> million, then any proceeds
                                            remaining after payment of quotas A, C, D &amp; E, were to be shared equally among quotas
                                            A, C, D &amp; E; however, if proceeds of a divestiture were greater than &#8364;<span id="xdx_902_eus-gaap--ProceedsFromDivestitureOfBusinesses_pn6n6_c20210101__20210101_z1BKOoS8PaR1" title="Proceeds from divestiture of businesses"><ix:nonFraction name="us-gaap:ProceedsFromDivestitureOfBusinesses" contextRef="From2021-01-012021-01-01" id="Fact001048" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="Euro">50</ix:nonFraction></span> million,
                                            then any proceeds remaining after payment of quotas A, C, D &amp; E, were to be distributed
                                            to each quota separately according to a detailed formula specified in the Company&#8217;s
                                            By-Laws, including quota B. Similar to a divestiture, net profits, if any, were to be distributed
                                            in the same manner to quotas A, B, C, D &amp; E, after deducting not less than five (5) percent
                                            for a legal reserve (up to where this reserve equals one-fifth of the quota capital). A,
                                            C, D, E had equal voting rights and the Company By-laws specify protective provisions for
                                            each class of quota for A, C, D &amp; E.</span></td></tr></table>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the following events occurred which together had a significant impact on the Company&#8217;s equity:</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 1, 2021, the Board of Directors resolved to grant to employees and non-employees stock options and accelerate the vesting of other
stock options on &#8364;<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20210401__20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zn5YlmXl4JG" title="Vesting of other stock options"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-04-012021-04-01_custom_QuotaBMember" id="Fact001050" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">715</ix:nonFraction></span> quota B and &#8364;<span id="xdx_909_eus-gaap--StockRepurchasedDuringPeriodValue_c20210401__20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zgpFTQv8Zli9" title="Number of shares repurchased"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2021-04-012021-04-01_custom_QuotaBMember" id="Fact001052" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">172</ix:nonFraction></span> quota B were repurchased at nominal value, cancelled, and allocated to the option plan
as available for grant by Drs. Naldini and Gentner, leaving a net equity increase of &#8364;<span id="xdx_906_eus-gaap--ProceedsFromStockOptionsExercised_c20210401__20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zyfT8ASG7J61" title="Net equity increase"><ix:nonFraction name="us-gaap:ProceedsFromStockOptionsExercised" contextRef="From2021-04-012021-04-01_custom_QuotaBMember" id="Fact001054" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">543</ix:nonFraction></span> quota B. All quota B ownership has limited
rights and carry a par value of &#8364;<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zpRb29cnJdRj"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-04-01_custom_QuotaBMember" id="Fact001055" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">1</ix:nonFraction></span> per quota. The Corporate Capital amount was &#8364;<span id="xdx_902_eus-gaap--CapitalUnits_iI_c20210401__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_ztKAXpncSWi4" title="Corporate Capital amount"><ix:nonFraction name="us-gaap:CapitalUnits" contextRef="AsOf2021-04-01_custom_QuotaBMember" id="Fact001057" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,771</ix:nonFraction></span> (&#8364;<span id="xdx_902_eus-gaap--CapitalUnits_iI_c20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_ztNne6w6Tze4" title="Corporate Capital amount"><ix:nonFraction name="us-gaap:CapitalUnits" contextRef="AsOf2020-12-31_custom_QuotaBMember" id="Fact001059" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,056</ix:nonFraction></span> corporate capital at December
31, 2020 + &#8364;<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20200101__20201231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--QuotaBMember_zx1VdnQcBId" title="Exercise of Quota B options"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2020-01-012020-12-31_custom_QuotaBMember" id="Fact001061" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">715</ix:nonFraction></span> exercise of Quota B options before the conversion).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 124; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2021, at a Quotaholders&#8217; meeting, the Quotaholders resolved to convert the Company from an S.r.l. to an S.p.A., which conversion
became effective on June 18, 2021. As consequence of the conversion, the Corporate Capital was converted to ordinary shares with no par
value, and it was increased to &#8364;<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_c20210519__20210520_zOZjDbYEkEyl" title="Corporate capital converted"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfUnits" contextRef="From2021-05-192021-05-20" id="Fact001063" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">50,000</ix:nonFraction></span> to satisfy the minimum capital requirement to qualify as an S.p.A. in Italy. This increase
was an adjustment from additional paid-in capital to ordinary shares, no par value.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Company conversion, the corporate capital was reclassified as ordinary shares, no par value, combining the minimum capital
amount of &#8364;<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_c20210519__20210520_zJFFj6xJ5PAj" title="Minimum capital amount"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfUnits" contextRef="From2021-05-192021-05-20" id="Fact001065" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">50,000</ix:nonFraction></span> with the additional paid-in capital for a total of &#8364;<span id="xdx_90F_eus-gaap--AdditionalPaidInCapital_iI_c20210520_z64eEBswIvsi"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2021-05-20" id="Fact001066" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,139,431</ix:nonFraction></span>. The outstanding quota of &#8364;<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_c20210519__20210520_zGPJ5I9yxU3h" title="Minimum capital amount"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfUnits" contextRef="From2021-05-192021-05-20" id="Fact001068" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">50,000</ix:nonFraction></span> before
the conversion were all converted into <span id="xdx_903_eus-gaap--ConversionOfStockSharesIssued1_pn6n6_c20210519__20210520_zbZolZmUILVj" title="Number of shares converted"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-05-192021-05-20" id="Fact001070" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="Shares">15</ix:nonFraction></span> million shares of ordinary shares, no par value, after the conversion at the same conversion
rate of approximately <span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20210520_zoAXCNbatqt8" title="Per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-05-20" id="Fact001072" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">300</ix:nonFraction></span> quota per share of ownership. All preferences related to the quota classes were terminated and all shareholders
held ordinary shares, no par value. All shares outstanding after the conversion are held in ledger form. The Company adopted new Articles
of Association and Bylaws, appointed a new Board of Directors and board of statutory auditors.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2021, the Company completed the IPO of its shares and was listed on the Nasdaq Stock Capital Market. Through the IPO, <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211214__20211215__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zGe8N3SBNNYh" title="Shares isssued in IPO"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-12-142021-12-15_us-gaap_IPOMember" id="Fact001074" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,120,114</ix:nonFraction></span>
new ordinary shares with no par value were issued. <span id="xdx_90B_eus-gaap--CommonStockSharesSubscribedButUnissued_iI_c20211215_zlcC4XVeyZuc" title="Number of ordinary shares subscribed"><ix:nonFraction name="us-gaap:CommonStockSharesSubscribedButUnissued" contextRef="AsOf2021-12-15" id="Fact001076" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">720,114</ix:nonFraction></span> ordinary shares were subscribed by the Company&#8217;s existing shareholders
through a Reserved Offering, while <span id="xdx_90A_ecustom--AmericanDepositoryShares_pn5n6_c20211214__20211215_zhIiFxSelAJl" title="American depository shares placed in market"><ix:nonFraction name="GNTA:AmericanDepositoryShares" contextRef="From2021-12-142021-12-15" id="Fact001078" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Shares">2.4</ix:nonFraction></span> million ADS were directly placed on the market. Subsequently, on December 27, 2021, the Company&#8217;s
underwriter exercised a portion of its &#8220;green shoe&#8221; allotment for an additional <span id="xdx_90D_ecustom--AmericanDepositoryShares_c20211226__20211227__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z7UBPDs55Dah" title="Additional American Depository Shares"><ix:nonFraction name="GNTA:AmericanDepositoryShares" contextRef="From2021-12-262021-12-27_us-gaap_OverAllotmentOptionMember" id="Fact001080" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">96,744</ix:nonFraction></span> ADS. The total number of shares outstanding
resulting at December 31, 2021 was <span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_z6OKGgcCwhai" title="Number of shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" id="Fact001082" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,858</ix:nonFraction></span>. Through the IPO, approximately &#8364;<span id="xdx_90D_ecustom--NetListingCosts_iI_pn6n6_c20211215__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z1gNRmCEMJT7" title="Net listing costs"><ix:nonFraction name="GNTA:NetListingCosts" contextRef="AsOf2021-12-15_us-gaap_IPOMember" id="Fact001084" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="Euro">29</ix:nonFraction></span> million was raised net of listing costs (approximately
&#8364;<span id="xdx_90F_ecustom--NetListingCosts_iI_pn5n6_c20211215_zYOYd8uazwvj"><ix:nonFraction name="GNTA:NetListingCosts" contextRef="AsOf2021-12-15" id="Fact001085" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">3.9</ix:nonFraction></span> million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001087" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80F_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zDxFXObql3fc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.
<span id="xdx_821_z88YYr4N6cd5">Share-based compensation</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company granted options on its corporate capital to certain directors, officers, employees, and consultants, as an incentive and as additional
compensation prior to the Company&#8217;s conversion to an S.p.A. All options converted into Quota B when vested and exercised.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2021, &#8364;<span id="xdx_900_eus-gaap--StockRepurchasedDuringPeriodValue_c20210401__20210430__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNt3KonKcmdb" title="Shares repurchased"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2021-04-012021-04-30_us-gaap_EmployeeStockOptionMember" id="Fact001089" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">172</ix:nonFraction></span> of quota B shares were repurchased, cancelled, and allocated to the option plan as available for grant. The Board
approved new option grants on &#8364;<span id="xdx_902_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_c20210401__20210430_z3YU9vOev6Bb" title="New option grants"><ix:nonFraction name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensationGross" contextRef="From2021-04-012021-04-30" id="Fact001091" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">169</ix:nonFraction></span> of quota B and accelerated the vesting of options on &#8364;<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20210430_z5FsIQW70cOb" title="Vesting of options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="AsOf2021-04-30" id="Fact001093" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">546</ix:nonFraction></span> quota B and all options were exercised.
The total of &#8364;<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20210401__20210430_zRDJn5JnitM" title="Shares issued and exercised"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-04-012021-04-30" id="Fact001095" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">715</ix:nonFraction></span> quota B were issued and exercised in April 2021 with no options remaining outstanding at that time.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, in context of our Corporate Conversion from a limited liability company (societ&#224; a responsabilit&#224; limitata, or
&#8220;S.r.l.&#8221;) to a joint stock company (societ&#224; per azioni, or an &#8220;S.p.A.&#8221;), the shareholders approved a capital
increase to allow for issuance of up to <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pn5n6_c20210501__20210531_zrs0buP5lIN8" title="Number of ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-05-012021-05-31" id="Fact001097" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Shares">2.7</ix:nonFraction></span> million ordinary shares, or <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_pid_dp_uPure_c20210501__20210531_zrXVbzaj4aFh" title="Percentage of total outstanding common shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" contextRef="From2021-05-012021-05-31" id="Fact001099" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of the total outstanding common shares of the Company after
the IPO, in the service of a four-year employees&#8217; share option plan, &#8220;Equity Incentive Plan 2021&#8211;2025,&#8221; (the
&#8220;Plan&#8221;) to be adopted by the board of directors. The Plan is administered by the Board of Directors in consultation with
the Compensation, Nomination and Governance Committee. No options were granted under the Plan during 2021.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2022, the Company&#8217;s board of directors, as administrator of the Plan, awarded a nonqualified stock option (&#8220;NSO&#8221;)
on <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_c20220401__20220430__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_z7vUlzcKaDYf" title="Number of shares issued"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2022-04-012022-04-30_srt_BoardOfDirectorsChairmanMember" id="Fact001101" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">147,783</ix:nonFraction></span> shares to its (former) Chairman according to the terms of a Sub-Plan called &#8220;2021-2025 Chairman Sub-Plan&#8221; (the
&#8220;Sub-Plan&#8221;) attached to the Plan. The NSO was fully vested upon grant and carried a two (2) year exercise term. The exercise
price of the NSO is &#8364;<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uEuroPShares_c20220430_z8gfwPUqWR7b" title="Exercise price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-04-30" id="Fact001103" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">6.38</ix:nonFraction></span> per share, as pre-determined in the Sub-Plan.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2022, the Company&#8217;s board of directors, as administrator of the Plan, awarded NSOs on <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_c20220701__20220730__srt--TitleOfIndividualAxis__custom--DirectorAndOfficersAndEmployeeMember_zmpTXMLwPTyb" title="Number of shares issued to officers"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2022-07-012022-07-30_custom_DirectorAndOfficersAndEmployeeMember" id="Fact001105" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">392,740</ix:nonFraction></span> shares to certain of the Company&#8217;s
directors, officers and employees. <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20220701__20220731__srt--TitleOfIndividualAxis__custom--DirectorAndOfficersAndEmployeeMember_zeTWWSw2Vuqe"><ix:nonNumeric contextRef="From2022-07-012022-07-31_custom_DirectorAndOfficersAndEmployeeMember" id="Fact001106" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward">The director NSOs vested monthly over a one-year period with a 10-year term. The officer and employee
NSOs vested monthly over a four (4) year period with a 10-year term; however, the vesting of the officer NSOs were adjusted based on
hire date per their employment contracts</ix:nonNumeric></span>. All NSOs were priced based on a 30-day volume weighted average formula, adjusted by Black-Scholes,
which was determined to be $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20220731_zaFZqz1lXlab" title="Exercise price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-07-31" id="Fact001108" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">4.76</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022, there were <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_c20220101__20221231_znhgSSOqVxCl" title="Granted stock options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2022-01-012022-12-31" id="Fact001110" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">540,523</ix:nonFraction></span> granted stock options and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20221231_zshl0U9EKfM3" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2022-12-31" id="Fact001112" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,281,162</ix:nonFraction></span> stock options remaining available for grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the Board, as administrator of the Plan, awarded NSOs on <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230301__20230331__srt--TitleOfIndividualAxis__srt--DirectorMember_zAyWHoHAynN5" title="Number of stock options awarded"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-03-012023-03-31_srt_DirectorMember" id="Fact001114" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">46,400</ix:nonFraction></span> shares to the Company&#8217;s directors. The NSOs vested
monthly over a one (1) year period with a 10-year term. All NSOs were priced based on a 30-day volume weighted average formula, adjusted
by Black-Scholes, which was determined to be $<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20230331__srt--TitleOfIndividualAxis__srt--DirectorMember_zc1XKfDyHGAd" title="Exercise price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2023-03-31_srt_DirectorMember" id="Fact001116" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.62</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, there were <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20231231_zycL2EDOzAn1" title="Number of options granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31" id="Fact001118" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">586,923</ix:nonFraction></span> granted stock options and <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20231231_zatPN35K9Vcf" title="Number of options available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2023-12-31" id="Fact001120" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,234,772</ix:nonFraction></span> stock options remaining available for grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 125; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company calculates the fair value of stock options awards granted to employees and nonemployees using the Black-Scholes option-pricing
method. If the company determinates that other methods are more reasonable, or other methods for calculating these assumptions are prescribed
by regulators, the fair value calculated for the Company&#8217;s stock options could change significantly. Higher volatility and longer
expected lives would result in an increase to share-based compensation expense to non-employees determined at the date of grant. Share-based
compensation expense to non-employees affects the Company&#8217;s selling, general and administrative expenses and research and development
expenses.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company calculated the share compensation expense for the options granted by utilizing the Black Scholes method with the following inputs
for each of the stock grants in March 2023, July 2022 and April of 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            option&#8217;s exercise price.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            option&#8217;s expected term.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            underlying share&#8217;s current price.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            underlying share&#8217;s expected price volatility during the option&#8217;s expected (or
                                            in certain cases, contractual) term, or in cases where calculated value is used, the historical
                                            volatility of an appropriate industry sector index.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            underlying share&#8217;s expected dividends during the option&#8217;s expected (or in certain
                                            cases, contractual) term except cases, such as when dividend protection is provided; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            risk-free interest rate during the option&#8217;s expected (or in certain cases, contractual)
                                            term.</span></td></tr></table>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001122" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_znaJnyGSrgYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zEoYBrDjDlRc" style="display: none">Schedule of Outstanding Stock Options</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
    of Options</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted
    Average Exercise Price</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted
    Average Remaining Contractual Term (Years)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Aggregate
    Intrinsic Value</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of January
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231_zcsfgspj2FZ5" title="Number of options outstanding, Beginning" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31" id="Fact001124" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">546</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231_zH0mRTn9GoBc" title="Weighted average exercise price outstanding, Beginning" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31" id="Fact001126" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">1.00</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20200101__20201231_zCsghCtQygrg" title="Weighted average remaining contractual term outstanding, Beginning" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2020-01-012020-12-31" format="ixt-sec:duryear" id="Fact001128" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">1</ix:nonNumeric></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20210101__20211231_zE2libT1LNBc" title="Aggregate intrinsic value outstanding, Beginning" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2020-12-31" id="Fact001130" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">584,132</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231_zTGKv5rZ2AI7" title="Number of options, Granted" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31" id="Fact001132" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">169</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231_z4q2itwJeTdh" title="Weighted average exercise price, Granted" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" id="Fact001134" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">1.00</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted_c20210101__20211231_zHuKDCh9C6Qj" title="Weighted average remaining contractual term, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1136">-</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20210101__20211231_zC2seJfsABLa" title="Aggregate intrinsic value , Granted" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="GNTA:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue" contextRef="From2021-01-012021-12-31" id="Fact001138" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">183,831</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Vested and exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20210101__20211231_z3QWTadoQk4c" title="Number of options, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2021-01-012021-12-31" id="Fact001140" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">715</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20210101__20211231_zYz6yDJgaecg" title="Weighted average exercise price, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" id="Fact001142" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">1.00</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20210101__20211231_zCI6c5RMkGyj" title="Aggregate intrinsic value, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested" contextRef="From2021-01-012021-12-31" id="Fact001144" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">777,920</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cancelled or forfeited</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20210101__20211231_ziWg465llmT1" title="Number of options, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1146">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20210101__20211231_zlxKWBn5Csj8" title="Weighted average exercise price, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1148">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20210101__20211231_z8ESPJLm0DAf" title="Aggregate intrinsic value, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1150">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of December 31, 2021</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20210101__20211231_zvFSs9fD5l52" title="Number of options outstanding, Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1152">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20210101__20211231_zWwjFZEx6Nwe" title="Weighted average exercise price outstanding, Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1154">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_c20210101__20211231_zUKWqkZDYHSg" title="Weighted average remaining contractual term outstanding, Ending"><span style="-sec-ix-hidden: xdx2ixbrl1156">-</span></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20210101__20211231_zjc0q8S2hym1" title="Aggregate intrinsic value outstanding,Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1158">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable as of December 31, 2021</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20210101__20211231_zsfGVGPeNH2k" title="Weighted average exercise price, Exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1162">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20210101__20211231_zQUClRjtsyTc" title="Aggregate intrinsic value outstanding, Expected to vest" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1174">-</span></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20220101__20221231_zJUNxtNdJP59" title="Weighted average exercise price outstanding, Beginning" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1178">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20220101__20221231_zEr80aLdRy5f" title="Aggregate intrinsic value outstanding, Beginning" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1182">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Vested and exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20220101__20221231_zk94lXO6HJ7" title="Number of options, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1192">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20220101__20221231_z6HQ2NW18z9e" title="Weighted average exercise price, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1194">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20220101__20221231_zx1FcHqDbLGb" title="Aggregate intrinsic value, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1196">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cancelled or forfeited</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20220101__20221231_zf2pfG1UOtLh" title="Number of options, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1198">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20220101__20221231_zqpLzFpqIJyg" title="Weighted average exercise price, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1200">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20220101__20221231_z4JuHezOk1qi" title="Aggregate intrinsic value, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1202">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20220101__20221231_zBLNmanfTFkh" title="Number of options outstanding, Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-12-31" id="Fact001204" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">540,523</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20220101__20221231_z2ID9gQPy5R5" title="Weighted average exercise price outstanding, Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2022-12-31" id="Fact001206" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">4.99</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231_zN0f2V4Db3D9" title="Weighted average remaining contractual term outstanding, Ending"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact001208" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">7.3</ix:nonNumeric></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20220101__20221231_zBpA6xcpdUI" title="Aggregate intrinsic value outstanding,Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2022-12-31" id="Fact001210" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">272,480</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable as of December 31, 2022</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231_ztK26Xb2XZQ8" title="Weighted average remaining contractual term, Exercisable"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact001216" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">4.42</ix:nonNumeric></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding, expected
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231_zfAWhlO3AUM1" title="Weighted average remaining contractual term (years) Outstanding expected to vest" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact001224" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1">9.55</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20230101__20231231_zedA3oR8Hu1" title="Weighted average exercise price, Granted" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-01to2023-12-31" id="Fact001238" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">5.30</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted_dtY_c20230101__20231231_zNyzWERjOKj9" title="Weighted average remaining contractual term, Granted"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001240" name="GNTA:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted">9.17</ix:nonNumeric></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedAggregateIntrinsicValue_c20230101__20231231_zDC64TVW15pl" title="Aggregate intrinsic value , Granted" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1242">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Vested and exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20230101__20231231_zkPIySiNB2Bk" title="Number of options, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1244">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20230101__20231231_zZJxHxISj9M3" title="Weighted average exercise price, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1246">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20230101__20231231_zJqkHIPjrqcb" title="Aggregate intrinsic value, Vested and exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1248">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cancelled or forfeited</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20230101__20231231_zkmu0qCot26i" title="Number of options, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1250">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20230101__20231231_zSf7JTGzzUT8" title="Weighted average exercise price, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1252">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledOrForfeitedAggregateIntrinsicValue_c20230101__20231231_zwfCtCSrasUd" title="Aggregate intrinsic value, Cancelled or forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1254">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20230101__20231231_zdWtRKOe7unj" title="Number of options outstanding, Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31" id="Fact001256" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">586,923</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_z1B1Jl2tOLIi" title="Weighted average remaining contractual term outstanding"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001260" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">6.53</ix:nonNumeric></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20230101__20231231_z2EXusZTlfr5" title="Aggregate intrinsic value outstanding,Ending" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2023-12-31" id="Fact001262" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">67,596</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable as of December 31, 2023</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20230101__20231231_z0M0a2Vx5Bgh" title="Number of options,Exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2023-12-31" id="Fact001264" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">382,785</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20230101__20231231_zNCVNE8s6qhf" title="Weighted average exercise price, Exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2023-12-31" id="Fact001266" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">5.11</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20230101__20231231_zGniA1tURREa" title="Weighted average remaining contractual term, Exercisable"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001268" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">5.44</ix:nonNumeric></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_989_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_c20230101__20231231_zsIZzZKd9mba" title="Aggregate intrinsic value, Exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" contextRef="AsOf2023-12-31" id="Fact001270" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">33,796</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding, expected
    to vest as of December 31, 2023</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20230101__20231231_zVrEQSTDLgwk" title="Number of options outstanding, Expected to vest" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" contextRef="AsOf2023-12-31" id="Fact001272" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">204,138</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_c20230101__20231231_zjHnhSUEL2h3" title="Weighted average exercise price outstanding, Expected to vest" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" contextRef="AsOf2023-12-31" id="Fact001274" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">4.34</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20230101__20231231_z3i8vI5BmFTg" title="Weighted average remaining contractual term (years) Outstanding expected to vest" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001276" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1">8.58</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_c20230101__20231231_zAlNpD3mLtr2" title="Aggregate intrinsic value outstanding, Expected to vest" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="AsOf2023-12-31" id="Fact001278" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">33,800</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A5_zJ9qxZaGbqae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 126; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 2023, the Company granted non-qualified stock options to certain directors were partially vested and priced based on the &#8220;2021-2025
-Plan.&#8221; Total recognized expense was approximately &#8364;<span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20230331__srt--TitleOfIndividualAxis__custom--DirectorAndEmployeeMember_z0Ufc605ENxf" title="Recognized expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2023-03-31_custom_DirectorAndEmployeeMember" id="Fact001280" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">199,890</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 2022, the Company granted non-qualified stock options to certain directors and employees that were partially vested and priced based
on the &#8220;2021-2025 Plan.&#8221; Total recognized expense was approximately &#8364;<span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20220731__srt--TitleOfIndividualAxis__custom--DirectorAndEmployeeMember_zAhV5Xyp67C" title="Recognized expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2022-07-31_custom_DirectorAndEmployeeMember" id="Fact001282" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">482,692</ix:nonFraction></span>.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 2022, the Company granted non-qualified stock options to Dr. Squinto, Chairman of the Company at that time, that were fully vested
and priced based on a Sub-Plan called &#8220;2021-2025 Chairman Sub-Plan&#8221; attached to the Plan. Total recognized expense was &#8364;<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20220430__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_ziBH1ZLeySgi" title="Recognized expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2022-04-30_srt_BoardOfDirectorsChairmanMember" id="Fact001284" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">240,043</ix:nonFraction></span>.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, there were <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_dxL_c20211231_z6b43K8YeLhg" title="Outstanding stock options::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1286">no</span></span> outstanding stock options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001288" name="us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_z4s9CKmjmnPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s share-based compensation expense for the years ended December 31, 2023, 2022 and 2021 is represented by the following
table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zANMDl9jS1i1" style="display: none">Schedule of share based compensation expenses</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" id="xdx_490_20220101__20221231_zdv30JclZNrj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20210101__20211231_zOAaAstspRS7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z08zixOvm3Qk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research &amp; development expense</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_zRUpoxgwz00k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zuhzSRXk9pi9" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--AllocatedShareBasedCompensationExpense_zReYscZP69V6" 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">&#8364;</span></td><td id="xdx_989_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20231231_zM2pSfkpXCX8" title="Unrecognized expense" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2023-12-31" id="Fact001310" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">907,683</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zHfw4JTgLp57" style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company recorded &#8364;<span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20230101__20231231_z1KDpESaucEh" title="Fair value of options granted"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2023-01-01to2023-12-31" id="Fact001314" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">739,884</ix:nonFraction></span>, &#8364;<span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20220101__20221231_zqks6YMCU9sa" title="Fair value of options granted"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2022-01-012022-12-31" id="Fact001316" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">722,735</ix:nonFraction></span> and &#8364;<span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20210101__20211231_zphgD3Z45Ztf" title="Fair value of options granted"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-01-012021-12-31" id="Fact001318" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">497,104</ix:nonFraction></span> , respectively,
as the fair value of the stock options granted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of unrecognized expense at December 31, 2023 was &#8364;<span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20231231_zRtV655A5Kh7" title="Unrecognized expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2023-12-31" id="Fact001320" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">907,683</ix:nonFraction></span>. The amount of unrecognized expense at December 31, 2022 was &#8364;<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20221231_zkwQDtteAws8" title="Unrecognized expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2022-12-31" id="Fact001322" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,639,082</ix:nonFraction></span>.
The weighted average fair value of the options granted during 2021 was &#8364;<span id="xdx_90F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOptionsVestedInPeriodTotalFairValue_c20210101__20211231_zP8JoyG8pgOe" title="Weighted average fair value"><ix:nonFraction name="GNTA:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOptionsVestedInPeriodTotalFairValue" contextRef="From2021-01-012021-12-31" id="Fact001324" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,088</ix:nonFraction></span> per quota B. There was <span id="xdx_901_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_do_c20211231_zYFSHSpScQLb" title="Unrecognized expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2021-12-31" id="Fact001326" format="ixt-sec:numwordsen" decimals="0" unitRef="Euro">no</ix:nonFraction></span> amount of unrecognized expense
at December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average grant date fair value of the options granted during the period ended December 31, 2023 and December 31, 2022 was &#8364;<span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_c20230101__20231231_zpTMHPyqrM9h" title="Weighted average fair value of options granted"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" contextRef="From2023-01-01to2023-12-31" id="Fact001328" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">4.84</ix:nonFraction></span>
and &#8364;<span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_c20210101__20211231_zENSOGNxM9ah" title="Weighted average fair value of options granted"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31" id="Fact001330" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPShares">4.99</ix:nonFraction></span> per share respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Weighted
average shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
calculation was performed by taking the number of shares outstanding during a given period and weighting them for the number of days
that number of shares were outstanding. For the period ended December 31, 2023, and December 31, 2022, there was a weighted average of
<span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20230101__20231231_ze0MRmzs36ek" title="Weighted average shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2023-01-01to2023-12-31" id="Fact001332" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,907</ix:nonFraction></span> and <span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220101__20221231_zYtZvJcQEMr3" title="Weighted average shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31" id="Fact001334" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,858</ix:nonFraction></span> shares, respectively, of the Company&#8217;s ordinary shares, <span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_do_c20231231_zfe8qVsqPWVl" title="Common stock par value"><span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_do_c20221231_zYwLXat5Oba6" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact001336" format="ixt-sec:numwordsen" decimals="INF" unitRef="EuroPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31" id="Fact001338" format="ixt-sec:numwordsen" decimals="INF" unitRef="EuroPShares">no</ix:nonFraction></ix:nonFraction></span></span> par value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 127; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Quota
B Valuations</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Quota B underlying the Company&#8217;s share-based compensation grants has historically been determined by the Company&#8217;s
board of directors, with input from management and third-party valuations. The Company believes that the Board of Directors has the relevant
experience and expertise to determine the fair value of its Quota B, when also securing third-party assistance. Given the absence of
a public trading market of the Company&#8217;s equity, and in accordance with the American Institute of Certified Public Accountants
Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, the Board of Directors exercised reasonable
judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company&#8217;s
equity at each grant date. These factors include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">valuations
                                            of the Quota B equity performed by third-party specialists;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            price of the Company&#8217;s equity to third-party, arms-length, sophisticated, and qualified
                                            investors, which was used in the OPM Backsolve Model;</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
                                                                                                                  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            prices, rights, preferences, and privileges of the Company&#8217;s Quota C, D, and E preferred
                                            equity classes relative to those of the Company&#8217;s equity;</span></td></tr>
                                                                                                                  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
                                            of marketability of the Quota B;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
                                            of voting rights of the Quota B;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">current
                                            business conditions and projections;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hiring
                                            of key personnel and the experience of management;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company&#8217;s stage of development;</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
                                                                                                  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            timing, progress and results of the Company&#8217;s pre-clinical studies and clinical trials
                                            for the Company&#8217;s programs and product candidates; including statements regarding the
                                            timing of initiation and completion of trials or studies and related preparatory work, the
                                            period during which the results of the trials will become available and the Company&#8217;s
                                            research and development programs;</span></td></tr>
                                                                                                  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
                                                                                                  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">likelihood
                                            of achieving a liquidity event, such as an initial public offering, a merger or acquisition
                                            of the Company given prevailing market conditions, or other liquidation events;</span></td></tr>
                                                                                                  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            market performance of comparable publicly traded companies; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            European, U.S., and global capital market conditions.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 128; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
valuing the Company&#8217;s Quota B class of options, the Board of Directors determined the equity value of the Company&#8217;s business
using various valuation methods. The Board of Directors engaged a third-party valuation firm who performed analyses in accordance with
the guidance outlined in the American Institute of Certified Public Accountants&#8217; Accounting and Valuation Guide, Valuation of Privately-Held-Company
Equity Securities Issued as Compensation. The Company&#8217;s option valuations were prepared using an option pricing method (&#8220;OPM&#8221;),
which used market approaches to estimate the Company&#8217;s enterprise value.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
OPM treats each equity class as a call option on the total equity value of a company, with exercise prices (i.e., breakpoints) based
on the value thresholds at which the allocation among the various holders of a company&#8217;s securities changes. A discount was considered
for Lack of Marketability (&#8220;DLOM&#8221;), which is an amount or percentage that is deducted from the value to reflect the absence
of a viable market. The DLOM was then applied to arrive at an indication of value for the option. Also, considered in the valuation was
volatility and the fact that the Quota B class of equity did not carry voting rights. The expected volatility used in the OPM is based
upon the historical volatility of publicly traded companies in similar stages of clinical development.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
of the Company&#8217;s approach involved the use of estimates, judgment, and assumptions that are highly complex and subjective, such
as those regarding the selection of comparable companies, and the expected timing of an IPO or other liquidity event. Changes in any
or all of these estimates and assumptions or the relationships between those assumptions impact the valuations at each valuation date
and may have a material impact on the valuation of the Company&#8217;s Quota B equity class, and consequently, the Company&#8217;s share-based
compensation expense could be materially different.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Weighted
average shares</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Company&#8217;s conversion to an S.P.A. in June 2021, the Company converted all its ownership to common shares. From
that point forward, the Company was able to calculate both a weighted average and pro forma weighted average number of shares outstanding.
The calculation was performed by taking the number of shares outstanding during a given period and weighting them for the number of days
that number of shares were outstanding. Prior to June 2021, the Company was unable to convert quota to shares, in part due to the fact
that quota carried different rights and privileges, so the Company was not sure how all quota would be treated in the conversion; however,
shareholders agreed at the conversion in June 2021 that all classes of quota would be treated equally and all quota were exchanged for
shares on a 1:1 basis and all the preferences were removed. Therefore, the Company was able to calculate a weighted average for the Company&#8217;s
December 31, 2021 consolidated financial statement presentation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021 there was a weighted average of <span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20230101__20231231_zcNJkj7jmkTc" title="Weighted average shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2023-01-01to2023-12-31" id="Fact001340" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,907</ix:nonFraction></span>, <span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220101__20221231_zmgruzMKtiHd" title="Weighted average shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31" id="Fact001342" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,216,858</ix:nonFraction></span> and <span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210101__20211231_z2qsoEzg43Yb" title="Weighted average shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" id="Fact001344" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,083,825</ix:nonFraction></span> shares, respectively,
of the Company&#8217;s ordinary shares, no par value.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001346" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_808_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zEUi2QUjvUqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.
<span id="xdx_821_zH8vylQJjX74">Related parties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_ResearchAndDevelopmentExpenseMember" escape="true" id="Fact001348" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zuGuAoLG4K9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s research and development expenses are a combination of third-party expenses, and related party expenses, as detailed
below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zoW1knkpi9w2" style="display: none">Schedule of third party and related party expenses</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year Ended December 31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
    Parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
    Parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
    Euros)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <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">&#8364;</span></td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zYBPHUPnTMM6" title="Total" 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:ResearchAndDevelopmentExpense" contextRef="From2023-01-012023-12-31_custom_RelatedPartiesMember" id="Fact001382" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,977,467</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="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">&#8364;</span></td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_c20230101__20231231_zgq2haNv5pr3" title="Total" 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:ResearchAndDevelopmentExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001384" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">6,474,441</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>
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<p style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_ziHR0asDLit1" title="Total" 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:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-12-31_custom_RelatedPartiesMember_custom_CompensationMember" id="Fact001400" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">580,196</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>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--OtherMember_zBn6vZYLTOK9" title="Total" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1406">-</span></span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__custom--OtherMember_z78Pvni9FNX6" title="Total" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-12-31_custom_OtherMember" id="Fact001408" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">25,276</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>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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">&#8364;</span></td><td id="xdx_98F_eus-gaap--ResearchAndDevelopmentExpense_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember_zasdhr8LcqRi" title="Total" 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:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-12-31_custom_RelatedPartiesMember" id="Fact001412" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,306,278</ix:nonFraction></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 style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 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">&#8364;</span></td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_c20220101__20221231_zA3vqVvTwXw6" title="Total" 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:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-12-31" id="Fact001414" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">5,338,962</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>
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<p style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AA_zE0uToA5iIb9" style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 129; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development (related party) expenses during the years ended December 31, 2023, 2022, and 2021, mainly relate to the clinical trial
activity done as per the agreement with the OSR - San Raffaele Hospital. The increase in research and development expenses related parties
for the year ended December 31, 2023, compared to the year ended December 31, 2022, was due to the increase in the number of treated
patients and related clinical trial activities. Furthermore, the increase was also determined by the reduction in the offsetting effect
of research and development tax credits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded research and development expenses of approximately &#8364;<span id="xdx_90A_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zaYetI0BAQRl" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2023-01-012023-12-31_custom_SanRaffleHospitalMember" id="Fact001452" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">6.5</ix:nonFraction></span> million in 2023 (&#8364;<span id="xdx_907_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zSB0uiZxqLR"><ix:nonFraction name="GNTA:ResearchAndDevelopmentExpenseGross" contextRef="From2023-01-012023-12-31_custom_SanRaffleHospitalMember" id="Fact001453" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">6.9</ix:nonFraction></span> million less &#8364;<span id="xdx_90D_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20231231_zFgnQYomdOd7"><ix:nonFraction name="us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch" contextRef="AsOf2023-12-31" id="Fact001454" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.4</ix:nonFraction></span> million,
from the compensation effect of the tax credit benefit), and &#8364;<span id="xdx_907_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zFZEjuchaJC1" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-12-31_custom_SanRaffleHospitalMember" id="Fact001456" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">5.3</ix:nonFraction></span> million in 2022 (&#8364;<span id="xdx_90E_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20220101__20221231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zKj5xj68odva"><ix:nonFraction name="GNTA:ResearchAndDevelopmentExpenseGross" contextRef="From2022-01-012022-12-31_custom_SanRaffleHospitalMember" id="Fact001457" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">6.0</ix:nonFraction></span> million less &#8364;<span id="xdx_90C_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20221231_zzdbIQnxzZz1"><ix:nonFraction name="us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch" contextRef="AsOf2022-12-31" id="Fact001458" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.7</ix:nonFraction></span> million, from
the compensation effect of the tax credit benefit).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the Company recorded research and development expenses of approximately &#8364;<span id="xdx_901_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_zcR48ukwQRxl" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-012021-12-31_custom_SanRaffleHospitalMember" id="Fact001460" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">3.4</ix:nonFraction></span> million (&#8364;<span id="xdx_909_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--SanRaffleHospitalMember_ze12DlMPkqV8"><ix:nonFraction name="GNTA:ResearchAndDevelopmentExpenseGross" contextRef="From2021-01-012021-12-31_custom_SanRaffleHospitalMember" id="Fact001461" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">4.6</ix:nonFraction></span> million, less &#8364;<span id="xdx_907_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20211231_zc46ifXwzsjj" title="Tax"><ix:nonFraction name="us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch" contextRef="AsOf2021-12-31" id="Fact001463" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">1.2</ix:nonFraction></span> million
from the compensation effect of the tax credit benefit).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" escape="true" id="Fact001465" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z8fDfuMifCT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s general and administrative expenses are also a combination of third-party and related party expenses, as detailed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B6_zDKhjtHYz3fi" style="display: none">Schedule of third party and general and administrative expenses</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended December 31, 2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Third
    Parties</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Related
    Parties</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">(In Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Compensation (including share-based)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zz3Hs4ZFd7Z6" title="Total" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_ThirdPartiesMember_custom_CompensationMember" id="Fact001467" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,218,299</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--CompensationMember_zL3hQi2k1Pl4" title="Total" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_RelatedPartiesMember_custom_CompensationMember" id="Fact001469" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,317,068</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__srt--ProductOrServiceAxis__custom--CompensationMember_zLPQJIRKfuk3" title="Total" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_CompensationMember" id="Fact001471" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">2,535,367</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounting, legal &amp; other professional</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zv3LT9xjELa7" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_ThirdPartiesMember_custom_AccountingLegalAndOtherProfessionalMember" id="Fact001473" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">1,026,534</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--AccountingLegalAndOtherProfessionalMember_zzsi5tdEiEjk" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1475">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Communication &amp; IT related Facility</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zdKhgXSVXTj6" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_ThirdPartiesMember_custom_CommunicationAndITRelatedMember" id="Fact001479" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">166,416</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__srt--ProductOrServiceAxis__custom--CommunicationAndITRelatedMember_zIdlUNp0pRWf" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_CommunicationAndITRelatedMember" id="Fact001481" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">166,416</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Facility &amp; insurance related</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zRYyaZ7EEX4i" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_ThirdPartiesMember_custom_FacilityAndInsuranceRelatedMember" id="Fact001483" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">6,180</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_zuUkThSOofvc" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_RelatedPartiesMember_custom_FacilityAndInsuranceRelatedMember" id="Fact001485" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">15,731</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__srt--ProductOrServiceAxis__custom--FacilityAndInsuranceRelatedMember_z2c8K3bSJYK9" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_FacilityAndInsuranceRelatedMember" id="Fact001487" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">21,911</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Consultants &amp; other third parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zrKML2oI3nf8" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_custom_ThirdPartiesMember_custom_ConsultantsAndOtherThirdPartiesMember" id="Fact001489" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro">610,103</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartiesMember__srt--ProductOrServiceAxis__custom--ConsultantsAndOtherThirdPartiesMember_zEGeXwjB53N5" title="Total" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1491">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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</ix:nonNumeric><p id="xdx_8AC_zFq4izbPtsa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 130; Value: 1 -->
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no significant changes in general and administrative expenses related parties during the year ended December 31, 2023, compared
to the year ended December 31, 2022. General and administrative expenses, other than related party, decreased mainly because of the decrease
in the Company&#8217;s limited liability insurance cost, aka director and officer (&#8220;D&amp;O&#8221;) insurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in general and administrative expenses related parties during the year ended December 31, 2022, compared to the year ended December
31, 2021 was mainly due to the increase in management compensation. General and administrative expenses, other than related party, increased
due to the increase in D&amp;O insurance and to the increase in legal and audit fees as result of the post IPO administrative and compliance
activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001591" name="GNTA:ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock_zQ2zkhEpjYG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s accounts payable to related parties are comprised as follows:</span></p>

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    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40B_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalOSRMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zUad8pQSEwy5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">San Raffaele Hospital (OSR)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_401_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--PierluigiParacchiMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zsJv6bqGUc9l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pierluigi Paracchi</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1597">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1598">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1599">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--CarloRussoMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z6bkQLzsTb0k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Carlo Russo</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1601">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_custom_CarloRussoMember_us-gaap_RelatedPartyMember" id="Fact001602" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">198</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1603">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zNs53q4zru7h" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Richard Slansky</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1605">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_custom_RichardSlanskyMember_us-gaap_RelatedPartyMember" id="Fact001606" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">1,584</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1607">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zrl112srbTWa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact001609" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">170,888</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact001610" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">151,988</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-12-31_us-gaap_RelatedPartyMember" id="Fact001611" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">25,047</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zohIecWpp4J8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001613" name="GNTA:ScheduleOfAccruedExpenseToRelatedPartiesTableTextBlock"><p id="xdx_89E_ecustom--ScheduleOfAccruedExpenseToRelatedPartiesTableTextBlock_zcImNN1wxy1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s accrued expenses to related parties are comprised as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zG7swxXo4rFf" style="display: none">Schedule of accrued expenses to related parties</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_495_20231231_zxLfNXKy7gf2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20221231_zpqsBRczmoUf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_495_20211231_zUPhWYJUQzHf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">At
    December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--SanRaffaeleHospitalOSRMember_z5n0s853TG64" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">San Raffaele Hospital (OSR)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2023-12-31_custom_SanRaffaeleHospitalOSRMember" id="Fact001615" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">413,935</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_SanRaffaeleHospitalOSRMember" id="Fact001616" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">176,559</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_SanRaffaeleHospitalOSRMember" id="Fact001617" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">19,201</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--PierluigiParacchiMember_zc1b4y4xJwfk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pierluigi Paracchi</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2023-12-31_custom_PierluigiParacchiMember" id="Fact001619" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">175,254</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_PierluigiParacchiMember" id="Fact001620" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">112,501</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_PierluigiParacchiMember" id="Fact001621" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">25,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--RichardSlanskyMember_zpEvn0ERI1X6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Richard Slansky</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2023-12-31_custom_RichardSlanskyMember27652671" id="Fact001623" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">116,738</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_RichardSlanskyMember27652671" id="Fact001624" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">81,369</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_RichardSlanskyMember" id="Fact001625" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">53,502</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_hus-gaap--RelatedPartyTransactionAxis__custom--CarloRussoMember_zlQvhA9UouB6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Carlo Russo</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_CarloRussoMember" id="Fact001629" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">34,438</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_zzRm0E4E9MQ2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2023-12-31" id="Fact001631" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">861,578</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31" id="Fact001632" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">489,207</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31" id="Fact001633" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">132,141</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zaMMHOBKA4El" style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has identified the following related parties:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Pierluigi
                                            Paracchi</span> (director and co-founder of the Company);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Luigi
                                            Naldini</span> (co-founder of the Company and chair of the scientific advisory board);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Bernhard
                                            Rudolph Gentner</span> (co- founders of the Company and member of the scientific advisory board);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Carlo
                                            Russo</span> (former XDG Biomed - chief medical officer); and,</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Richard
                                            Slansky</span> (chief financial officer);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">OSR
                                            - San Raffaele Hospital</span> (co-founder of the Company, shareholder, main service provider
                                            for clinical activity and licensor of brands of any product that can be obtained through
                                            research).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 131; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a description of the nature of the transactions between the Company and these related parties:</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pierluigi
Paracchi</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Pierluigi Paracchi, President and Chairman of the Company prior to the conversion, is the current Chief Executive Officer, Vice-Chairman,
as well as co-founder. His current employment arrangement with the Company provides an annual gross salary of &#8364;<span id="xdx_900_eus-gaap--SalariesWagesAndOfficersCompensation_c20220201__20220228__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_zMVFgel98ete" title="Gross salary"><ix:nonFraction name="us-gaap:SalariesWagesAndOfficersCompensation" contextRef="From2022-02-012022-02-28_custom_PierluigiParacchiMember" id="Fact001635" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">420,000</ix:nonFraction></span> plus a <span id="xdx_901_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20220201__20220228__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember_zfJwm2ppJ7Ra" title="Bonus percent"><ix:nonFraction name="GNTA:PercentageOfAnnualBonus" contextRef="From2022-02-012022-02-28_custom_PierluigiParacchiMember" id="Fact001637" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>%
annual bonus subject to Board approval. Mr. Paracchi also has use of a Company car, for which the Company entered an operating lease
agreement in February 2022.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2022, Mr. Paracchi received a bonus of &#8364;<span id="xdx_900_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20220430__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zJntPbYb2OJ8" title="Gross bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrentAndNoncurrent" contextRef="AsOf2022-04-30_srt_DirectorMember_custom_PierluigiParacchiMember" id="Fact001639" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">60,000</ix:nonFraction></span> (gross amount), of which &#8364;<span id="xdx_909_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20210630__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zz89wI0uT8Hd" title="Gross bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrentAndNoncurrent" contextRef="AsOf2021-06-30_srt_DirectorMember_custom_PierluigiParacchiMember" id="Fact001641" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">23,000</ix:nonFraction></span> related to the activity performed in
the second half of 2021 and &#8364;<span id="xdx_90F_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20221231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_z1oVYUGzkcR5" title="Gross bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_srt_DirectorMember_custom_PierluigiParacchiMember" id="Fact001643" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">37,000</ix:nonFraction></span> for the activity performed following the IPO in the first few months of 2022. In July 2022,
the Board approved an increase in Mr. Paracchi&#8217;s bonus from <span id="xdx_90E_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20220701__20220731__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember__srt--RangeAxis__srt--MinimumMember_zUjF1Z8CSVV6" title="Bonus percent"><ix:nonFraction name="GNTA:PercentageOfAnnualBonus" contextRef="From2022-07-012022-07-31_custom_PierluigiParacchiMember_srt_MinimumMember" id="Fact001645" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% to <span id="xdx_90C_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20220701__20220731__srt--TitleOfIndividualAxis__custom--PierluigiParacchiMember__srt--RangeAxis__srt--MaximumMember_zctveb9RsLLa" title="Bonus percent"><ix:nonFraction name="GNTA:PercentageOfAnnualBonus" contextRef="From2022-07-012022-07-31_custom_PierluigiParacchiMember_srt_MaximumMember" id="Fact001647" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>% to begin effective January 1, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, and 2022, the Company expensed approximately &#8364;<span id="xdx_90F_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20230101__20231231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zOwTH9Vf1nb7" title="Compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2023-01-012023-12-31_srt_DirectorMember_custom_PierluigiParacchiMember" id="Fact001649" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">692,000</ix:nonFraction></span> and &#8364;<span id="xdx_90E_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20220101__20221231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zrZWOGMOsKhk" title="Compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2022-01-012022-12-31_srt_DirectorMember_custom_PierluigiParacchiMember" id="Fact001651" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">624,000</ix:nonFraction></span>, respectively, related
to compensation for Mr. Paracchi.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 the Company accrued &#8364;<span id="xdx_908_eus-gaap--AccruedBonusesCurrent_iI_c20231231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zP46ENy8RtJh" title="Gross bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrent" contextRef="AsOf2023-12-31_srt_DirectorMember_custom_PierluigiParacchiMember" id="Fact001653" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">168,000</ix:nonFraction></span> for Mr. Paracchi&#8217;s bonus to reward the activity performed in 2023, while at
December 31, 2022, the Company accrued &#8364;<span id="xdx_905_eus-gaap--AccruedBonusesCurrent_iI_c20221231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PierluigiParacchiMember_zskTcOnfYxb3" title="Gross bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrent" contextRef="AsOf2022-12-31_srt_DirectorMember_custom_PierluigiParacchiMember" id="Fact001655" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">112,501</ix:nonFraction></span> for Mr. Paracchi&#8217;s bonus from July to December, that was paid in March 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Luigi
Naldini/Bernhard Rudolph Gentner</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drs.
Naldini and Gentner are co-founders of Genenta and part of the SAB &#8211; Scientific Advisory Board, with Dr. Naldini as Chairman, and
Dr. Gentner as a member. Dr. Naldini has an advisory agreement approved by the Board of Directors and performs the pre-clinical studies
for the Company. In particular, the pre- clinical experiments are in solid tumor indications. The last consulting agreement with Dr.
Naldini was signed on June 20, 2022, which included an annual fee of &#8364;<span id="xdx_90C_ecustom--AnnualFee_c20220701__20221231__srt--TitleOfIndividualAxis__custom--NaldiniMember_zRgqVHmJOjza" title="Annual fee"><ix:nonFraction name="GNTA:AnnualFee" contextRef="From2022-07-012022-12-31_custom_NaldiniMember" id="Fact001657" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">100,000</ix:nonFraction></span> starting July 1, 2022. At December 31, 2023, Dr. Naldini
billed &#8364;<span id="xdx_901_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20230101__20231231__srt--TitleOfIndividualAxis__custom--NaldiniMember_z5wMJMG9Yzd1" title="Employee benefits and share based compensation"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2023-01-012023-12-31_custom_NaldiniMember" id="Fact001659" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">100,000</ix:nonFraction></span> and all the issued invoices were paid before December 31, 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Gentner, like Dr. Naldini, oversees pre-clinical research related to the platform technology. In addition, he analyzes clinical biological
data. The last agreement with Dr. Gentner, started on July 1, 2022 and provided fees in the amount of &#8364;<span id="xdx_90D_ecustom--AnnualFee_c20220701__20221231__srt--TitleOfIndividualAxis__custom--Dr.GentnerMember_ztOpT8uGPPUc" title="Annual fee"><ix:nonFraction name="GNTA:AnnualFee" contextRef="From2022-07-012022-12-31_custom_Dr.GentnerMember" id="Fact001661" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">45,000</ix:nonFraction></span> per year. At December
31, 2023, Dr. Gentner billed &#8364;<span id="xdx_90C_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20230101__20231231__srt--TitleOfIndividualAxis__custom--GentnerMember_zc7RV6Wbqasb" title="Employee benefits and share based compensation"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2023-01-012023-12-31_custom_GentnerMember" id="Fact001663" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">45,000</ix:nonFraction></span>. All the issued invoiced were paid before December 31, 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carlo
Russo &#8211; former XDG Biomed LLC</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XDG
Biomed is the LLC of Dr. Carlo Russo. Dr. Russo has a single contract signed by XDG and the Company that has been approved by the Board
of Directors and was subject to multiple amendments. In particular, Dr. Russo, via XDG, served as the Company&#8217;s Chief Medical Officer
and Head of Development. Dr. Russo is responsible for the clinical development of Temferon&#8482;, the Company&#8217;s gene therapy platform.
The applicable recurring fees until the IPO date was &#8364;<span id="xdx_901_ecustom--RecurringFees_c20230101__20231231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_z9L0p2HZzMBa" title="Recurring fees"><ix:nonFraction name="GNTA:RecurringFees" contextRef="From2023-01-012023-12-31_custom_XDGBiomedLLCMember" id="Fact001665" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">300,000</ix:nonFraction></span> per year, plus a performance bonus of &#8364;<span id="xdx_908_eus-gaap--EmployeeRelatedLiabilitiesCurrentAndNoncurrent_iI_c20231231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_ztoHsgQCSaa4" title="Performance Bonus"><ix:nonFraction name="us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2023-12-31_custom_XDGBiomedLLCMember" id="Fact001667" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">50,000</ix:nonFraction></span> maturing for the
period July-June of each year and payable after Board of Directors approval. From the IPO date, December 15, 2021, Dr. Russo has been
employed by Genenta Science Inc. with the same role and responsibilities under a new employment agreement. The annual gross salary of
Dr. Russo, as an employee, amounts to $<span id="xdx_903_eus-gaap--SalariesAndWages_uUSD_c20230101__20231231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zETgYFI02Kd8" title="Gross salary"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2023-01-012023-12-31_custom_XDGBiomedLLCMember" id="Fact001669" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span> per year plus a <span id="xdx_903_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20230101__20231231__srt--TitleOfIndividualAxis__custom--XDGBiomedLLCMember_zNPVqWSgB5pb" title="Percentage of annual bonus"><ix:nonFraction name="GNTA:PercentageOfAnnualBonus" contextRef="From2023-01-012023-12-31_custom_XDGBiomedLLCMember" id="Fact001671" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% annual bonus subject to board of director approval.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, and 2022, the Company expensed approximately &#8364;<span id="xdx_901_eus-gaap--InterestExpense_c20230101__20231231__srt--TitleOfIndividualAxis__custom--Mr.RussoMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z8jZdMxShbC3" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2023-01-012023-12-31_custom_Mr.RussoMember_us-gaap_RelatedPartyMember" id="Fact001673" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">592,000</ix:nonFraction></span> and &#8364;<span id="xdx_901_eus-gaap--InterestExpense_c20220101__20221231__srt--TitleOfIndividualAxis__custom--Mr.RussoMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zO3JJgLrAlxk" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-012022-12-31_custom_Mr.RussoMember_us-gaap_RelatedPartyMember" id="Fact001675" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">580,000</ix:nonFraction></span>, respectively, related
to compensation for Dr. Russo.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the Company accrued approximately &#8364;<span id="xdx_90C_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20231231__srt--TitleOfIndividualAxis__custom--Mr.RussoMember_zNybhCo1pzec" title="Accrued bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrentAndNoncurrent" contextRef="AsOf2023-12-31_custom_Mr.RussoMember" id="Fact001677" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">156,000</ix:nonFraction></span> for Dr. Russo&#8217;s bonus to reward the activity performed in 2023,
while at December 31, 2022, the Company accrued approximately &#8364;<span id="xdx_909_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20221231__srt--TitleOfIndividualAxis__custom--Mr.RussoMember_z54O7RWGLhta" title="Accrued bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_Mr.RussoMember" id="Fact001679" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">112,000</ix:nonFraction></span> for Dr. Russo&#8217;s bonus to reward the activity performed
in 2022 paid in March 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Richard
Slansky</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Slansky is the Chief Financial Officer of the Company. Prior the IPO, he was engaged by the Company to assist with financial, accounting
and audit support under an advisory agreement until the end of October 2021. On November 1, 2021, he joined the Company full time and
has been employed as Chief Financial Officer. Under the new employment agreement, Mr. Slansky is entitled to receive a gross annual compensation
of $<span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_uUSD_c20211101__20211101__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__srt--RangeAxis__srt--MinimumMember_zfhYYo3z2MAg" title="Gross annual compensation"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense" contextRef="From2021-11-012021-11-01_custom_RichardSlanskyMember_srt_MinimumMember" id="Fact001681" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span> per year plus a <span id="xdx_905_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20211101__20211101__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zV7u2cwOlfpd" title="Percentage of annual bonus"><ix:nonFraction name="GNTA:PercentageOfAnnualBonus" contextRef="From2021-11-012021-11-01_custom_RichardSlanskyMember" id="Fact001683" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% annual bonus subject to board of director approval. Starting from January 1, 2023, the new gross annual
compensation for Mr. Slansky was increased to $<span id="xdx_904_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_uUSD_c20211101__20211101__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__srt--RangeAxis__srt--MaximumMember_zbC2wuveVLZ4" title="Gross annual compensation"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense" contextRef="From2021-11-012021-11-01_custom_RichardSlanskyMember_srt_MaximumMember" id="Fact001685" format="ixt:numdotdecimal" decimals="0" unitRef="USD">375,000</ix:nonFraction></span> plus a <span id="xdx_907_ecustom--PercentageOfAnnualBonus_pid_dp_uPure_c20211101__20211101__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_ztIzNHtDiIUd" title="Percentage of annual bonus"><ix:nonFraction name="GNTA:PercentageOfAnnualBonus" contextRef="From2021-11-012021-11-01_custom_RichardSlanskyMember" id="Fact001687" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% annual bonus subject to board of director approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, and 2022, the Company expensed approximately &#8364;<span id="xdx_900_eus-gaap--InterestExpense_c20230101__20231231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zmFExLLLqXj" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2023-01-012023-12-31_custom_RichardSlanskyMember_us-gaap_RelatedPartyMember" id="Fact001689" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">456,000</ix:nonFraction></span> and &#8364;<span id="xdx_900_eus-gaap--InterestExpense_c20220101__20221231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z9vkrmvkZhcb" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-012022-12-31_custom_RichardSlanskyMember_us-gaap_RelatedPartyMember" id="Fact001691" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">445,000</ix:nonFraction></span>, respectively, related
to compensation for Mr. Slansky. At December 31, 2023 the Company accrued approximately &#8364;<span id="xdx_901_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20231231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zJTdLzp7Zjci" title="Accrued bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrentAndNoncurrent" contextRef="AsOf2023-12-31_custom_RichardSlanskyMember" id="Fact001693" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">116,000</ix:nonFraction></span> for Mr. Slansky&#8217;s bonus to
reward the activity performed in 2023, while at December 31, 2022, the Company accrued approximately &#8364;<span id="xdx_90D_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_c20221231__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_zdewDdW2thp7" title="Accrued bonus"><ix:nonFraction name="us-gaap:AccruedBonusesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_RichardSlanskyMember" id="Fact001695" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">77,000</ix:nonFraction></span> for Mr. Slansky&#8217;s
bonus to reward the activity performed in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2022, Mr. Slansky was awarded a stock option grant and part of it was immediately vested, with value accrued into the Company&#8217;s
Consolidated Statements of Operations and Comprehensive Loss of approximately &#8364;<span id="xdx_901_eus-gaap--OtherComprehensiveIncomeLossTax_c20220701__20220731__srt--TitleOfIndividualAxis__custom--RichardSlanskyMember_z5ZFaFb8iP5a" title="Comprehensive loss"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossTax" contextRef="From2022-07-012022-07-31_custom_RichardSlanskyMember" id="Fact001697" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">201,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 132; Value: 1 -->
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OSR
&#8211; San Raffaele Hospital</b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OSR
- San Raffaele Hospital is a co-founder of the Company, and the Company is a corporate and research spin-off of OSR. OSR is one of the
leading biomedical research institutions in Italy and Europe, with a 45-year history of developing innovative therapies and procedures.
The Company has agreements to license technology, to perform research, pre-clinical and clinical activities, as well as to lease facilities
and obtain certain other support functions. The Company&#8217;s headquarters is currently in an OSR facility.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amended
and Restated OSR License Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into an Amended and Restated License Agreement (the &#8220;ARLA&#8221;) with OSR in March 2023. The ARLA replaced the
Company&#8217;s original license agreement originally entered into with OSR on December 15, 2014, as subsequently amended on March 16,
2017, February 1, 2019, December 23, 2020, September 28, 2021, January 22, 2022, September 29, 2022, and December 22, 2022 (the &#8220;Original
OSR License Agreement&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effectiveness of the ARLA was subject to Italy&#8217;s Law Decree No. 21 of March 15, 2012 (i.e., the Italian Golden Power regulations),
as subsequently amended and supplemented, and would not become effective until the applicable Italian governmental authority consented
to the ARLA. On April 20, 2023, such consent was received and the ARLA became effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the ARLA, OSR has granted the Company an exclusive, royalty-bearing, non-transferrable (except with the prior written
consent of OSR), sublicensable, worldwide license, subject to certain retained rights, to (1) certain patents, patent applications and
existing know-how for the use in the field(s) of Interferon (&#8220;IFN&#8221;) gene therapy by lentiviral based-hematopoietic stem and
progenitor cells (&#8220;HSPC&#8221;) gene transfer with respect to any solid cancer indication (including glioblastoma and solid liver
cancer) and/or (b) any lympho-hematopoietic indication for which the Company exercises an option (described below); and (2) certain gene
therapy products (subject to certain specified exceptions related to replication competent viruses) developed during the license term
for use in the aforementioned field(s) consisting of any lentivirals or other viral vectors regulated by miR126 and/or miR130 and/or
other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN under the control of
a Tie2 promoter. Lympho-hematopoietic indication means any indication related to lympho-hematopoietic malignancies and solid cancer indication
means any solid cancer indication (e.g., without limitation, breast, pancreas, colon cancer), with each affected human organ counting
as a specific solid cancer indication.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights retained by OSR, and extending to its affiliates, include the right to use the licensed technology for internal research within
the field(s) of use, the right to use the licensed technology within the field(s) of use other than in relation to the licensed products,
and the right to use the licensed technology for any use outside the field(s) of use, but subject to the options described below. In
addition, the Company granted OSR a perpetual, worldwide, royalty-free, non-exclusive license to any improvement generated by the Company
with respect to the licensed technology, to conduct internal research within the field(s) of use directly, or in or with the collaboration
third parties; and, for any use outside the field(s) of use, in which case the license is sublicensable by OSR. Finally, the world-wide
rights for the field(s) of use granted to the Company regarding the Lentigen know-how are non-exclusive and cannot be sublicensed due
to a pre-existing nonexclusive sublicense to these rights between OSR and GlaxoSmithKline Intellectual Property Development Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the ARLA, the Company has an exclusive option exercisable until April 20, 2026 to any OSR product improvements at no additional cost,
which could be useful for the development and/or commercialization of licensed products in the field of use. The Company also has an
exclusive option exercisable until April 20, 2026 (the &#8220;LHI Option Period&#8221;) to any lympho-hematopoietic indication(s) to
be included as part of the field of use, on an indication-by-indication basis, subject to the payment of specified option fees and milestone
payments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;<span id="xdx_90B_ecustom--FutureOptionFees_pn5n6_c20230101__20231231__srt--StatementScenarioAxis__custom--FirstIndicationMember_zT7ktW1nI7Mh" title="Future option fees"><ix:nonFraction name="GNTA:FutureOptionFees" contextRef="From2023-01-012023-12-31_custom_FirstIndicationMember" id="Fact001699" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">1.0</ix:nonFraction></span> million for the first lympho-hematopoietic
    indication;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;<span id="xdx_901_ecustom--FutureOptionFees_pn5n6_c20230101__20231231__srt--StatementScenarioAxis__custom--SecondIndicationMember_zwWtsHcILK98" title="Future option fees"><ix:nonFraction name="GNTA:FutureOptionFees" contextRef="From2023-01-012023-12-31_custom_SecondIndicationMember" id="Fact001701" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.5</ix:nonFraction></span> million for the second lympho-hematopoietic
    indication; and</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8364;<span id="xdx_90F_ecustom--FutureOptionFees_pn5n6_c20230101__20231231__srt--StatementScenarioAxis__custom--ThirdIndicationMember_zjJl0xHIpT8f" title="Future option fees"><ix:nonFraction name="GNTA:FutureOptionFees" contextRef="From2023-01-012023-12-31_custom_ThirdIndicationMember" id="Fact001703" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.3</ix:nonFraction></span> million for the third lympho-hematopoietic
    indication.</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
option fee is due for the fourth lympho-hematopoietic indication and any subsequent lympho-hematopoietic indications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has the right to extend the LHI Option Period twice for additional 12-month periods, subject to the payment of specified extension
fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the effective date of the ARLA, the Company paid OSR an upfront fee in amount equal to &#8364;<span id="xdx_908_ecustom--UpfrontFee_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedOSRLicenseAgreementMember_zwuXsCUjqgGb" title="Upfront fee"><ix:nonFraction name="GNTA:UpfrontFee" contextRef="From2023-01-012023-12-31_custom_AmendedAndRestatedOSRLicenseAgreementMember" id="Fact001705" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">250,000</ix:nonFraction></span> pursuant to the Original OSR
License Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the ARLA, as consideration, the Company agreed to pay OSR additional license fees equal to up to &#8364;<span id="xdx_90F_eus-gaap--TaxesAndLicenses_c20230420__20230420__us-gaap--TypeOfArrangementAxis__custom--SublicenseAgreementMember_zs3ytfRmOUp4" title="License fees"><ix:nonFraction name="us-gaap:TaxesAndLicenses" contextRef="From2023-04-202023-04-20_custom_SublicenseAgreementMember" id="Fact001707" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">875,000</ix:nonFraction></span> in total, which are
payable on April 20, 2023, December 31, 2023, and upon our entering into a sublicense agreement with a third party sublicensee (pursuant
to which the Company is entitled to receive an upfront payment in an amount exceeding a specified threshold from such sublicensee) during
the period between September 30, 2022 and April 20, 2028 (with most of these additional license fees being triggered upon our entering
into such a sublicense agreement). In addition, the Company has agreed to pay OSR royalties and on a single digit percentage of the net
sales of each licensed product. The royalty may be reduced upon the introduction of generic competition or patent stacking, but in no
event would the royalty be less than half of what it would have otherwise been, but for the generic competition or patent stacking. The
Company also agreed to pay OSR a royalty of our net sublicensing income for each licensed product and to pay OSR certain milestone payments
upon the achievement of certain milestone events, such as the initiation of different phases of clinical trials of a licensed product,
market authorization application (&#8220;MAA&#8221;) approval by a major market country, MAA approval in the United States, the first
commercial sale of a licensed product in the United States and certain E.U. countries, and achievement of certain net sales levels.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 133; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the ARLA, the Company has agreed to use reasonable efforts to involve OSR in Phase I clinical trials for licensed products in
the field of use, subject to OSR maintaining any required quality standards and providing its services on customary and reasonable terms
and consistent with then-applicable market standards. <span id="xdx_90A_eus-gaap--OtherCommitmentsDescription_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedOSRLicenseAgreementMember_zQpYwyarEQ82" title="Commitments, description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AmendedAndRestatedOSRLicenseAgreementMember" id="Fact001709" name="us-gaap:OtherCommitmentsDescription">We are also obligated to carry out our development activities using qualified and
experienced professionals and sufficient level of resources. In particular, consistent with the terms of the Original OSR License Agreement,
the ARLA continues to require us to invest (a) at least &#8364;5,425,000 with respect to the development of the licensed products, and
(b) at least &#8364;2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments)</ix:nonNumeric></span>. (See Note
14. Commitments and contingencies.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OSR
maintains control of the preparation, prosecution and maintenance of the patents licensed. The Company is obligated to pay those costs
unless additional licensees benefit from these rights, in which case the cost will be shared <i>pro rata</i>. OSR controls enforcement
of the patents and know-how rights, at its own expense. In the event that OSR fails to file suit to enforce such rights after notice
from the Company, the Company has the right to enforce the licensed technology within the field of use. Both the Company and OSR must
consent to settlement of any such litigation, and all monies recovered will be shared, after reimbursement for costs, in relation to
the damages suffered by each party, or failing a bona fide agreement between the Company and OSR, on a 50% - 50% basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ARLA expires upon the expiry of the &#8220;Royalty Term&#8221; for all licensed products and all countries, unless terminated earlier.
The Royalty Term begins on the first commercial sale of a licensed product in each country, on a country by country basis, and ends upon
the later of the (a) expiration of the commercial exclusivity for such product in that country (wherein the commercial exclusivity refers
to any remaining valid licensed patent claims covering such licensed product, any remaining regulatory exclusivity to market and sell
such licensed product or any remaining regulatory data exclusivity for such licensed product), and (b) 10 years from the first commercial
sale of such licensed product in such country.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties may terminate the agreement in the event the other party breaches its obligations therein, which termination shall become effective
60 business days following written notice thereof to the breaching party. The breaching party shall have the right to cure such breach
or default during such 60 business days. OSR may terminate the agreement for failure to pay in the event that the Company fail to pay
any of the upfront payment, additional license fees, sublicensing income or milestone payments within 30 days of due dates for each.
In addition, OSR may terminate (with a 60-business-day prior written notice) the Company&#8217;s rights as to certain fields of use for
the Company&#8217;s failure to achieve certain development milestones for specified licensed products within certain time periods, which
may be subject to extension. In addition, OSR may terminate the agreement in the event that commercialization of a licensed product is
not started within 24 months from the grant of both (i) the MAA approval and (ii) the pricing approval of such licensed product, provided
that such termination will relate solely to such licensed product and to such country or region to which both such MAA approval and pricing
approval were granted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment
to OSR Amended and Restated License Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2023, the Company and OSR entered into an amendment to the ARLA, whereby the Company and OSR agreed that the Company had
fulfilled the obligations as set forth in the ARLA specific to Candidate Products 1 pursuant to the CP1 SRA. Furthermore, the amendment
provides that the Company and OSR have no further obligations to negotiate and execute a sponsored research agreement for the performance
of feasibility studies related to certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130
and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of cytokines and their
variants (other than IFN or in addition to IFN) under the control of a Tie2 promoter, either alone or in combination with any immunotherapy
(&#8220;Candidate Products 2&#8221;). Notwithstanding the removal of the obligation to enter into a sponsor research agreement with regards
to Candidate Products 2, OSR granted the Company an exclusive option, to be exercised by sending written notice to OSR on or before September
30, 2025, to include certain intellectual property related to Candidate Products 2 and Candidate Products 2 as part of the licensed patents
and licensed products under the ARLA. The option fee and the Company&#8217;s fee to extend the option period, if necessary, remain consistent
with the prior fees to those costs reflected in the ARLA specific to Candidate Products 2. OSR will also have the right to prepare, file
and prosecute patents and patent applications with respect to the results of Candidate Products 2. The amendment provides that the costs
of the foregoing activities will be borne by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the cumulative total amount of expenses for the OSR clinical trial activity from inception amounted to approximately
&#8364;<span id="xdx_904_eus-gaap--OperatingCostsAndExpenses_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToOSRAmendedandRestatedLicenseAgreementMember__us-gaap--AwardTypeAxis__custom--FirstSolidCancerIndicationOptionFeeMember_zEWXsTCyRXXd" title="Cumulative expense"><ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2023-01-012023-12-31_custom_AmendmentToOSRAmendedandRestatedLicenseAgreementMember_custom_FirstSolidCancerIndicationOptionFeeMember" id="Fact001711" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">10.8</ix:nonFraction></span> million and it includes the cost for the exercise of the first and the second solid cancer indication option fee of &#8364;<span id="xdx_90D_ecustom--OptionFee_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToOSRAmendedandRestatedLicenseAgreementMember__us-gaap--AwardTypeAxis__custom--SecondSolidCancerIndicationOptionFeeMember_zHShp9OF7Fo3" title="Option fee"><ix:nonFraction name="GNTA:OptionFee" contextRef="From2023-01-012023-12-31_custom_AmendmentToOSRAmendedandRestatedLicenseAgreementMember_custom_SecondSolidCancerIndicationOptionFeeMember" id="Fact001713" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">1.0</ix:nonFraction></span>
million as well as the cost for ARLA fees for approximately &#8364;<span id="xdx_90D_ecustom--AgreementFee_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToOSRAmendedandRestatedLicenseAgreementMember_zCCEhIDT0e27" title="Agreement fee"><ix:nonFraction name="GNTA:AgreementFee" contextRef="From2023-01-012023-12-31_custom_AmendmentToOSRAmendedandRestatedLicenseAgreementMember" id="Fact001715" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.4</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, there were no pending activities with OSR related to any agreement in place prior to the ARLA effective date, except
for the project called &#8220;TEM-MM unspent budget reallocated to the TEM-GBM study&#8221;, for which the last tranche of activities
corresponding to the 20% of the total project amounting to &#8364;<span id="xdx_903_ecustom--TotalProjectCashConsideration_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToOSRAmendedandRestatedLicenseAgreementMember_zeGREXWNUukf" title="Total project amounting"><ix:nonFraction name="GNTA:TotalProjectCashConsideration" contextRef="From2023-01-012023-12-31_custom_AmendmentToOSRAmendedandRestatedLicenseAgreementMember" id="Fact001717" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">197,500</ix:nonFraction></span>, as a whole, is still to be completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 134; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>OSR
Sponsor Research Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2023, the Company entered into a Sponsored Research Agreement (&#8220;CP1 SRA&#8221;), which was contemplated under the ARLA,
pursuant to which the Company will fund feasibility studies for certain gene therapy products consisting of any lentiviral vectors regulated
by miR126 and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression
of IFN under the control of a Tie2 promoter, in combination with any immunotherapy (&#8220;Candidate Products 1&#8221;), along with three
additional research projects, to be conducted at OSR. If OSR determines that additional funds are needed, OSR will inform the Company
and provide an estimate for completing the research.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from the date of execution from the CP1 SRA until six months from the last report delivered to the Company under the CP1 SRA
(the &#8220;CP1 Option Period&#8221;), the Company has the exclusive option to include certain intellectual property related to Candidate
Products 1 and Candidate Products 1 as part of the licensed patents and licensed products under the ARLA. To exercise this option, the
Company must pay an option exercise fee. The Company also has the right to extend the CP1 Option Period twice for additional 24-month
periods. The extension requires payment of an extension fee for each 24-month extension.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 the Company recorded and paid &#8364; <span id="xdx_907_eus-gaap--PaymentsToAcquireInProcessResearchAndDevelopment_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--OSRSponsorResearchAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zYD20pjpBypl" title="Payment for research agreement"><ix:nonFraction name="us-gaap:PaymentsToAcquireInProcessResearchAndDevelopment" contextRef="From2023-01-012023-12-31_custom_OSRSponsorResearchAgreementMember_us-gaap_RelatedPartyMember" id="Fact001719" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">250,000</ix:nonFraction></span> for the CP1 SRA studies to date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
leases</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into a non-cancelable lease agreement for office space in January 2020 (see Note 14 below).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001721" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_803_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zGBWnO7g9GFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.
<span id="xdx_82C_zqiiDck8DIs7">Commitments and contingencies</span></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company exercises considerable judgment in determining the exposure to risks and recognizing provisions or providing disclosure for contingent
liabilities related to pending litigations or other outstanding claims and liabilities. Judgment is necessary in assessing the likelihood
that a pending claim will succeed, or a liability will arise and to quantify the possible range of the final settlement. Provisions are
recorded for liabilities when losses are considered probable and can be reasonably estimated. Because of the inherent uncertainties in
making such judgments, actual losses may be different from the originally estimated provision. Estimates are subject to change as new
information becomes available, primarily with the support of internal specialists or outside consultants, such as actuaries or legal
counsel. Adjustments to provisions may significantly affect future operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001723" name="srt:ContractualObligationFiscalYearMaturityScheduleTableTextBlock"><p id="xdx_896_esrt--ContractualObligationFiscalYearMaturityScheduleTableTextBlock_zigzzIPIKWga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company obligations by contractual maturity at December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_znOFw9ajB5Wg" style="display: none">Schedule of company obligations by contractual maturity</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">(in Euros)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Less
    than a year</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1
    to 3 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">4
    to 5 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">More
    than 5 years</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">OSR operating leases and office
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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: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A5_zne5JLDBmQ0g" style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commitments with OSR relate to the office rent agreement and the ARLA while the commitments with AGC Biologics (&#8220;AGC&#8221;) relate
to product manufacturing and biologic stability studies on plasmid batches. Insurance on operating leases are related to the non-lease
insurance component of the Company&#8217;s auto lease agreement, which was entered into in February 2022 and has a term of four (4) years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not included future milestone and royalty payments in the table above because the payment obligations under these agreements
are contingent upon future events, such as the Company&#8217;s achievement of specified milestones or generating product sales, and the
amount, timing and likelihood of such payments are unknown and are not yet considered probable.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CMOs
and CROs agreements</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company enters into contracts in the normal course of business with CMOs, CROs, and other third parties for exploratory studies, manufacturing,
clinical trials, testing, and services (shipments, travel logistics, etc.). These contracts do not contain minimum purchase commitments
and, except as discussed below, are cancelable by the Company upon prior written notice. Payments due upon cancellation consist only
of payments for services provided or expenses incurred, including non- cancelable obligations of the Company&#8217;s vendors or third-party
service providers, up to the date of cancellation. These payments are not included in the table above as the amount and timing of such
payments are not known.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 135; Value: 1 -->
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>OSR
- San Raffaele Hospital</i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the ARLA, the Company is obligated to carry out development activities using qualified and experienced professionals and sufficient
level of resources. <span id="xdx_90F_eus-gaap--OtherCommitmentsDescription_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--OriginalOSRLicenseAgreementMember_zN9mnJRhIU51" title="Commitments, description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OriginalOSRLicenseAgreementMember" id="Fact001769" name="us-gaap:OtherCommitmentsDescription">In particular, consistent with the terms of the Original OSR License Agreement, the ARLA continues to require us
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<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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31, 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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of generic competition or patent stacking, but in no event would the royalty be less than half of what it would have otherwise been,
but for the generic competition or patent stacking. The Company also agreed to pay OSR a royalty of the Company&#8217;s net sublicensing
income for each licensed product and to pay OSR certain milestone payments upon the achievement of certain milestone events, such as
the initiation of different phases of clinical trials of a licensed product, market authorization application (&#8220;MAA&#8221;) approval
by a major market country, MAA approval in the United States, the first commercial sale of a licensed product in the United States and
certain E.U. countries, and achievement of certain net sales levels.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
events have occurred or have been achieved (and none are considered probable) to trigger any contingent payments under the ARLA during
the period ended December 31, 2023. For information relating to the contingency payments or future milestones for these indications,
please refer to Note 14 - Commitments and Contingencies.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>AGC
Biologics </i></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 33pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
AGC agreement is non-cancelable, except in the case of breach of contract, and includes a potential milestone of &#8364;<span id="xdx_905_ecustom--PotentialMilestone_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AGCBiologicsAgreementMember_zemh98t78UK2" title="Potential milestone"><ix:nonFraction name="GNTA:PotentialMilestone" contextRef="From2023-01-012023-12-31_custom_AGCBiologicsAgreementMember" id="Fact001781" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.3</ix:nonFraction></span> million if
a phase 3 study is approved by the relevant authority, as well as potential royalty fees between <span id="xdx_908_ecustom--RoyaltyFeePercentage_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_z8SdeX8T8wzi" title="Royalty fees percentage"><ix:nonFraction name="GNTA:RoyaltyFeePercentage" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001783" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.5</ix:nonFraction></span>% and <span id="xdx_905_ecustom--RoyaltyFeePercentage_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zBKd8eVixxW9" title="Royalty fees percentage"><ix:nonFraction name="GNTA:RoyaltyFeePercentage" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact001785" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.0</ix:nonFraction></span>% depending on the volume
of annual net sales of the first commercial and named patient sale of the product. In the AGC Agreement, the Company entrusts AGC with
certain development activities that will allow the Company to carry out activities related to its clinical research and manufacturing.
The AGC agreement also includes a technology transfer fee of &#8364;<span id="xdx_901_ecustom--TechnologyTransferFee_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--AGCBiologicsAgreementMember_zabuf0f4kAPe" title="Technology transfer fee"><ix:nonFraction name="GNTA:TechnologyTransferFee" contextRef="From2023-01-012023-12-31_custom_AGCBiologicsAgreementMember" id="Fact001787" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.5</ix:nonFraction></span> million related to the transfer of the manufacturing know-how
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type arrangement with all services expensed in the period the services were performed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 136; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, the Company entered into Side Letter to the Framework Service Agreement with ACG Biologics to perform the manufacture
of one (1) additional <i>GMP</i> batch of 24L INFa LV vector (TIA-126 LV- the &#8220;LVV Batch&#8221;), in connection with the Study
TEM-GBM001, completed in the first six months ended June 30, 2022, for a total amount of &#8364;<span id="xdx_908_eus-gaap--ManufacturingCosts_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LVVBatchMember_zY9kK36dIfn8" title="Manufacturing costs"><ix:nonFraction name="us-gaap:ManufacturingCosts" contextRef="From2022-01-012022-06-30_custom_LVVBatchMember" id="Fact001791" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">311,280</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2022, the Company entered into Side Letter to the Framework Service Agreement with ACG Biologics to perform the manufacture of
one (1) additional GMP batch of 24L INFa LV vector (TIA-126 LV) completed in November 2022, for &#8364;<span id="xdx_90B_eus-gaap--ManufacturingCosts_c20221101__20221130__us-gaap--TypeOfArrangementAxis__custom--LVVBatchMember_zcfZul4Euxq7"><ix:nonFraction name="us-gaap:ManufacturingCosts" contextRef="From2022-11-012022-11-30_custom_LVVBatchMember" id="Fact001792" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">311,280</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2022, the Company entered into Side Letter to the Master Service Agreement dated March 6, 2019 to negotiate a technology transfer
agreement regarding the transfer and implementation of the manufacturing process in the AGC facility located in Bresso, Italy, including
timeline, budget and the technology transfer protocol (the &#8220;Tech Transfer&#8221;) and AGC agreed with the Company to procure raw
materials to be use under the Tech Transfer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2022, the Company signed respectively: (i) the Amendment No. 1 to the Master Service Agreement dated March 6, 2019 mainly to
update the definition of raw materials; and (ii) a Process Transfer Agreement to agree on producing the raw materials necessary for the
performance of the services related to the Tech Transfer for a total commitment of &#8364;<span id="xdx_902_eus-gaap--AdvancesOnInventoryPurchases_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--ProcessTransferAgreementMember_zmqy1H91grgd" title="Raw materials"><ix:nonFraction name="us-gaap:AdvancesOnInventoryPurchases" contextRef="AsOf2022-12-31_custom_ProcessTransferAgreementMember" id="Fact001794" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">405,000</ix:nonFraction></span> for raw materials, &#8364; <span id="xdx_90D_eus-gaap--OtherInventorySupplies_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--ProcessTransferAgreementMember_zPQPnPPVk3jl" title="Raw materials handling"><ix:nonFraction name="us-gaap:OtherInventorySupplies" contextRef="AsOf2022-12-31_custom_ProcessTransferAgreementMember" id="Fact001796" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">40,500</ix:nonFraction></span> for
handling and &#8364;<span id="xdx_909_eus-gaap--InventoryRawMaterials_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--ProcessTransferAgreementMember_zktfD5Qh0i57" title="Raw materials"><ix:nonFraction name="us-gaap:InventoryRawMaterials" contextRef="AsOf2022-12-31_custom_ProcessTransferAgreementMember" id="Fact001798" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">24,000</ix:nonFraction></span> for the stability timepoints. At December 31, 2023, the project was approximately completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2023, the Company entered into a new Development and Manufacturing Service Agreement providing the framework under which AGC
will provide services pursuant to one or more work statements to be entered into from time to time during the agreement term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, the Company entered into work statements (&#8220;SOW&#8221;) Nos. 1 and 2 to produce LVV for ex-vivo application (TIA-126-LV)
for an estimated amount, including raw material and third party costs, of approximately &#8364;<span id="xdx_90A_eus-gaap--CostDirectMaterial_pn5n6_c20230201__20230228__us-gaap--TypeOfArrangementAxis__custom--SOWMember_zT9cnHcShjW8" title="Raw material and third party costs"><ix:nonFraction name="us-gaap:CostDirectMaterial" contextRef="From2023-02-012023-02-28_custom_SOWMember" id="Fact001800" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.7</ix:nonFraction></span> million and &#8364;<span id="xdx_904_eus-gaap--InventoryRawMaterials_iI_pn5n6_c20230228__us-gaap--TypeOfArrangementAxis__custom--SOWMember_zt7G5zGNBQvj" title="Raw material and third party costs"><ix:nonFraction name="us-gaap:InventoryRawMaterials" contextRef="AsOf2023-02-28_custom_SOWMember" id="Fact001802" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">1.5</ix:nonFraction></span> million respectively.
AT December 31, 2023 the SOW n.1 was completed, while the to complete the SOW n.2 approximately &#8364;<span id="xdx_90C_eus-gaap--InventoryRawMaterials_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SOWMember_zXeYRqjCyI0e" title="Raw material costs"><ix:nonFraction name="us-gaap:InventoryRawMaterials" contextRef="AsOf2023-12-31_custom_SOWMember" id="Fact001804" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.6</ix:nonFraction></span> million of activities were
still to be performed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the Company entered into purchase orders n. 41 and 42 under the Master Service Agreement dated March 6, 2019 as amended
in December 2022, for e total amount of approximately &#8364;<span id="xdx_908_eus-gaap--ProductionCosts_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--MasterServiceAgreementMember_znjjjcGo0Za3" title="Production cost"><ix:nonFraction name="us-gaap:ProductionCosts" contextRef="From2023-01-012023-12-31_custom_MasterServiceAgreementMember" id="Fact001806" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="Euro">0.2</ix:nonFraction></span> million. At December 31, 2023 the production activity was not performed
yet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
leases</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 1, 2019, the Company began a six-year non-cancelable (and renewable for further six (6) years) lease agreement for office space
with OSR. Withdrawal is allowed from the fourth year with a notice of 12 months. Since the annual rent amounts to approximately &#8364;<span id="xdx_908_eus-gaap--PaymentsForRent_c20230101__20231231_z1HR1cfSw1m4" title="Payment for rent"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2023-01-01to2023-12-31" id="Fact001808" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">15,000</ix:nonFraction></span>,
at December 31, 2023, outstanding minimum payments amount to approximately &#8364;<span id="xdx_904_eus-gaap--LeaseCost_c20230101__20231231_zZu4lIxpA7K" title="Lease cost"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2023-01-01to2023-12-31" id="Fact001810" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">15,000</ix:nonFraction></span> until December 1, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal
proceedings</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss
amount or a potential range of loss is probable and reasonably estimable under the provisions of ASC 450, Contingencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001812" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_zBcLlVllbnPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.
<span><span id="xdx_82F_zQchrrSmg6Hg">Subsequent events</span></span>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not aware of any subsequent events. Subsequent events are events that occur after a company&#8217;s year-end period but before
the release of the financial statements.</span></p>

</ix:nonNumeric><p id="xdx_810_zCz0qWz3yEo2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
                                            STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
                                            REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
                                            REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
                                            COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report__________
For
the transition period from __________ to __________
Commission
file number:
001-41115
Genenta
Science S.p.A.
(Exact
name of Registrant as specified in its charter)
N/A
(Translation
of Registrant's name into English)
Italy
(Jurisdiction
of incorporation or organization)
Via
Olgettina No. 58
20132
Milan
,
Italy
(Address
of principal executive offices)
Via
Olgettina No. 58
20132
Milan
,
Italy
Attn:
Pierluigi Paracchi
Tel:
+39
-
02-2643-4681
Email:
pierluigi.paracchi@genenta.com
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    symbol(s)
Name
    of each exchange on which registered
American
    depositary shares
(each American depositary
    share representing one ordinary share)
GNTA
The
Nasdaq
Stock Market LLC
(The Nasdaq
                                            Capital Market)
Ordinary
    shares
, no par value
*
The
                                            Nasdaq Stock Market LLC
(The
                                            Nasdaq Capital Market)
*
Not
                                            for trading, but only in connection with the listing of American depositary shares on The
                                            Nasdaq Capital Market.
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the Issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
The
registrant had
18,216,958
ordinary shares outstanding as of December 31, 2023.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒
No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒
No
Note
— Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
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 or an emerging growth
company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated
  filer ☐
Accelerated filer
  ☐
Non-accelerated filer
☒
Emerging growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The
                                            term "new or revised financial accounting standard" refers to any update issued
                                            by the Financial Accounting Standards Board to its Accounting Standards Codification after
                                            April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International Financial Reporting
  Standards as issued by the International Accounting Standards Board ☐
Other ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). ☐ Yes
☒
No
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No
TABLE
OF CONTENTS
Page
PART
    I
Item
    1.
Identity
    of Directors, Senior Management and Advisers
2
Item
    2.
Offer
    Statistics and Expected Timetable
2
Item
    3.
Key
    Information
2
A.
[Reserved]
2
B.
Capitalization
    and Indebtedness
2
C.
Reasons
    for the Offer and Use of Proceeds
2
D.
Risk
    Factors
2
Item
    4.
Information
    on the Company
41
A.
History
    and Development of the Company
41
B.
Business
    Overview
41
C.
Organizational
    Structure
72
D.
Property,
    Plants and Equipment
72
Item
    4A.
Unresolved
    Staff Comments
72
Item
    5.
Operating
    and Financial Review and Prospects
72
A.
Operating
    Results
72
B.
Liquidity
    and Capital Resources
81
C.
Research
    and Development
83
D.
Trend
    Information
83
E.
Critical
    Accounting Estimates
83
Item
    6.
Directors,
    Senior Management and Employees
83
A.
Directors
    and Senior Management
83
B.
Compensation
85
C.
Board
    Practices
86
D.
Employees
88
E.
Share
    Ownership
88
F.
Disclosure
    of a Registrant's Action to Recover Erroneously Awarded Compensation
88
Item
    7.
Major
    Shareholders and Related Party Transactions
88
A.
Major
    Shareholders
88
B.
Related
    Party Transactions
89
C.
Interests
    of Experts and Counsel
91
Item
    8.
Financial
    Information
91
A.
Consolidated
    Statements and Other Financial Information
91
B.
Significant
    Changes
91
Item
    9.
The
    Offer and Listing
91
A.
Offer
    and Listing Details
91
B.
Plan
    of Distribution
91
C.
Markets
91
D.
Selling
    Shareholders
91
E.
Dilution
91
F.
Expenses
    of the Issue
91
i
Item
    10.
Additional
    Information
92
A.
Share
    Capital
92
B.
Memorandum
    and Articles of Association
92
C.
Material
    Contracts
92
D.
Exchange
    Controls
92
E.
Taxation
92
F.
Dividends
    and Paying Agents
96
G.
Statement
    by Experts
96
H.
Documents
    on Display
96
I.
Subsidiary
    Information
96
J.
Annual
    Report to Security Holders
96
Item
    11.
Quantitative
    and Qualitative Disclosures About Market Risk
97
Item
    12.
Description
    of Securities Other Than Equity Securities
97
A.
Debt
    Securities
97
B.
Warrants
    and Rights
97
C.
Other
    Securities
97
D.
American
    Depositary Shares
97
PART
    II
Item
    13.
Defaults,
    Dividend Arrearages and Delinquencies
98
Item
    14.
Material
    Modifications to the Rights of Security Holders and Use of Proceeds
98
Item
    15.
Controls
    and Procedures
98
Item
    16
[Reserved]
99
Item
    16°
—
    Audit Committee Financial Expert
99
Item
    16B
—
    Code of Ethics
99
Item
    16C
—
    Principal Accountant Fees and Services
100
Item
    16D
—
    Exemption from the Listing Standards for Audit Committees
100
Item
    16E
—
    Purchases of Equity Securities by the Issuer and Affiliated Purchasers
100
Item
    16F
—
    Change in Registrant's Certifying Accountant
100
Item
    16G
—
    Corporate Governance
100
Item
    16H
—
    Mine Safety Disclosure
101
Item
    16I
—
    Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
101
Item
    16K
—
    Cybersecurity
101
PART
    III
Item
    17
Consolidated
    Financial Statements
101
Item
    18.
Consolidated
    Financial Statements
101
Item
    19
Exhibits
102
Signatures
103
ii
CERTAIN
INFORMATION
As
used in this Annual Report on Form 20-F (this "Annual Report"), unless otherwise indicated or the context otherwise requires,
references to
●
"we,"
                                            "Genenta," "us," "our," "the Company," or
                                            "our company" are to Genenta Science S.p.A., including its subsidiaries;
●
"ordinary
                                            shares" are to our ordinary shares, no par value;
●
"ADSs"
                                            or "American Depositary Shares" are to our American depositary shares, each representing
                                            one ordinary share;
●
"Nasdaq"
                                            are to the Nasdaq Capital Market;
●
"Italy"
                                            are to the Republic of Italy, "E.U." are to the European Union, and "U.S."
                                            are to the United States of America;
●
"$,"
                                            "USD," "dollars," "USD$" or "U.S. dollars"
                                            are to the legal currency of the U.S.; and
●
"€,"
                                            or "EURO" are to the legal currency of the E.U..
Solely
for the convenience of the reader, this Annual Report contains translations of certain EURO amounts into U.S. dollars at specified rates.
Except as otherwise stated in this Annual Report, all translations from EURO to U.S. dollars are based on the noon buying rate of €1.00
per $1.10392 in the City of New York for cable transfers of EUROs, as certified for customs purposes by the Federal Reserve Bank of New
York on December 29, 2023. No representation is made that such EURO amounts referred to in this Annual Report could have been or could
be converted into U.S. dollars at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts
listed are due to rounding.
The
audited consolidated financial statements and notes thereto as of and for fiscal 2023, 2022 and 2021 included elsewhere in this Annual
Report have been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP"). Our fiscal semi-annual
year end is June 30 and our fiscal year end is December 31.
In
May 2021, we converted from a limited liability company (società a responsabilità limitata, or "S.r.l.") to
a joint stock company (società per azioni, or an "S.p.A.") (the "Corporate Conversion"). This change in
incorporation did not affect the financial information presented in this Annual Report, except for the transformation of our quotas into
ordinary shares.
FORWARD-LOOKING
STATEMENTS
This
Annual Report contains many statements that are "forward-looking" and uses forward-looking terminology such as "anticipate,"
"believe," "could," "estimate," "expect," "future," "intend,"
"may," "ought to," "plan," "possible," "potentially," "predicts,"
"project," "should," "will," "would," negatives of such terms or other similar statements.
You should not place undue reliance on any forward-looking statement due to its inherent risk and uncertainties, both general and specific.
Although we believe the assumptions on which the forward-looking statements are based are reasonable and within the bounds of our knowledge
of our business and operations as of the date of this Annual Report, any or all of those assumptions could prove to be inaccurate. As
a result, the forward-looking statements based on those assumptions could also be incorrect. The forward-looking statements in this Annual
Report include, without limitation, statements relating to:
●
our
                                            goals and strategies;
●
our
                                            future business development, results of operations and financial condition;
●
our
                                            ability to protect our intellectual property rights;
●
projected
                                            revenues, profits, earnings and other estimated financial information;
●
our
                                            ability to maintain strong relationships with our customers and suppliers;
●
our
                                            planned use of proceeds; and
●
governmental
                                            policies regarding our industry.
The
forward-looking statements included in this Annual Report are subject to known and unknown risks, uncertainties and assumptions about
our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee
of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements
as a result of risk factors, some of which are described under the headings "Risk Factors", "Operating and Financial
Review and Prospects," "Information on our Company" and elsewhere in this Annual Report.
These
risks and uncertainties are not exhaustive. Other sections of this Annual Report include additional factors which could adversely impact
our business and financial performance. The forward-looking statements contained in this Annual Report speak only as of the date of this
Annual Report or, if obtained from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified
in their entirety by the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new
risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future
events. Except as otherwise required by the securities laws of the U.S., the E.U. and Italy, we undertake no obligation to update or
revise any forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence
of unanticipated events.
1
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
A.
Directors and Senior Management
Not
required.
B.
Advisers
Not
required.
C.
Auditors
Not
required.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
A.
Offer Statistics
Not
applicable.
B.
Method and Expect
Not
applicable.
ITEM
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
required.
C
.
Reasons for the Offer and Use of Proceeds
Not
required.
D.
Risk Factors
You
should carefully consider all of the information in this report, including various changing regulatory, competitive, economic, political
and social risks and conditions described below, before making an investment in our ordinary shares. One or more of a combination of
these risks could materially impact our business, results of operations and financial condition. In any such case, the market price of
our ADSs or ordinary shares could decline, and you may lose all or part of your investment.
Summary
of Risk Factors
Risks
relating to our business include issues arising from the following matters and related adverse developments:
●
We
                                            have a limited operating history and have incurred significant losses since our inception.
                                            We have never generated revenue and will require significant additional funds, which may
                                            not be available on acceptable terms or at all. As a result, you could lose your entire investment.
●
Our
                                            lentiviral-based gene therapy product candidates are based on a novel technology that is
                                            in preliminary stages of evaluation, which makes it difficult to predict the time and cost
                                            of product candidate development or the likelihood of receiving required regulatory approvals.
                                            Our rights to the intellectual property underlying our novel technology derive solely from
                                            our license agreement with San Raffaele Hospital ("OSR") and any failure to comply
                                            with the terms of such license agreement could have a material adverse effect on our intellectual
                                            property position and our ability to seek approval for and ultimately commercialize such
                                            product candidates.
●
Even
                                            if we do receive regulatory approvals for our product candidates, they may face commercialization
                                            issues from significantly larger oncology competitors, unfavorable pricing regulations or
                                            lack of acceptance by doctors, hospitals, patients and insurers. Our product candidates and
                                            the process for administering them may also cause undesirable side effects or have other
                                            properties that could delay or prevent their regulatory approval, limit their commercial
                                            potential, or result in significant negative consequences following any potential marketing
                                            approval.
●
We
                                            currently have very few employees and rely almost entirely on the efforts of third parties
                                            over which we have limited control and in certain cases are reliant on a sole supplier for
                                            our materials. Our contract research organizations ("CROs") may fail to observe
                                            the standards to which our studies must be conducted, and our product candidates may not
                                            be approved as a result. Likewise, our contract manufacturing organizations ("CMOs")
                                            may not continue producing the needed materials for preclinical and clinical testing, whether
                                            as a result of their commitments to other customers or otherwise. Any failure of these third
                                            parties to meet our expectations would have a materially adverse effect on our product development
                                            efforts.
2
●
Our
                                            clinical trials for Temferon must be successful if we are to seek and obtain regulatory marketing
                                            application through the submission of a new Biological License Application ("BLA")
                                            and marketing authorization application ("MAA") with the U.S. Food and Drug Administration
                                            ("FDA") and the European Medicines Agency ("EMA"), respectively.
                                            Advanced clinical trials are often not successful even if prior trials were successful, and
                                            even if we are able to conduct advanced clinical trials and those trials are successful,
                                            we may not obtain necessary regulatory approvals for Temferon or we may be unable to successfully
                                            commercialize our products even if we receive the necessary regulatory approvals.
●
Our
                                            Chief Executive Officer, directors and shareholders who own more than 5% of our outstanding
                                            ordinary shares currently own approximately 40% of our ordinary shares and will therefore
                                            be able to exert significant control over matters submitted to our shareholders for approval.
●
As
                                            a public company, we will need to comply with extensive additional U.S. and Italian governmental
                                            regulations and Nasdaq rules, which will be expensive, and require significant management
                                            attention.
●
As
                                            a company organized under the laws of Italy and whose shares are represented by ADSs, the
                                            rights of investors in the Company differ in several material respects from the rights of
                                            holders of shares of common stock of a U.S. domestic company and may not provide investors
                                            the same protections.
Risks
Related to Our Financial Position and Capital Requirements
We
will need additional capital in the future. Raising additional capital by issuing securities may cause dilution to existing shareholders.
Financing may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay,
limit or terminate our product candidate development efforts or other operations.
As
of December 31, 2023, our cash and cash equivalents and marketable securities were approximately €18.8 million. If we continue to
use cash at our historical rates of use, we will need significant additional financing, which we may seek through a combination of private
and public equity offerings, debt financings and collaboration, in-licensing arrangements, joint ventures, strategic alliances or partnerships.
For example, on May 12, 2023, we filed with the Securities and Exchange Commission (the "SEC") a shelf registration statement,
which was declared effective by the SEC on May 24, 2023 and permits us to sell from time to time additional ordinary shares, ordinary
shares represented by ADSs or rights exercisable for ordinary shares or ADSs in one or more offerings in amounts, at prices and on the
terms that we will determine at the time of offering for aggregate gross sales proceeds of up to $100.0 million. To the extent
that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted,
and the terms of any such offerings may include liquidation or other preferences that may adversely affect the then existing shareholders
rights. Debt financing, if available, would result in increased fixed payment obligations, and we may be required to agree to certain
restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license
intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. If we
raise additional funds through collaborations, licensing arrangements, joint ventures, strategic alliances, or partnerships with third
parties, we may be required to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavorable
to us. Even if we believe that we have sufficient funds for our current or future operating plans, we may seek additional capital if
market conditions are favorable or if we have specific strategic considerations.
Our
future funding requirements will depend on many factors, including but not limited to:
●
the
                                            scope, progress, results and costs of drug discovery, laboratory testing, pre- and non-clinical
                                            development and clinical trials for our product candidates, including Temferon;
●
the
                                            cost, timing and outcome of regulatory review of our product candidates;
●
the
                                            costs of future activities, including product sales, marketing, manufacturing and distribution,
                                            for any of our product candidates for which we receive marketing approval;
●
the
                                            cost of preparing, filing and prosecuting patent and trademark applications, maintaining
                                            and enforcing our intellectual property rights and defending our intellectual property-related
                                            claims;
●
any
                                            product liability or other lawsuits related to our products;
●
the
                                            expenses needed to attract and retain skilled personnel; and
●
the
                                            costs associated with being a public company.
Any
additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to
develop and commercialize our product candidates. In addition, we cannot guarantee that future financing will be available in sufficient
amounts or on terms acceptable to us, if at all. Moreover, the terms of any financing may adversely affect the holdings or the rights
of holders of our securities and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance,
may cause the market price of our securities to decline.
3
If
we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our
research or development programs or the development or commercialization, if any, of any product candidates or be unable to expand our
operations or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition
and results of operations.
Clinical
drug development involves a lengthy and expensive process with uncertain timelines and uncertain outcomes, and results of earlier trials
may not be predictive of future trial results. If clinical studies of our product candidates are prolonged or delayed, we may be unable
to obtain the required regulatory approvals, and therefore be unable to commercialize our product candidates on a timely basis or at
all.
We
have a limited history of conducting large-scale or pivotal clinical studies, and no history commercializing pharmaceutical products,
which may make it difficult to evaluate the prospects for our future viability. Our operations to date have been limited to financing
and staffing our company, developing our technology, and developing Temferon for glioblastoma multiforme. We have not yet demonstrated
an ability to successfully complete a large-scale or pivotal clinical study, obtain marketing approval, manufacture a commercial scale
product, or conduct sales and marketing activities necessary for successful product commercialization. Consequently, predictions about
our future success or viability may not be as accurate as they could be if we had a history of successfully developing and commercializing
pharmaceutical products.
If
clinical studies for our product candidates are prolonged, delayed or stopped, we may be unable to obtain regulatory approval and commercialize
our product candidates on a timely basis, which would require us to incur additional costs and delay or restrict our receipt of any product
revenue. There have been significant developments in the highly dynamic field of immuno-oncology such as the earlier availability of
product candidates or earlier approval of drugs for the same indications as our product candidates, which may lead us to adapt or alter
our clinical programs. At this stage, we cannot assure you of the safety or tolerability of Temferon as a monotherapy, or of its ability
to demonstrate efficacy in humans. The commencement of planned clinical studies could be substantially delayed or prevented by several
factors, including:
●
discussions
                                            with the Italian Medicines Agency (Agenzia italiana del farmaco, or "AIFA"),
                                            FDA, EMA, or other regulatory agencies regarding the scope or design of our clinical studies;
●
the
                                            limited number of, and competition for, suitable sites to conduct our clinical studies, many
                                            of which may already be engaged in other clinical study programs, including some that may
                                            be for the same indication as our product candidates;
●
approval
                                            of drugs for the same indications as our product candidates;
●
any
                                            delay or failure to obtain regulatory approval or agreement to commence a clinical study
                                            in any of the countries where enrollment is planned;
●
inability
                                            to obtain sufficient funds required for a clinical study;
●
clinical
                                            holds on, or other regulatory objections to, a new or ongoing clinical study;
●
delay
                                            or failure in the testing, validation, manufacture and delivery of sufficient supplies of
                                            product candidate for our clinical studies;
●
delays
                                            related to any lingering impact from the COVID-19 pandemic;
●
delay
                                            or failure to reach agreement on acceptable clinical study agreement terms with prospective
                                            sites or CROs, the terms of which can be subject to extensive negotiation and may vary significantly
                                            among different sites or CROs; and
●
delay
                                            or failure to obtain institutional review board ("IRB") or ethics committee approval
                                            to conduct a clinical study at a prospective site.
The
completion of our clinical studies could in the future be substantially delayed or prevented by several factors, including:
●
slower
                                            than expected rates of patient recruitment and enrollment, due to factors including, but
                                            not limited to, the availability of other drugs to treat potential patients, the unwillingness
                                            of patients to participate in low-dose groups of dose-ranging studies and lack of recruitment
                                            by clinical study sites;
●
delays
                                            relating to adding new clinical study sites;
●
failure
                                            of patients to complete the clinical study or return for post-treatment follow-up;
●
failure
                                            of our collaborators to provide us with products necessary for us to conduct our combination
                                            studies;
●
safety
                                            issues, including severe or unexpected drug-related adverse effects experienced by patients,
                                            including possible deaths;
●
the
                                            AIFA, FDA, EMA, or other regulatory authorities requiring us to suspend or terminate a clinical
                                            study, or requiring us to submit additional data or imposing other requirements before permitting
                                            us to continue a clinical study;
●
lack
                                            of efficacy during clinical studies;
●
errors
                                            in trial design or conduct;
●
termination
                                            of our clinical studies by one or more clinical study sites;
●
inability
                                            or unwillingness of patients or clinical investigators to follow our clinical study protocols,
                                            including clinical investigators' failure to comply with our clinical study protocols
                                            without our notice;
●
inability
                                            to monitor patients adequately during or after treatment by us and/or our CROs; and
●
the
                                            need to repeat or terminate clinical studies as a result of inconclusive or negative results
                                            or unforeseen complications in testing.
Changes
in regulatory requirements and guidance may also occur and we may need to significantly amend clinical study protocols or submit new
clinical study protocols to reflect these changes with the appropriate regulatory authorities. In addition, changes in the competitive
environment have occurred and may continue to occur. Amendments may require us to renegotiate terms with CROs or resubmit clinical study
protocols to IRBs or ethics committees for re-examination, which may impact the costs, timing or successful completion of a clinical
study.
Our
clinical studies may be suspended or terminated at any time by the AIFA, FDA, EMA, other regulatory authorities, the IRBs or ethics committees
overseeing the clinical study at issue, any of our clinical study sites, or us, due to a number of factors, including:
●
failure
                                            to conduct the clinical study in accordance with regulatory requirements or our clinical
                                            protocols;
●
safety
                                            issues or any determination that a clinical study presents unacceptable health risks;
●
lack
                                            of adequate funding to continue the clinical study due to unforeseen costs or other business
                                            decisions;
●
upon
                                            a breach or pursuant to the terms of any agreement with, or for any other reason by, current
                                            or future collaborators that have responsibility for the clinical development of any of our
                                            product candidates; and
●
availability
                                            of a new effective treatment for the respective disease or condition that would be considered
                                            to be standard of care by regulatory bodies.
4
Our
research, development and clinical costs will increase if we experience delays in clinical studies or marketing approvals or if we are
required to conduct additional clinical studies or other testing of our product candidates. We may be required to obtain additional funding
to conduct and complete such clinical studies. We cannot assure you that our clinical studies will begin as planned or be completed on
schedule, if at all, or that we will not need to restructure our trials after they have begun. Significant clinical study delays also
could shorten any periods during which we may have the exclusive right to commercialize our product candidates or allow our competitors
to bring products to market before we do, which may harm our business and results of operations. Any failure or significant delay in
completing clinical studies for our product candidates would adversely affect our ability to obtain regulatory approval and our commercial
prospects and ability to generate product revenue will be diminished.
We
are a clinical-stage biopharmaceutical company with limited operating history, which may make it difficult for you to evaluate the success
of our business to date and to assess our future viability.
We
are an emerging biotechnology company with a limited operating history. Investment in biopharmaceutical product development is highly
speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will
fail to demonstrate adequate effect or an acceptable safety profile, gain regulatory approval and become commercially viable. All of
our product candidates are in early development, and none have been approved for commercial sale. We have not demonstrated an ability
to successfully complete late-stage clinical trials, obtain regulatory approvals, manufacture our product candidates at commercial scale
or arrange for a third-party to do so on our behalf, conduct sales and marketing activities necessary for successful commercialization,
or obtain reimbursement in the countries of sale. We may encounter unforeseen expenses, difficulties, complications, and delays in achieving
our business objectives. Our short history as an operating company makes any assessment of our future success or viability subject to
significant uncertainty. If we do not address these risks successfully or are unable to transition at some point from a company with
a research and development focus to a company capable of supporting commercial activities, then our business will be materially harmed.
We
have incurred significant losses in every year since our inception. We expect to continue to incur losses over the next several years
and may never achieve or maintain profitability.
We
have no products approved for commercial sale, have not generated any revenue from commercial sales of our product candidates, and have
incurred losses each year since our inception. Our losses for the years ended December 31, 2023, 2022, and 2021, were approximately €11.6
million, €8.5 million, and €5.5 million, respectively. As of December 31, 2023, we had an accumulated deficit of approximately
€47.1 million. Substantially all of our operating losses resulted from costs incurred in connection with our research and development
activities, including pre- and non-clinical development of our gene therapy product candidates, namely our leading product candidate
Temferon, and from general and administrative costs associated with our operations.
We
expect that it will be several years, if ever, before we have any product approved for commercial sale. We have funded our operations
to date primarily through proceeds from our initial public offering of ADSs and ordinary shares in December 2021 (the "IPO")
and, prior to our IPO, the private placement of ordinary shares to our founding shareholders. We expect to continue to incur significant
expenses and increasing operating losses for the foreseeable future. We anticipate that our expenses will increase substantially if,
and as, we:
●
continue
                                            the research and development of our gene therapy product candidates, including continuing
                                            and conducting preclinical studies and clinical trials of Temferon and conducting preclinical
                                            studies and clinical trials for any additional product candidates that we may pursue in the
                                            future;
●
develop
                                            and obtain regulatory approval for registration studies for our current product candidate,
                                            Temferon, and any additional product candidates that we may pursue in the future;
●
seek
                                            regulatory and marketing approvals for our product candidates that successfully complete
                                            clinical studies, including obtaining orphan drug designation;
●
establish
                                            a sales, marketing, and distribution infrastructure to commercialize any product candidates
                                            for which we may obtain marketing approval;
●
industrialize
                                            our lentivirus
ex-vivo
gene therapy approach into a robust, scalable and, if approved,
                                            commercially viable process;
●
maintain,
                                            protect, and expand our intellectual property portfolio;
●
hire
                                            and retain qualified technical personnel, such as clinical, quality control, commercial and
                                            scientific personnel;
●
expand
                                            our infrastructure and facilities to support our operations, including adding equipment and
                                            physical infrastructure to support our research and development; and
●
incur
                                            additional legal, accounting and other expenses associated with operating as a public company.
5
We
have not generated revenue from product sales and may never be profitable.
Our
ability to generate revenue from product sales and achieve profitability depends on our ability, alone or with partners, to successfully
complete the development of, and obtain the regulatory approvals necessary to commercialize, our product candidates. We do not anticipate
generating revenues from product sales for the next several years, if ever, and our ability to do so depends heavily on our success in
many areas, including but not limited to:
●
completing
                                            research and pre- and non-clinical development of our products candidates;
●
seeking
                                            and obtaining regulatory and marketing approvals for product candidates for which we complete
                                            clinical studies, if any;
●
establishing
                                            and maintaining supply and manufacturing processes and relationships with third parties that
                                            can provide adequate (in amount and quality) products and services, and at acceptable costs,
                                            to support clinical development and market demand for our product candidates, if marketing
                                            approval is received;
●
negotiating
                                            favorable terms in any collaboration, licensing or other arrangements into which we may enter;
                                            and
●
obtaining
                                            market acceptance of our product candidates, if approved for marketing, as viable treatment
                                            options.
Even
if one or more of the product candidates that we develop is approved for commercial sale, we anticipate incurring significant costs associated
with commercialization, with all associated risks and uncertainties. Therefore, we cannot predict when, or if, we will be able to achieve
profitability. Additional clinical trials or delays in the initiation and completion of clinical trials could cause our expenses to increase
significantly and profitability to be further delayed.
Our
failure to become and remain profitable would decrease the value of our company and could impair our ability to raise capital, maintain
our research and development efforts, expand our business or continue our operations. A decline in the value of our company also could
cause you to lose all or part of your investment.
Risks
Related to Product Development, Regulatory Approval and Commercialization
Our
lentivirus ex-vivo gene transfer therapy product candidates are based on a novel technology, which makes it difficult to predict the
time and cost of product candidate development and likelihood of subsequently obtaining regulatory approval.
We
have concentrated our research and development efforts on our lentivirus
ex-vivo
gene transfer strategy approach, and our future
success is highly dependent upon our successful development of commercially viable gene therapy product candidates. There can be no assurance
that we will not experience problems or delays in developing new product candidates and that such problems or delays will not cause unanticipated
costs, or that any such development problems can be solved. Because lentivirus
ex-vivo
gene transfer cell therapies represent
a relatively new field of cellular immunotherapy and cancer treatment generally, developing and commercializing our product candidates
subjects us to a number of risks and challenges, including:
●
obtaining
                                            regulatory approval for our product candidates, as the AIFA, FDA, EMA, and other regulatory
                                            authorities have limited experience with lentivirus
ex-vivo
gene transfer therapies
                                            for cancer;
●
developing
                                            and deploying consistent and reliable processes for engineering a patient's hemapoietic
                                            stem progenitor cells ("HSPCs")
ex vivo
and infusing the engineered HSPCs
                                            back into the patient;
●
sourcing
                                            clinical and, if approved, commercial supplies of the materials used to manufacture our product
                                            candidates;
●
developing
                                            programming modules with the desired properties, while avoiding adverse reactions;
●
creating
                                            viral vectors capable of delivering multiple programming modules;
●
developing
                                            a reliable and consistent
ex vivo
gene modification and manufacturing process;
●
securing
                                            manufacturing capacity suitable for the manufacture of our product candidates in line with
                                            expanding enrollment in our clinical studies and our projected commercial requirements;
●
minimizing
                                            and avoiding infection and contamination during production of product candidates;
●
developing
                                            protocols for the safe administration of our product candidates;
●
educating
                                            medical personnel regarding our lentivirus
ex-vivo
gene transfer technologies and
                                            the potential side effect profile of each of our product candidates, such as potential adverse
                                            effects related to pyrexia and infections;
●
establishing
                                            integrated solutions in collaboration with specialty treatment centers in order to reduce
                                            the burdens and complex logistics commonly associated with the administration of lentivirus
ex-vivo
gene transfer cell therapies;
●
if
                                            and when we obtain any required regulatory approvals, establishing sales and marketing capabilities
                                            or partnerships to successfully launch and commercialize our product candidates and gaining
                                            market acceptance of a novel therapy; and
●
the
                                            availability of coverage and adequate reimbursement from third-party payors.
6
We
may not be able to successfully develop our lentivirus
ex-vivo
gene transfer product candidates or our technology in a manner
that will yield products that are safe, effective, scalable, or profitable. Additionally, because our technology involves the genetic
modification of patient cells
ex vivo
, we are subject to additional regulatory challenges and risks, including:
●
regulatory
                                            requirements governing gene and cell therapy products are evolving in response to new clinical
                                            data. To date, several cell therapy products that involve the genetic modification of patient
                                            cells have been approved in the United States and/or the European Union, including two lentivirus
ex-vivo
gene transfer products;
●
genetically
                                            modified products could lead to lymphoma, leukemia or other cancers, or other aberrantly
                                            functioning cells in the event of improper insertion of a gene sequence into a patient's
                                            chromosome, or due to other unknown causes;
●
although
                                            our viral vectors are not able to replicate, there is a risk with the use of lentiviral vectors
                                            that they could lead to new or reactivated pathogenic strains of virus or other infectious
                                            diseases; and
●
the
                                            FDA recommends a 15-year follow-up observation period for patients who receive treatment
                                            using gene therapies and guidance promulgated by the EMA requires a similar follow-up observation
                                            period for patients who receive cell therapeutic products, which has to be sufficient to
                                            observe the subjects for risks that may be due to the characteristics of the product, the
                                            nature and extent of the exposure, and the anticipated time of occurrence of delayed adverse
                                            reactions and could be as long as life-time, and we may need to adopt an observation period
                                            for our product candidates.
Moreover,
public perception and awareness of cell and gene therapy safety issues may adversely influence the willingness of subjects to participate
in clinical trials of our product candidates, or if approved, of physicians to prescribe our products. Physicians, hospitals and third-party
payors often are slow to adopt new products, technologies and treatment practices that require additional upfront costs and training.
Treatment centers may not be willing or able to devote the personnel and establish other infrastructure required for the administration
of lentivirus
ex-vivo
gene transfer cell therapies. Physicians may not be willing to undergo training to adopt this novel and
personalized therapy, may decide the therapy is too complex to adopt without appropriate training and may choose not to administer the
therapy. Based on these and other factors, hospitals and payors may decide that the benefits of this new therapy do not or will not outweigh
its costs.
Our
gene therapy product candidates and the process for administering our product candidates may cause undesirable side effects or have other
properties that could delay, prevent their regulatory approval, limit their commercial potential, or result in significant negative consequences
following any potential marketing approval.
Following
treatment with our gene therapy product candidates, patients may experience changes in their health, including illnesses, injuries, discomforts
or a fatal outcome. It is possible that as we study and test Temferon or other product candidates in larger, longer and more extensive
clinical programs, or as use of our product candidates becomes more widespread if they receive regulatory approval, illnesses, injuries,
discomforts, side effects and other adverse events that were observed in earlier clinical trials, as well as conditions that did not
occur or went undetected in previous clinical trials, will be reported by patients. Gene therapies are also subject to the potential
risk that occurrence of adverse events will be delayed following administration of the gene therapy due to persistent biological activity
of the genetic material or other components of the vectors used to carry the genetic material. Many times, additional safety risks, contraindications,
drug interactions, adverse events and side effects are only detectable after investigational products are tested in larger scale clinical
trials or, in some cases, after they are made available to patients on a commercial scale after approval. Moreover, as noted above, the
FDA generally requires a long-term follow-up of study subjects for potential gene therapy-related adverse events for a 15-year period,
including a minimum of five years of annual examinations followed by ten years of annual queries, either in person or by questionnaire,
of study subjects. If additional clinical experience indicates that Temferon or any other product candidates or similar products developed
by other companies has side effects or causes serious or life-threatening side effects, the development of the product candidate may
fail or be delayed, or, if the product candidate has received regulatory approval, such approval may be revoked or limited.
There
have been several significant adverse side effects in gene therapy treatments in the past, including reported cases of leukemia with
the use of gammaretrovirus vector and patient deaths in other clinical trials. There have been recent case reports of suspected unexpected
serious adverse reactions ("SUSARs") involving an ex-vivo transduced lentivirus vector ("LVV") gene therapy product,
BlueBird Bio's elivaldogene autotemcel ("Lenti-D"), involving two SUSARs for cases of acute myeloid leukemia ("AML"),
and one case involving myelodysplastic syndrome.
In
July 2021, the EMA safety committee (Pharmacovigilance Risk Assessment Committee – PRAC) announced that there is no evidence the
LVV used in both Lenti-D and the E.U.-approved gene therapy Zynteglo spurred the AML cases.
BlueBird
Bio announced on August 9, 2021 that the SUSAR involving myelodysplastic syndrome occurred in one patient treated with Lenti-D over a
year previously, that this SUSAR "is likely mediated by Lenti-D lentiviral vector (LVV) insertion," and that "[e]vidence
currently available suggests that specific design features of Lenti-D LVV likely contributed to this event." As a result of this
SUSAR, the FDA has placed a clinical hold on BlueBird Bio's Lenti-D phase 3 trial for cerebral adrenoleukodystrophy.
Gene
therapy is still a relatively new approach to disease treatment and additional adverse side effects could develop. Possible adverse side
effects that may occur with treatment with gene therapy products include an immunologic reaction early after administration that could
substantially limit the effectiveness of the treatment or represent safety risks for patients. Another safety concern for gene therapies
using viral vectors has been the possibility of insertional mutagenesis by the vectors, leading to malignant transformation of transduced
cells. While our lentivirus
ex-vivo
gene transfer therapy approach is designed to avoid immunogenicity after administration, there
can be no assurance that patients would not create antibodies that may impair treatment. Our approach involves the use of integrating
vectors which have the potential for genomic disruption and therefore could interfere with other genes with adverse clinical effects.
If any of our gene therapy product candidates demonstrates adverse side effects, we may decide or be required to halt or delay clinical
development of such product candidates.
7
Potential
risks for gene therapy products can be identified, in addition to side effects caused by the product candidate itself, as part of the
entire process required for their manufacturing and administration. For Temferon manufacturing, each patient needs to be subjected to
a mobilization and harvesting process for HSPC collection. This procedure is associated with risks linked to the administration of mobilization
agents. The conditioning regimen required for administering our product candidate and the associated procedures can also cause adverse
side effects. A gene therapy patient is generally administered with cytotoxic drugs to remove stem cells from the bone marrow to create
sufficient space for the modified stem cells to engraft and produce their progeny. This procedure compromises the patient's immune
system, and adverse events related to preconditioning have been observed in our ongoing clinical trial. If in the future we are unable
to demonstrate that such adverse events were caused by the conditioning regimens used, or by their administration process or related
procedure, the FDA, EMA or other regulatory authorities could order us to cease further development of, or deny the approval of, Temferon
or our other product candidates for any or all target indications. Even if we are able to demonstrate that adverse events are not related
to our drug product, such occurrences could affect the ability to enroll patients to complete the clinical trial, or the commercial viability
of any product candidates that obtain regulatory approval.
To
date, Temferon has only been administered to a small number of human subjects in our ongoing Phase 1/2a study. Due to the lack of a broader
experience in human subjects, there is limited information available about the relationship of adverse events to administration of Temferon.
Adverse events experienced in our clinical trials and attributed to autologous stem cell transplant, concomitant medications, and disease
progression have included febrile neutropenia and other infectious complications, venous thromboembolism, poor performance status, liver
enzyme elevation, brain abscess and hemiparesis. While most of these adverse events were managed with treatment and supportive care,
three glioblastoma multiforme ("GBM") patients died within 122 days due to complications following the conditioning
regimens and steroid use.
Patient
deaths and severe adverse events caused by any investigational product candidates could result in the delay, suspension, clinical hold,
or termination of clinical trials by sponsors, ethics committees and regulatory authorities. If we elect or are required to delay, suspend,
or terminate any clinical trial of any product candidates that we develop, the commercial prospects of such product candidates will be
harmed and our ability to generate product revenue from any of these product candidates would be delayed or eliminated. Serious adverse
events observed in clinical trials could hinder or prevent market acceptance of the product candidate at issue. Any of these occurrences
may harm our business, prospects, financial condition, and results of operations significantly.
Additionally,
if any of our product candidates receives marketing approval, the FDA could require us to adopt a Risk Evaluation and Mitigation Strategy
("REMS") and EMA or other non-U.S. regulatory authorities could impose other specific obligations as a condition of approval
to ensure that the benefits outweigh its risks, which may include, among other things, a medication guide outlining the risks of the
product for distribution to patients, a communication plan to health care practitioners, and restrictions on how or where the product
can be distributed, dispensed or used. Furthermore, if we or others later identify undesirable side effects caused by Temferon or any
of our other product candidates, several potentially significant negative consequences could result, including:
●
regulatory
                                            authorities may suspend or withdraw approvals of such a product candidate;
●
regulatory
                                            authorities may require additional warnings or limitations of use in product labeling;
●
we
                                            may be required to change the way a product candidate is distributed, dispensed, or administered
                                            or conduct additional clinical trials;
●
we
                                            could be sued and held liable for harm caused to patients; and
●
our
                                            reputation may suffer.
Any
of these events could prevent us from achieving or maintaining market acceptance of our product candidates and could significantly harm
our business, prospects, financial condition and results of operations.
We
are evaluating Temferon in a Phase 1/2a clinical trial in newly diagnosed unmethylated MGMT gene promoter glioblastoma tumor patients
(the "TEM-GBM Study"). To date, the TEM-GBM Study is ongoing and not complete.
We
are at a very early stage of development for all our gene therapy product candidates. At this stage, only our lead product candidate
Temferon has been authorized by AIFA to be evaluated in a Phase 1/2a clinical trial in Italy. A study testing Temferon in multiple myeloma
study was also approved by AIFA, but we closed the study due to lack of enrollment feasibility, rather than clinical events, as no multiple
myeloma patients have been treated with Temferon.
In
order to commence a clinical trial in the U.S., we will be required to seek FDA acceptance of an investigational new drug application
("IND") for each of our product candidates, including Temferon. We cannot be sure any IND we submit to the FDA, or any similar
clinical trial application we submit in other countries, will be accepted. If we will be required by regulatory authorities to conduct
additional preclinical testing prior to filing an IND or similar application to clinically evaluate any of our product candidates, including
Temferon, this may result in delay in our product candidate development. The results of any such preclinical testing may not be positive
and may not support an application to study Temferon or any of our other product candidates in additional clinical trials. Currently,
we do not have plans to conduct a clinical trial outside of Italy.
It
is possible that the FDA or EMA will not view our ongoing or planned trials as providing adequate support for future clinical trials
or for an application for marketing approval, for any one or more reasons, including elements of the design or execution of the trials
or safety concerns or other trial results. If we are unable to confirm or replicate the results of our trials in larger patient group
or if negative results are obtained, we would likely be further delayed or prevented from advancing further clinical development of Temferon
or any of our other product candidates.
8
Additionally,
the FDA or EMA may disagree with the sufficiency of our proposed reliance upon the preclinical, manufacturing, or clinical data generated
by third-party academic-sponsored trials, or our interpretation of preclinical, manufacturing, or clinical data from our ongoing trials
with AIFA. If so, the FDA or EMA may require us to obtain and submit additional preclinical, manufacturing, or clinical data.
We
need to complete our Phase 1/2a clinical trial for Temferon, as well as additional clinical trials to obtain regulatory approvals to
market Temferon. Carrying out later-stage clinical trials is a complicated process. We are a small organization with limited experience
in preparing, submitting, and prosecuting regulatory filings, and we have not previously submitted a BLA to the FDA or the equivalent
application to EMA for any product candidate.
In
addition, we have not yet conducted clinical trials of any our product candidates in the U.S. or Europe (outside of Italy), and we cannot
be certain how many clinical trials of Temferon or any of our other product candidates will be required or how such trials should be
designed. Consequently, we may be unable to successfully and efficiently execute and complete necessary clinical trials in a way that
leads to a BLA submission (or its equivalent for EMA) and approval of Temferon or any of our other product candidates. We may require
more time and incur greater costs than our competitors and may not succeed in obtaining regulatory approvals of product candidates that
we develop. Failure to commence or complete, or delays in, our planned clinical trials, could prevent us from or delay us in commercializing
Temferon.
We
may encounter substantial delays in commencement and completion of clinical trials.
Before
obtaining marketing approval from regulatory authorities for the sale of our product candidates, we must conduct extensive clinical studies
to demonstrate the safety and efficacy of the product candidates in humans. Clinical development is a long, expensive, and uncertain
process, and delay or failure can occur at any stage of any of our clinical trials. We cannot guarantee that any clinical studies will
be conducted or completed on schedule, if at all. Clinical trials can be delayed or prevented for several reasons, including:
●
delays
                                            in reaching a consensus with regulatory agencies on study design;
●
changes
                                            in regulatory requirements and guidance that require amending or submitting new clinical
                                            protocols;
●
difficulties
                                            obtaining regulatory approval to commence a clinical trial or complying with conditions imposed
                                            by a regulatory authority regarding the scope or term of a clinical trial;
●
difficulties
                                            obtaining IRB approval to conduct a clinical trial at a prospective site in the U.S.;
●
failure
                                            to perform in accordance with the FDA's good clinical practices ("GCP")
                                            or applicable regulatory guidelines in other countries;
●
delays
                                            in reaching or failing to reach agreement on acceptable terms with prospective CROs and trial
                                            sites, the terms of which can be subject to extensive negotiation and may vary significantly
                                            among different CROs and trial sites;
●
failure
                                            by CROs, other third parties or us to adhere to clinical trial protocol and record keeping
                                            requirements;
●
trial
                                            sites or patients dropping out of a study;
●
the
                                            occurrence of serious adverse events associated with the product candidate that are viewed
                                            to outweigh its potential benefits;
●
insufficient
                                            or inadequate supply or quality of a product candidate or other materials necessary to conduct
                                            our clinical trials;
●
delays
                                            in the testing, validation, manufacturing and delivery of our product candidates to the clinical
                                            sites; and
●
if
                                            the FDA or EMA or other regulatory authorities elect to enact policy changes.
9
Clinical
trials may also be delayed or terminated because of ambiguous or negative interim results. In addition, a clinical trial may be suspended
or terminated by us, AIFA, the FDA, EMA, the IRBs at the sites where the IRBs are overseeing a trial, a data safety monitoring board
overseeing the clinical trial at issue or by other regulatory authorities due to a number of factors, including:
●
failure
                                            to conduct the clinical trial in accordance with regulatory requirements or our clinical
                                            protocols;
●
inspection
                                            of the clinical trial operations or trial sites by AIFA, the FDA, EMA or other regulatory
                                            authorities;
●
unforeseen
                                            safety issues or lack of effectiveness; and
●
lack
                                            of adequate funding to continue the clinical trial.
Any
inability to successfully complete preclinical and clinical development could result in additional costs to us or impair our ability
to generate revenues. This could result in increased costs, delays in advancing our product candidates, delays in testing the effectiveness
of our product candidates or termination of the clinical trials altogether.
In
addition, if we make changes to our product candidates, we may need to conduct additional studies to bridge our modified product candidates
to earlier versions, this will increase the costs and could delay our clinical development plan, or marketing approval for our product
candidates. For example, among our preclinical candidates, we are developing a "switchable" system. This system has the potential
to be a "switchable" on/off system that may limit the long-term exposure to any selected therapeutic payloads, but it requires
further preclinical testing as well as additional manufacturing validation. Moreover, our platform is designed to allow us to use other
therapeutic payloads, other than IFN-α. This has the potential to open a multitude of therapeutic indications but further preclinical
testing as well as additional manufacturing validation are required. Any modification of our product candidates will likely require updates
to our clinical trial applications and INDs with the relevant regulatory authorities, which may result in delay, suspension, or termination
of ongoing or future clinical trials pending our submission, and the agencies' review, of such updates. Clinical study delays could
also shorten any periods during which we may have the exclusive right to commercialize our product candidates or allow our competitors
to bring products to market before we do, which could impair our ability to successfully commercialize our product candidates and may
harm our business and results of operations.
The
results of preclinical studies, early-stage clinical trials, data obtained from real-world use, and published third-party studies may
not be indicative of results in future clinical trials and we cannot assure you that any clinical trials will lead to results sufficient
for the necessary regulatory approvals.
The
results of preclinical studies may not be predictive of the results of clinical trials, and the results of any completed clinical trials,
including studies derived from real-world use and studies in published literature, or clinical trials we commence may not be predictive
of the results of later-stage clinical trials. Additionally, interim results and analyses from our ongoing clinical trials do not necessarily
predict final results. Moreover, preliminary data and analyses from our ongoing clinical trials may change as more patient data becomes
available. In general, we conduct interim analyses at pre-specified times, which do not include data after the cut-off date and will
not be available until the next planned interim analysis. From time to time, preliminary data and analyses might be presented, typically
by academic investigators at scientific conferences or in scientific publications. Interim data and analyses are subject to the risk
that one or more of the clinical outcomes may materially change as patient enrollment continues and/or more patient data becomes available
to us. Interim and preliminary data/analyses also remain subject to audit and verification procedures that may result in the final data
being materially different from the preliminary data available to us or that we previously published. As a result, preliminary and interim
data/analyses should be viewed with caution until the final data are available. Material adverse changes in the final data compared to
the preliminary or interim data/analyses could significantly harm our business prospects.
Indeed,
our product candidates may fail to show the desired safety and efficacy in clinical development despite demonstrating positive results
in preclinical studies or having successfully advanced through initial clinical trials. Later clinical trial results may not replicate
earlier clinical trials for a variety of reasons, including differences in trial design, different trial endpoints (or lack of trial
endpoints in exploratory studies), subject population, number of subjects, subject selection criteria, trial duration, drug dosage and
formulation and lack of statistical power in the earlier studies. Our company has limited experience in designing and conducting clinical
trials and we may be unable to design and execute a clinical trial to support regulatory approval. There can be no assurance that any
of our clinical trials will ultimately be successful or support further clinical development of any of our product candidates. Several
companies in the pharmaceutical and biotechnology industries have suffered significant setbacks in clinical development even after achieving
promising results in earlier studies, and any such setbacks in our clinical development could have a negative impact on our business.
Any of our product candidates, including Temferon, may fail to show the desired safety and efficacy in clinical development despite positive
results in preclinical studies. Any such failure would cause us to abandon the product candidate.
Additionally,
our ongoing clinical trial utilizes, and our planned clinical trials may utilize, an "open-label" trial design. An "open-label"
clinical trial is one where both the patient and investigator know whether the patient is receiving the investigational product candidate
or either an existing approved drug or placebo. Most typically, open-label clinical trials test only the investigational product candidate
and sometimes may do so at different dose levels. Open-label clinical trials are subject to various limitations that may exaggerate any
therapeutic effect as patients in open-label clinical trials are aware when they are receiving treatment. Open-label clinical trials
may be subject to a "patient bias" where patients perceive their symptoms to have improved merely due to their awareness
of receiving an experimental treatment. In addition, open-label clinical trials may be subject to an "investigator bias"
where those assessing and reviewing the physiological outcomes of the clinical trials are aware of which patients have received treatment
and may interpret the information of the treated group more favorably given this knowledge. The results from an open-label trial may
not be predictive of future clinical trial results with any of our product candidates for which we include an open-label clinical trial
when studied in a controlled environment with a placebo or active control.
10
We
may find it difficult to enroll patients in our clinical trials, which could delay or prevent us from proceeding with clinical trials
of our product candidates.
Identifying
and qualifying patients to participate in clinical trials of our product candidates is critical to our success. The timing of our clinical
trials depends on our ability and on the speed at which we can recruit patients to participate in testing our product candidates, as
well as the completion of required follow-up periods. We may experience delays in our clinical trials if we encounter difficulties in
enrollment. Patients may be unwilling to participate in our gene therapy clinical trials because of negative publicity from adverse events
related to the biotechnology or gene therapy fields, the safety profile of our product candidate under study, the perceived risks and
benefits of the product candidate under study; the perceived risks and benefits of gene therapy-based approaches to treatment of diseases,
including any required pretreatment conditioning regimens, the existence of competitive clinical trials for similar patient populations.
In
addition, we may not be able to identify, recruit and enroll a sufficient number of patients due to the existence of efficacious alternative
treatments, the size of the patient population and process for identifying subjects, the design of the trial protocol, the exclusion/inclusion
criteria that we are currently targeting may limit the pool of patients that may be enrolled in our ongoing or planned clinical trials,
the proximity and availability of clinical trial sites for prospective subjects and the patient referral practices of physicians, and
the ability to obtain and maintain subject consent, as well as the risk that enrolled subjects will drop out before completion of the
trial.
If
patients are unwilling to participate in our studies for any reason, the timeline for recruiting patients, conducting studies, and obtaining
regulatory approval of potential product candidates will be delayed.
If
we experience delays in the commencement or completion or termination of any clinical trial of our product candidates, the commercial
prospects of our product candidates will be harmed, and our ability to generate product candidate revenue from any of these product candidates
could be delayed or prevented. In addition, any delays in completing our clinical trials will increase our costs, slow down our product
candidate development and approval process and jeopardize our ability to commence product candidate sales and generate revenue. Any of
these occurrences may harm our business, financial condition, and prospects significantly. In addition, many of the factors that cause,
or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval
of our product candidates.
The
results of clinical trials conducted at clinical sites outside the U.S. may not be accepted by the FDA and the results of clinical trials
conducted at clinical sites in the U.S. may not be accepted by international regulatory authorities.
To
date our only ongoing recruiting clinical trial has been conducted in Italy but we are eventually planning to globally develop Temferon,
including in the U.S. Although the FDA may accept data from clinical trials conducted outside the U.S., acceptance of this data is subject
to certain conditions imposed by the FDA. For example, the clinical trial must be well-designed and conducted and performed by qualified
investigators in accordance with GCPs, ethical principles such as or IRB or ethics committee approval and informed consent. Generally,
the subject population for any clinical trials conducted outside of the U.S. must be representative of the U.S. population, and the data
must be applicable to the U.S. population and U.S. medical practice in ways that the FDA deems clinically meaningful. In addition, while
these clinical trials are subject to the applicable local laws, FDA acceptance of the data will be dependent upon its determination that
the trials were conducted consistent with all applicable U.S. laws and regulations. There can be no assurance the FDA or international
regulatory authorities will accept data from trials conducted in Italy or outside of the location in which each regulatory authority
is based as adequate support of a marketing application in each jurisdiction. If the FDA does not accept the data from sites in our Italian
conducted clinical trials, or if international regulatory authorities do not accept the data from our future U.S. clinical trials, it
would likely result in the need for additional trials, which would be costly and time-consuming and could delay or permanently halt the
development of one or more of our product candidates.
Our
ability to successfully initiate, enroll and complete a clinical trial in any foreign country including the U.S., is subject to numerous
risks unique to conducting business in foreign countries, including:
●
difficulty
                                            in establishing or managing relationships with CROs and physicians;
●
different
                                            standards for the conduct of clinical trials;
●
the
                                            absence in some countries of established groups with sufficient regulatory expertise for
                                            review of gene therapy protocols;
●
our
                                            inability to locate qualified local consultants, physicians and partners; and
●
the
                                            potential burden of complying with a variety of laws, medical standards and regulatory requirements,
                                            including the regulation of pharmaceutical and biotechnology products and treatment.
Changes
in methods of product candidate manufacturing or formulation may result in additional costs or delay.
As
product candidates proceed through preclinical studies to late-stage clinical trials towards potential approval and commercialization,
it is common that various aspects of the development program, such as manufacturing methods and formulation, are altered along the way
to optimize processes and results. Such changes carry the risk that they will not achieve these intended objectives. We may also experience
delays in developing a sustainable, reproducible, and scalable manufacturing process or delays in transferring that process to commercial
partners, which may prevent us from initiating, completing, or expanding our clinical trials or commercializing our products, if any,
on a timely or profitable basis, if at all. For example, the anticipated transition of our cell processing to a different commercial
partner in the U.S., or to a commercial partner(s) relying on automated closed system, if available, using all disposable supplies would
require regulatory approvals, may not be successful or may experience unforeseen delays, which may cause shortages or delays in the supply
of our products available for clinical trials and future commercial sales, if any. In addition, there is no assurance that products manufactured
using a different commercial partner or an automated closed system, if and when available, will achieve the same results observed to
date in Temferon clinical and preclinical and non-clinical studies. Any of these changes could cause our product candidates to perform
differently and affect the results of planned clinical trials or other future clinical trials conducted with the materials manufactured
using altered processes. Such changes may also require additional testing such as comparability studies, FDA or EMA notification or FDA
approval. This could delay completion of clinical trials, require the conduct of bridging clinical trials or the repetition of one or
more clinical trials, increase clinical trial costs, delay approval of our product candidates and jeopardize our ability to commence
sales and generate revenue.
11
Even
if we complete the necessary preclinical and clinical studies, we cannot predict when or if we will obtain regulatory approval to commercialize
a product candidate and the approval may be for a narrower indication than we seek.
We
cannot commercialize a product until the appropriate regulatory authorities have reviewed and approved the product candidate. Even if
our product candidates demonstrate safety and efficacy in preclinical and clinical studies, the regulatory agencies may not complete
their review processes in a timely manner, or we may not be able to obtain regulatory approval. Many companies in the pharmaceutical
and biotechnology industries have suffered significant setbacks in late-stage clinical trials even after achieving promising results
in preclinical testing and earlier-stage clinical trials. Additional delays may result if an FDA Advisory Committee or other regulatory
authority does not recommend approval or recommends restrictions on approval. In addition, we may experience delays or rejections based
upon additional government regulation from future legislation or administrative action, or changes in regulatory agency policy during
the period of product development, clinical studies, and the review process. Regulatory agencies also may approve a product candidate
for fewer or more limited indications than requested or may grant approval subject to the performance of post-marketing studies. In addition,
regulatory agencies may not approve the labeling claims that are necessary or desirable for the successful commercialization of our product
candidates. If we are unable to obtain necessary regulatory approvals, our business, prospects, financial condition, and results of operations
may suffer.
We
may seek designations for our product candidates with the FDA, EMA and other comparable regulatory authorities that are intended to confer
benefits such as a faster development process or an accelerated regulatory pathway, but there can be no assurance that we will successfully
obtain such designations. In addition, even if one or more of our product candidates are granted such designations, we may not be able
to realize the intended benefits of such designations.
The
FDA, EMA, and other comparable regulatory authorities, offer certain designations for product candidates that are intended to encourage
the research and development of pharmaceutical and biotechnology products addressing conditions with significant unmet medical need.
These designations may confer benefits such as additional interaction with regulatory authorities, a potentially accelerated regulatory
pathway and priority review. There can be no assurance that we will successfully obtain such a designation for Temferon. In addition,
while such designations could expedite the development or approval process, they do not change the standards for approval. Even if we
obtain such designations for one or more of our product candidates, there can be no assurance that we will realize their intended benefits.
For
example, we may seek a Breakthrough Therapy Designation from the FDA for one or more of our product candidates. A Breakthrough Therapy
Designation is defined as a therapy that is intended, alone or in combination with one or more other therapies, to treat a serious or
life-threatening disease or condition, if preliminary clinical evidence indicates that the therapy may demonstrate substantial improvement
over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical
development. For therapies that have Breakthrough Therapy Designation, interaction and communication between the FDA and the sponsor
of the trial can help to identify the most efficient path for clinical development while minimizing the number of patients placed in
ineffective control regimens. Therapies with Breakthrough Therapy Designation from the FDA are also eligible for accelerated approval.
Designation as a breakthrough therapy is within the discretion of the FDA. Accordingly, even if we believe one of our product candidates
meets the criteria for Breakthrough Therapy Designation, the FDA may disagree and instead determine not to make such designation. In
any event, the receipt of a Breakthrough Therapy Designation for a product candidate may not result in a faster development process,
review or approval compared to therapies considered for approval under conventional FDA procedures and does not assure ultimate approval
by the FDA. In addition, even if one or more of our product candidates qualify for Breakthrough Therapy Designation, the FDA may later
decide that such product candidates no longer meet the conditions for qualification.
We
may also seek Fast Track Designation from the FDA for some of our product candidates. If a therapy is intended for the treatment of a
serious or life-threatening condition and the therapy demonstrates the potential to address unmet medical needs for this condition, the
therapy sponsor may apply for Fast Track Designation. The FDA has broad discretion whether or not to grant this designation, so even
if we believe a particular product candidate is eligible for this designation, there can be no assurance that the FDA would decide to
grant it. Even if we do receive Fast Track Designation, we may not experience a faster development process, review or approval compared
to conventional FDA procedures and receiving a Fast Track Designation does not provide assurance of FDA ultimate approval. The FDA may
withdraw Fast Track Designation if it believes that the designation is no longer supported by data from our clinical development program.
In
addition, we may seek a regenerative medicine advanced therapy ("RMAT") designation for some of our product candidates. An
RMAT is defined as a cell therapy, therapeutic tissue engineering products, human cell and tissue products, or any combination products
using any such therapies or products. Gene therapies, including genetically modified cells that lead to a durable modification of cells
or tissues may meet the definition of regenerative medicine therapy. The RMAT program is intended to facilitate efficient development
and expedite review of RMATs, which are intended to treat, modify, reverse, or cure a serious or life-threatening disease or condition,
and for which preliminary clinical evidence indicates that the candidate has potential to address unmet medical needs for such disease
or condition. A new drug application or a BLA for an RMAT may be eligible for priority review or accelerated approval through (1) surrogate
or intermediate endpoints reasonably likely to predict long-term clinical benefit or (2) reliance upon data obtained from a meaningful
number of sites. Benefits of such designation also include early interactions with FDA to discuss any potential surrogate or intermediate
endpoint to be used to support accelerated approval. A regenerative medicine therapy that is granted accelerated approval and is subject
to post-approval requirements may fulfill such requirements through the submission of clinical evidence, clinical studies, patient registries,
or other sources of real-world evidence, such as electronic health records; the collection of larger confirmatory data sets; or post-approval
monitoring of all patients treated with such therapy prior to its approval. RMAT designation is within the discretion of the FDA. Accordingly,
even if we believe one of our product candidates meets the criteria for designation as a regenerative medicine advanced therapy, the
FDA may disagree and instead determine not to make such designation. In any event, the receipt of RMAT designation for a product candidate
may not result in a faster development process, review or approval compared to product candidates considered for approval under conventional
FDA procedures and does not assure ultimate approval by the FDA. In addition, even if one or more of our product candidates qualify for
RMAT designation, the FDA may later decide that the biological products no longer meet the conditions for qualification.
12
We
may seek a conditional marketing authorization in Europe for some or all of our current product candidates, but we may not be able to
obtain or maintain such a designation.
As
part of its marketing authorization process, EMA may grant marketing authorizations for certain categories of medicinal products based
on less complete data than is normally required, where the benefit of immediate availability of the medicine outweighs the risk inherent
in the fact that additional data are still required or in the interests of public health. In such cases, it is possible for the Committee
for Medicinal Products for Human Use ("CHMP") to recommend the granting of a marketing authorization, subject to certain
specific obligations to be reviewed annually, which is referred to as a conditional marketing authorization. This may apply to medicinal
products for human use that fall under the jurisdiction of the EMA, including those that aim at the treatment, the prevention, or the
medical diagnosis of seriously debilitating or life-threatening diseases and those designated as orphan medicinal products.
A
conditional marketing authorization may be granted when the CHMP finds that, although comprehensive clinical data referring to the safety
and efficacy of the medicinal product have not been supplied, all the following requirements are met:
●
the
                                            risk-benefit balance of the medicinal product is positive;
●
the
                                            applicant will provide the comprehensive clinical data post-authorization;
●
unmet
                                            medical needs will be fulfilled; and
●
the
                                            benefit to public health of the immediate availability on the market of the medicinal product
                                            concerned outweighs the risk inherent in the fact that additional data is still required.
The
granting of a conditional marketing authorization is restricted to situations in which only the clinical part of the application is not
yet fully complete. Incomplete preclinical or quality data may only be accepted if duly justified and only in the case of a product intended
to be used in emergency situations in response to public health threats. Conditional marketing authorizations are valid for one year,
on a renewable basis. The holder will be required to complete ongoing trials or to conduct new trials with a view to confirming that
the benefit-risk balance is positive. In addition, specific obligations may be imposed in relation to the collection of pharmacovigilance
data.
Granting
a conditional marketing authorization allows medicines to reach patients with unmet medical needs earlier than might otherwise be the
case and will ensure that additional data on a product is generated, submitted, assessed, and acted upon. Although we may seek a conditional
marketing authorization for one or more of our product candidates by the EMA, the CHMP may ultimately not agree that the requirements
for such conditional marketing authorization have been satisfied and hence delay the commercialization of our product candidates.
We
have received orphan drug designation for Temferon for the treatment of GBM and we may seek orphan drug designation for additional indications
and for other product candidates. We may be unable to obtain orphan drug designation for our product candidates and, even if we obtain
such designation, we may not be able to realize the benefits of such designation, including potential marketing exclusivity of our product
candidates, if approved.
Regulatory
authorities in some jurisdictions, including the U.S. and E.U., may designate drugs for relatively small patient populations as "orphan
drugs." Under the Orphan Drug Act, the FDA may designate a product as an orphan drug if it is a drug intended to treat a rare disease
or condition, which is generally defined as a patient population of fewer than 200,000 individuals in the U.S. or a patient population
of 200,000 or more individuals in the U.S., but for which there is no reasonable expectation that the cost of developing the drug will
be recovered from sales in the U.S. In the E.U., the European Commission grants orphan drug designation to promote the development of
products that are intended for the diagnosis, prevention, or treatment of a life-threatening or chronically debilitating condition affecting
not more than five in 10,000 persons in the E.U. community. Additionally, designation is granted for products intended for the diagnosis,
prevention, or treatment of a life-threatening, seriously debilitating, or serious and chronic condition and when, without incentives,
it is unlikely that sales of the drug in the E.U. would be sufficient to justify the necessary investment in developing the drug or biologic
product. In either case, the applicant for orphan designation must also demonstrate that no satisfactory method of diagnosis, prevention,
or treatment for the condition has been authorized (or, if a method exists, the new product would be a significant benefit to those affected
compared to the product available).
Temferon
has been granted orphan drug designation in the U.S. and E.U. for the treatment of GBM. If we request orphan drug designation from the
FDA for Temferon for additional indications, if we request the international equivalent from the applicable regulatory authorities for
Temferon or if we request orphan drug designation or the international equivalent for any of our other product candidates, there can
be no assurances that the FDA or international regulatory authorities will grant any of our product candidates such designation. This
designation of a product candidate as an orphan product does not mean that any regulatory agency will accelerate regulatory review of,
or ultimately approve, that product candidate, nor does it limit the ability of any regulatory agency to grant orphan drug designation
to product candidates of other companies that treat the same indications as our product candidates prior to our product candidates receiving
exclusive marketing approval.
Generally,
if a product candidate with an orphan drug designation subsequently receives the first marketing approval for the indication for which
it has such designation, the drug may be entitled to a period of marketing exclusivity, which precludes the FDA or EMA from approving
another marketing application for the same drug for the same indication for that time period, except in limited circumstances. If another
sponsor receives such approval before we do (regardless of our orphan drug designation), we will be precluded from receiving marketing
approval for our product for the applicable exclusivity period. The applicable period is seven years in the U.S. and ten years in the
E.U. The exclusivity period in the E.U. can be reduced to six years if a drug no longer meets the criteria for orphan drug designation
or if the drug is sufficiently profitable so that market exclusivity is no longer justified. Orphan drug exclusivity may be revoked if
any regulatory agency determines that the request for designation was materially defective or if the manufacturer is unable to assure
sufficient quantity of the drug to meet the needs of patients with the rare disease or condition.
Even
if we obtain orphan drug exclusivity for a product candidate, that exclusivity may not effectively protect the product candidate from
competition because different drugs can be approved for the same indication. Even after an orphan drug is approved, the FDA may subsequently
approve another drug for the same condition if the FDA concludes that the latter drug is not the same drug or is clinically superior
in that it is shown to be safer, more effective or makes a major contribution to patient care. In the E.U., marketing authorization may
be granted to a similar medicinal product for the same orphan indication if:
●
the
                                            second applicant can establish in its application that its medicinal product, although similar
                                            to the orphan medicinal product already authorized, is safer, more effective or otherwise
                                            clinically superior;
●
the
                                            holder of the marketing authorization for the original orphan medicinal product consents
                                            to a second orphan medicinal product application; or
●
the
                                            holder of the marketing authorization for the original orphan medicinal product cannot supply
                                            enough orphan medicinal product.
13
Even
if we obtain and maintain regulatory approval for a product candidate, our products will remain subject to ongoing regulatory oversight.
Even
if we obtain any regulatory approval for our product candidates, they will be subject to ongoing regulatory requirements for manufacturing,
labeling, packaging, storage, advertising, promotion, sampling, record-keeping and submission of safety and other post-market information.
Any regulatory approvals that we receive for our product candidates also may be subject to a REMS, limitations on the approved indicated
uses for which the product may be marketed or to the conditions of approval, or contain requirements for potentially costly post-marketing
testing, including Phase 4 clinical trials, and surveillance to monitor the quality, safety, and efficacy of the product. For example,
as noted above in the U.S., the holder of an approved BLA is obligated to monitor and report adverse events and any failure of a product
to meet the specifications in the BLA. FDA guidance advises that patients treated with some types of gene therapy undergo follow-up observations
for potential adverse events for as long as 15 years. The holder of an approved marketing application also must submit new or supplemental
applications and obtain FDA approval for certain changes to the approved product, product labeling or manufacturing process.
We
must comply with requirements concerning advertising and promotion for any product candidates for which we obtain marketing approval.
Promotional communications with respect to therapeutics are subject to a variety of legal and regulatory restrictions and continuing
review by the FDA, EMA, or comparable foreign regulatory authorities, Department of Justice, Department of Health and Human Services'
Office of Inspector General, state attorneys general, members of Congress, and the public. When the FDA, EMA, or comparable foreign regulatory
authorities issue regulatory approval for a product candidate, the regulatory approval is limited to those specific uses and indications
for which a product is approved. If we are not able to obtain FDA, EMA, or comparable foreign regulatory authority approval for desired
uses or indications for our current product candidates and any future product candidates, we may not market or promote them for those
indications and uses, referred to as off-label uses, and our business, financial condition, results of operations, stock price and prospects
will be materially harmed. We also must sufficiently substantiate any claims that we make for our products, including claims comparing
our products to other companies' products, and must abide by the FDA, EMA, or a comparable foreign regulatory authority's
strict requirements regarding the content of promotion and advertising.
While
physicians may choose to prescribe products for uses that are not described in the product's labeling and for uses that differ
from those tested in clinical trials and approved by the regulatory authorities, we and any third parties engaged on our behalf are prohibited
from marketing and promoting the products for indications and uses that are not specifically approved by the FDA, EMA, or comparable
foreign regulatory authorities. Regulatory authorities in the U.S. generally do not restrict or regulate the behavior of physicians in
their choice of treatment within the practice of medicine. Regulatory authorities do, however, restrict communications by biopharmaceutical
companies concerning off-label use.
If
we are found to have impermissibly promoted any of our current product candidates and any future product candidates, we may become subject
to significant liability and government fines. The FDA and other agencies actively enforce the laws and regulations regarding product
promotion, particularly those prohibiting the promotion of off-label uses, and a company that is found to have improperly promoted a
product may be subject to significant sanctions. The U.S. federal government has levied large civil and criminal fines against companies
for alleged improper promotion and has enjoined several companies from engaging in off-label promotion. The FDA has also requested that
companies enter consent decrees or permanent injunctions under which specified promotional conduct is changed or curtailed.
In
the E.U., the advertising and promotion of our products are subject to E.U. laws governing promotion of medicinal products, interactions
with physicians, misleading and comparative advertising, and unfair commercial practices. In addition, other legislation adopted by individual
E.U. Member States may apply to the advertising and promotion of medicinal products. These laws require that promotional materials and
advertising for medicinal products are consistent with the product's Summary of Product Characteristics ("SmPC") as
approved by the competent authorities. The SmPC is a document that provides information to physicians concerning the safe and effective
use of the medicinal product. It forms an intrinsic and integral part of the marketing authorization granted for the medicinal product.
Promotion of a medicinal product that does not comply with the SmPC is considered to constitute off-label promotion. The off-label promotion
of medicinal products is prohibited in the E.U. The applicable laws at the E.U. level and in the individual E.U. Member States also prohibit
the direct-to-consumer advertising of prescription-only medicinal products. Violations of the rules governing the promotion of medicinal
products in the E.U. could be penalized by administrative measures, fines, and imprisonment. These laws may further limit or restrict
the advertising and promotion of our products to the general public and may also impose limitations on our promotional activities with
health care professionals.
In
addition, product manufacturers and their facilities are subject to payment of user fees and continual review and periodic inspections
by the FDA, EMA, and other regulatory authorities for compliance with current good manufacturing practices ("GMP") requirements
and adherence to commitments made in the BLA or foreign marketing application. If we, or a regulatory authority, discover previously
unknown problems with a product, such as adverse events of unanticipated severity or frequency, or problems with the facility where the
product is manufactured or disagrees with the promotion, marketing or labeling of that product, a regulatory authority may impose restrictions
relative to that product, the manufacturing facility or us, including requiring recall or withdrawal of the product from the market or
suspension of manufacturing.
If
we fail to comply with applicable regulatory requirements, a regulatory authority may:
●
issue
                                            an untitled letter or warning letter that we are in violation of the law;
●
seek
                                            an injunction or impose administrative, civil or criminal penalties or monetary fines;
●
suspend
                                            or withdraw regulatory approval;
●
suspend
                                            any ongoing clinical trials;
●
refuse
                                            to approve BLA or comparable foreign marketing application (or any supplements thereto) submitted
                                            by us or our strategic partners;
●
restrict
                                            the marketing or manufacturing of the product;
●
seize
                                            or detain the products or require the withdrawal of the product from the market;
●
refuse
                                            to permit the import or export of the products; or
●
refuse
                                            to allow us to enter supply contracts, including government contracts.
14
Any
government investigation of alleged violations of law could require us to expend significant time and resources in response and could
generate negative publicity. The occurrence of any event or penalty described above may inhibit our ability to commercialize our product
candidates and adversely affect our business, financial condition, results of operations and prospects.
In
addition, the FDA's policies, and those of the EMA and other regulatory authorities, may change and additional government regulations
may be enacted that could prevent, limit, or delay regulatory approval of our product candidates. We cannot predict the likelihood, nature
or extent of government regulation that may arise from future legislation or administrative action, either in the U.S. or abroad. If
we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies, or if we are not
able to maintain regulatory compliance, we may lose any marketing approval that we may have obtained and we may not achieve or sustain
profitability, which would materially and adversely affect our business, financial condition, results of operations and prospects.
Both
marketing authorization holders and manufacturers of medicinal products are subject to comprehensive regulatory oversight by the EMA
and the competent authorities of the individual E.U. Member States both before and after grant of the manufacturing and marketing authorizations.
This includes control of compliance with GMP rules, which govern quality control of the manufacturing process and require documentation
policies and procedures. We and our third-party manufacturers would be required to ensure that all our processes, quality systems, methods,
and equipment are compliant with GMP. Failure by us or by any of our third-party partners, including suppliers, manufacturers, and distributors
to comply with E.U. laws and the related national laws of individual E.U. Member States governing the conduct of clinical trials, manufacturing
approval, marketing authorization of medicinal products, both before and after grant of marketing authorization, and marketing of such
products following grant of authorization may result in administrative, civil, or criminal penalties. These penalties could include delays
in or refusal to authorize the conduct of clinical trials or to grant marketing authorization, product withdrawals and recalls, product
seizures, suspension, or variation of the marketing authorization, total or partial suspension of production, distribution, manufacturing,
or clinical trials, operating restrictions, injunctions, suspension of licenses, fines, and criminal penalties. operating restrictions,
injunctions, suspension of licenses, fines, and criminal penalties.
In
addition, E.U. legislation related to pharmacovigilance, or the assessment and monitoring of the safety of medicinal products, provides
that EMA and the competent authorities of the E.U. Member States have the authority to require companies to conduct additional post-approval
clinical efficacy and safety studies. The legislation also governs the obligations of marketing authorization holders with respect to
additional monitoring, adverse event management and reporting. Under the pharmacovigilance legislation and its related regulations and
guidelines, we may be required to conduct a burdensome collection of data regarding the risks and benefits of marketed products and may
be required to engage in ongoing assessments of those risks and benefits, including the possible requirement to conduct additional clinical
trials, which may be time-consuming and expensive and could impact our profitability. Non-compliance with such obligations can lead to
the variation, suspension or withdrawal of marketing authorization or imposition of financial penalties or other enforcement measures.
We
do not have sales, distribution, and marketing capabilities. If we are unable to develop these capabilities or enter into agreements
with third parties to market and sell Temferon and our other product candidates, we will be unable to generate any product revenue.
We
currently have no sales, distribution, or marketing organization. To successfully commercialize any of our current or future product
candidates, if approved, we will need to develop these capabilities, either on our own or with others. The establishment and development
of our own commercial team or the establishment of a contract sales force to market any product candidate we may develop will be expensive
and time-consuming and could delay any product launch. Moreover, we cannot be certain that we will be able to successfully develop this
capability. We may enter collaborations or alternative transactions and arrangements regarding any approved product candidates with other
entities to utilize their established marketing and distribution capabilities, but we may be unable to enter into such agreements on
favorable terms, if at all. If any future collaborators do not commit sufficient resources to commercialize our product candidates, or
we are unable to develop the necessary capabilities on our own, we will be unable to generate sufficient product revenue to sustain our
business. We compete with many companies that currently have extensive, experienced, and well-funded sales, distribution, and marketing
operations to recruit, hire, train and retain marketing and sales personnel. We also face competition in our search for third parties
to assist us with the sales and marketing efforts of our product candidates, if approved. Without an internal team or the support of
a third party to perform marketing and sales functions, we may be unable to compete successfully against these more established companies.
Even
if any of our product candidates receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients,
third party payors and others in the medical community necessary for commercial success.
The
commercial success of Temferon will depend upon the acceptance of each product by the medical community, including physicians, patients,
and third party payors. The degree of market acceptance of any approved product will depend on a number of factors, including:
●
the
                                            efficacy and safety of the product;
●
the
                                            potential advantages of the product compared to available therapies;
●
the
                                            convenience and ease of administration compared to alternative treatments;
●
limitations
                                            or warnings, including use restrictions contained in the product's approved labeling;
●
distribution
                                            and use restrictions imposed by the FDA, the EMA or other regulatory authority or agreed
                                            to by us as part of a mandatory or voluntary risk management plan;
●
availability
                                            of alternative treatments, including competitive products expected to be commercially launched
                                            in the near future;
●
pricing
                                            and cost effectiveness in relation to alternative treatments;
15
●
if
                                            the product is included under physician treatment guidelines as a first-, second-, or third
                                            line therapy;
●
the
                                            strength of sales, marketing and distribution support;
●
the
                                            availability of third-party coverage and adequate reimbursement and the willingness of patients
                                            to pay out-of-pocket in the absence of coverage by third-party payors;
●
the
                                            strength of sales, marketing and distribution support;
●
the
                                            willingness of patients to pay for drugs out of pocket in the absence of third party coverage;
                                            and
●
the
                                            willingness of the target patient population to try new therapies and of physicians to prescribe
                                            these therapies.
If
Temferon is approved but does not achieve an adequate level of acceptance by physicians, third party payors and patients, we may not
generate sufficient revenue from the product, and we may not become or remain profitable. In addition, our efforts to educate the medical
community and third-party payors on the benefits of the product may require significant resources and may never be successful.
In
addition, we may choose to collaborate with third parties that have direct sales forces and established distribution systems, either
to augment our own sales force and distribution systems or in lieu of our own sales force and distribution systems. If we enter collaborations
or alternative transactions or arrangements with third parties to perform sales, marketing and distribution services for our products,
the resulting revenues, or the profitability from these revenues to us are likely to be lower than if we had sold, marketed, and distributed
our products ourselves. If we are unable to enter such arrangements on acceptable terms or at all, we may not be able to successfully
commercialize any of our product candidates that receive regulatory approval. Depending on the nature of the third party relationship,
we may have little control over such third parties, and any of these third parties may fail to devote the necessary resources and attention
to sell, market and distribute our products effectively. If we are not successful in commercializing our product candidates, either on
our own or through collaborations with one or more third parties, our future product revenue will suffer, and we may incur significant
additional losses.
Even
if we can commercialize any product candidates, the products may become subject to unfavorable pricing regulations or third-party coverage
and reimbursement policies, any of which could harm our business.
Our
ability to commercialize any product candidates successfully will depend, in part, on the extent to which coverage and reimbursement
for these products and related treatments will be available from government health administration authorities, private health insurers
and other organizations. Government authorities and third-party payors, such as private health insurers and health maintenance organizations,
decide which medications they will pay for and impact reimbursement levels.
Obtaining
and maintaining adequate reimbursement for our products may be difficult. We cannot be certain if we will obtain an adequate level of
reimbursement for our products by third party payors. Even if we do obtain adequate levels of reimbursement, third-party payors, such
as government or private healthcare insurers, carefully review and increasingly question the coverage of, and challenge the prices charged
for, drugs. Reimbursement rates from private health insurance companies vary depending on the company, the insurance plan, and other
factors. A primary trend in the U.S. healthcare industry, and elsewhere around the world, is cost containment. Government authorities
and third party payors have attempted to control costs by limiting coverage and the amount of reimbursement for medications. Increasingly,
third party payors are requiring that drug companies provide them with predetermined discounts from list prices and are challenging the
prices charged for drugs. We may also be required to conduct expensive pharmacoeconomic studies to justify coverage and reimbursement
or the level of reimbursement relative to other therapies. If coverage and reimbursement are not available or reimbursement is available
only to limited levels, we may not be able to successfully commercialize any product candidate for which we obtain marketing approval,
and the royalties resulting from the sales of those products may also be adversely impacted.
There
may be significant delays in obtaining reimbursement for newly approved drugs, and coverage may be more limited than the purposes for
which the drug is approved by the FDA, EMA, or other regulatory authorities outside the U.S. Moreover, eligibility for reimbursement
does not imply that a drug will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture,
sale, and distribution. Interim reimbursement levels for new drugs, if applicable, may also not be sufficient to cover our costs and
may not be made permanent. Reimbursement rates may vary according to the use of the drug and the clinical setting in which it is used,
may be based on reimbursement levels already set for lower cost drugs and may be incorporated into existing payments for other services.
Net prices for drugs may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors and
by any future relaxation of laws that presently restrict imports of drugs from countries where they may be sold at lower prices than
in the U.S. Our inability to promptly obtain coverage and adequate reimbursement rates from both government-funded and private payors
for any approved products that we develop could have a material adverse effect on our operating results, our ability to raise capital
needed to commercialize products and our overall financial condition.
The
regulations that govern marketing approvals, pricing, coverage, and reimbursement for new drug products vary widely from country to country.
Current and future legislation may significantly change the approval requirements in ways that could involve additional costs and cause
delays in obtaining approvals. Some countries require approval of the sale price of a drug before it can be reimbursed. In many countries,
the pricing review period begins after marketing or product licensing approval is granted. In some foreign markets, prescription drug
pricing remains subject to continuing governmental control, including possible price reductions, even after initial approval is granted.
As a result, we might obtain marketing approval for a product in a particular country, but then be subject to price regulations that
delay our commercial launch of the product, possibly for lengthy time periods, and negatively impact the revenues we are able to generate
from the sale of the product in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more
product candidates, even if our product candidates obtain marketing approval. There can be no assurance that our product candidates,
if they are approved for sale in the U.S. or in other countries, will be considered medically necessary or cost-effective for a specific
indication, or that coverage or an adequate level of reimbursement will be available.
16
Obtaining
and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining
regulatory approval of our product candidates in other jurisdictions. Our failure to obtain regulatory approval in international jurisdictions
would prevent our product candidates from being marketed around the world, and any approval we are granted for our product candidates
in Italy would not assure approval of product candidates in other jurisdictions, including the U.S.
To
market any products outside of Italy, we must establish and comply with numerous and varying regulatory requirements of other countries,
including but not limited to the U.S., regarding clinical trial design, safety, and efficacy. The research, testing, manufacturing, labeling,
approval, sale, marketing, and distribution of drugs are subject to extensive regulation by regulatory authorities. These regulations
differ from country to country. Even if we obtain and maintain regulatory approval of our product candidates in one jurisdiction, such
approval does not guarantee that we will be able to obtain or maintain regulatory approval in any other jurisdiction, but a failure or
delay in obtaining regulatory approval in one jurisdiction may have a negative effect on the regulatory approval process in others. For
example, even if AIFA grants marketing approval of a product candidate, comparable regulatory authorities in foreign jurisdictions, including
the FDA, must also approve the manufacturing, marketing, and promotion of the product candidate in those countries.
Approval
procedures vary among jurisdictions and can involve requirements and administrative review periods different from those in Italy, including
additional non-clinical studies or clinical trials as investigations conducted in one jurisdiction may not be accepted by regulatory
authorities in other jurisdictions. In many jurisdictions, a product candidate must be approved for reimbursement before it can be approved
for sale in that jurisdiction. In some cases, the price that we intend to charge for our products is also subject to approval. These
regulatory procedures can result in substantial delays in such countries. In other countries, product approval depends on showing superiority
to an approved alternative therapy. This can result in significant expense for conducting complex clinical trials.
Approval
of a product candidate in Italy by AIFA does not ensure approval of such product candidate by the FDA, EMA, or other regulatory authorities
in other countries or jurisdictions, and approval by EMA or another regulatory authority does not ensure approval by regulatory authorities
in other foreign countries or by the FDA. Sales of our product candidates outside of the U.S. will be subject to foreign regulatory requirements
governing clinical trials and marketing approval. Even if the FDA grants marketing approval for a product candidate, comparable regulatory
authorities of foreign countries also must approve the manufacturing and marketing of the product candidates in those countries. Approval
procedures vary among jurisdictions and can involve requirements and administrative review periods different from, and more onerous than,
those in the U.S., including additional preclinical studies or clinical trials. In many countries outside the U.S., a product candidate
must be approved for reimbursement before it can be approved for sale in that country. In some cases, the price that we intend to charge
for our products, if approved, is also subject to approval. We intend to submit an MAA to EMA for approval of our product candidates
in the E.U. but obtaining such approval from the European Commission following the opinion of EMA is a lengthy and expensive process.
Even if a product candidate is approved, the FDA or the European Commission may limit the indications for which the product may be marketed,
require extensive warnings on the product labeling or require expensive and time consuming additional clinical trials or reporting as
conditions of approval. Regulatory authorities in countries outside of the U.S. and E.U. also have requirements for approval of product
candidates with which we must comply prior to marketing in those countries. Obtaining foreign regulatory approvals and compliance with
foreign regulatory requirements could result in significant delays, difficulties, and costs for us and could delay or prevent the introduction
of our product candidates in certain countries.
Finally,
we do not have any products approved for sale in any jurisdiction, including international markets, and we do not have experience in
obtaining regulatory approval. If we, or any third parties with whom we work, fail to comply with regulatory requirements in the U.S.
or international markets or to obtain and maintain required approvals or if regulatory approvals in international markets are delayed,
our target market may be reduced and our ability to realize the full market potential of our products will likely be harmed. The inability
to meet continuously evolving regulatory standards for approval may result in our failing to obtain regulatory approval to market our
current product candidates, which could significantly harm our business, results of operations and prospects.
Additionally,
on June 23, 2016, the electorate in the United Kingdom voted in favor of leaving the E.U., commonly referred to as "Brexit."
On March 29, 2017, the country formally notified the E.U. of its intention to withdraw pursuant to Article 50 of the Lisbon Treaty and
the withdrawal of the United Kingdom from the E.U. took effect on January 31, 2020. There was a transition period, during which E.U.
pharmaceutical law remained applicable in the United Kingdom, however this ended on December 31, 2020. Since a significant proportion
of the regulatory framework governing the development and commercialization of medicinal products in the United Kingdom is derived from
E.U. Directives and Regulations, Brexit, now that the transition period is over, could materially impact the regulatory regime with respect
to the approval of our product candidates in the United Kingdom or the E.U., as United Kingdom legislation now has the potential to diverge
from E.U. legislation. Any delay in obtaining, or an inability to obtain, any regulatory approvals, because of Brexit or otherwise, would
prevent us from commercializing our product candidates in the United Kingdom and/or the E.U. and restrict our ability to generate revenue
and achieve and sustain profitability. If any of these outcomes occur, we may be forced to restrict or delay efforts to seek regulatory
approval in the United Kingdom and/or E.U. for our product candidates, which could significantly and materially harm our business.
We
operate in a rapidly changing industry and face significant competition, which may result in others discovering, developing, or commercializing
products before or more successfully than we do.
The
development and commercialization of new biopharmaceutical products is highly competitive and subject to rapid and significant technological
advancements. We face competition from major multi-national pharmaceutical companies, biotechnology companies and specialty pharmaceutical
companies with respect to our current and future product candidates that we may develop and commercialize in the future. There are several
large pharmaceutical and biotechnology companies that currently market and sell products or are pursuing the development of product candidates
for the treatment of cancer. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative
arrangements with large, established companies. Potential competitors also include academic institutions, government agencies and other
public and private research organizations. Our competitors may succeed in developing, acquiring, or licensing technologies and products
that are more effective, more effectively marketed and sold or less costly than any product candidates that we may develop, which could
render our product candidates noncompetitive and obsolete.
Many
of our competitors, either alone or with their strategic collaborators, have substantially greater financial, technical, and human resources
than we do. Accordingly, our competitors may be more successful than we are in obtaining approval for treatments and achieving widespread
market acceptance, which may render our treatments obsolete or noncompetitive. Mergers and acquisitions in the biotechnology and pharmaceutical
industries may result in even more resources being concentrated among a smaller number of our competitors. These competitors also compete
with us in recruiting and retaining qualified scientific and management personnel and establishing clinical study sites and patient registration
for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.
Our
commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective,
have fewer or less severe side effects, are more convenient or are less expensive or better reimbursed than any products that we may
commercialize. Our competitors also may obtain EMA, FDA, or other regulatory approval for their products more rapidly than we do, which
could result in our competitors establishing a strong market position for either the product or a specific indication before we are able
to enter the market.
17
Our
product candidates may face competition sooner than anticipated from biosimilar products.
Even
if we are successful in achieving regulatory approval to commercialize a product candidate faster than our competitors, our product candidates
may face competition from biosimilar products. In the U.S., our product candidates are regulated by the FDA as biologic products, and
we intend to seek approval for these product candidates pursuant to the BLA pathway. The Biologics Price Competition and Innovation Act
of 2009 (the "BPCIA") created an abbreviated pathway for the approval of biosimilar and interchangeable biologic products.
The abbreviated regulatory pathway establishes legal authority for the FDA to review and approve biosimilar biologics, including the
possible designation of a biosimilar as "interchangeable" based on its similarity to an existing brand product. Under the
BPCIA, an application for a biosimilar product cannot be approved by the FDA until 12 years after the original branded product was approved
under a BLA. The law is complex and is still being interpreted and implemented by the FDA. As a result, its ultimate impact, implementation,
and meaning are subject to uncertainty.
There
is a risk that any exclusivity we may be afforded if any of our product candidates are approved as a biologic product under a BLA could
be shortened due to congressional action, the results of recent litigation, or otherwise, or that the FDA will not consider our product
candidates to be reference products for competing products, potentially creating the opportunity for generic or biosimilar competition
sooner than anticipated. Moreover, the extent to which a biosimilar product, once approved, will be substituted for any one of our reference
products in a way that is like traditional generic substitution for non-biologic products is not yet clear, and will depend on a number
of marketplace and regulatory factors that are still developing. In addition, a competitor could decide to forego the biosimilar approval
path and submit a full BLA after completing its own preclinical studies and clinical trials. In such cases, any exclusivity to which
we may be eligible under the BPCIA would not prevent the competitor from marketing its product as soon as it is approved.
In
addition, critics of the 12-year exclusivity period in the biosimilar pathway law will likely continue to seek to shorten the data exclusivity
period and/or to encourage the FDA to interpret narrowly the law's provisions regarding which new products receive data exclusivity.
In December 2019, the U.S. agreed to remove from the United States-Mexico-Canada Agreement a requirement for at least 10 years of data
exclusivity for biologic products. Also, the FDA is considering whether subsequent changes to a licensed biologic would be protected
by the remainder of the reference product's original 12-year exclusivity period (a concept known in the generic drug context as
"umbrella exclusivity"). If the FDA were to decide that umbrella exclusivity does not apply to biological reference products
or were to make other changes to the exclusivity period, this could expose us to biosimilar competition at an earlier time. There also
have been, and may continue to be, legislative and regulatory efforts to promote competition through policies enabling easier generic
and biosimilar approval and commercialization, including efforts to lower standards for demonstrating biosimilarity or interchangeability,
limit patents that may be litigated and/or patent settlements and implement preferential reimbursement policies for biosimilars.
In
Europe, the European Commission has granted marketing authorizations for several biosimilar products pursuant to a set of general and
product class-specific guidelines for biosimilar approvals issued over the past few years. In the European Economic Area ("EEA"),
innovative medicinal products generally receive eight years of data exclusivity and an additional two years of marketing exclusivity.
Data exclusivity prevents biosimilar applicants from referencing the innovator's preclinical and clinical trial data when applying
for a biosimilar marketing authorization, during a period of eight years from the date on which the reference product was first authorized
in the EEA. During the additional two-year period of market exclusivity, biosimilar marketing authorization can be submitted, and the
innovator's data may be referenced, but no biosimilar product can be marketed until the expiration of the market exclusivity period.
This 10-year marketing exclusivity period may be extended to 11 years if, during the first eight of those 10 years, the marketing authorization
holder obtains an approval for one or more new therapeutic indications that bring significant clinical benefits compared with existing
therapies. However, even if an innovative medicinal product gains the prescribed period of data exclusivity, another company may market
another version of the product if such company obtained marketing authorization based on an application with a complete independent data
package of pharmaceutical tests, preclinical tests and clinical trials. In addition, companies may be developing biosimilar products
in other countries that could compete with our products, if approved.
If
competitors can obtain marketing approval for biosimilars referencing our product candidates, if approved, such products may become subject
to competition from such biosimilars, with the attendant competitive pressure and potential adverse consequences. Such competitive products
may be able to immediately compete with us in each indication for which our product candidates may have received approval.
If
product liability lawsuits are brought against us, we may incur substantial liabilities, even if we have appropriate insurance policies,
and we may be required to limit commercialization of our product candidates.
We
are exposed to potential product liability and professional indemnity risks that are inherent in the research, development, manufacturing,
marketing, and use of biopharmaceutical and biotechnology products. Currently, we have no products that have been approved for marketing
or commercialization; however, the use of our product candidates in clinical trials, and the sale of these product candidates, if approved,
in the future, may expose us to liability claims. Product liability claims may be brought against us or our partners by participants
enrolled in our clinical trials, patients, health care providers, biotechnology and pharmaceutical companies, our collaborators or others
using, administering, or selling any of our future approved products. If we cannot successfully defend ourselves against any such claims,
we may incur substantial liabilities, even if we have product liability or other applicable insurance policies in effect. We may not
be able to maintain adequate levels of insurance for these liabilities at reasonable cost and/or reasonable terms. Excessive insurance
costs or uninsured claims would add to our future operating expenses and adversely affect our financial condition. As a result of such
lawsuits and their potential results, we may be required to limit commercialization of our product candidates. Regardless of the merits
or eventual outcome, liability claims may result in:
●
decreased
                                            demand for our product candidates;
●
termination
                                            of clinical trial sites or entire trial programs;
●
injury
                                            to our reputation and negative media attention;
●
product
                                            recalls or increased warnings on product labels;
●
withdrawal
                                            of clinical trial participants;
●
costs
                                            of to defend the related litigation;
18
●
diversion
                                            of management and our resources;
●
substantial
                                            monetary awards to, or costly settlements with, clinical trial participants, patients or
                                            other claimants;
●
higher
                                            insurance premiums;
●
loss
                                            of initiation of investigations by regulators or other authorities; and
●
the
                                            inability to successfully commercialize our product candidates, if approved.
Gene
therapies are novel, complex and difficult to manufacture. We could experience production problems that result in delays in our development
or commercialization programs or otherwise adversely affect our business.
Biological
products are inherently difficult to manufacture, and gene therapy products are complex biological products, the development and manufacture
of which necessitates substantial expertise and capital investment.
Temferon
is individually manufactured for each patient using complex processes in specialized facilities. Our production process requires a variety
of raw materials, some of which are highly specialized, including the viral vector that encodes for the therapeutic payload. Some of
these raw materials have limited and, in some cases, sole suppliers. Even though we plan to have back-up supplies of raw materials whenever
possible, we cannot be certain such supplies will be sufficient if our primary sources are unavailable. A shortage of a critical raw
material or a technical issue during manufacturing may lead to delays in clinical development or commercialization of our product candidates.
Our
product candidate, Temferon, is being studied for GBM patients with unmethylated methylguanine methyltransferase ("MGMT")
status, as determined by a laboratory test. If approved for use only in uMGMT-GBM patients, use of such a laboratory test would be required
for each patient before treatment with Temferon. There are several currently marketed, CE-marked tests for uMGMT status in the E.U.,
one or more of which may be used in our clinical trials and which we would expect to be used in clinical practice upon approval of Temferon.
If a regulatory authority were, however, to deem that no currently-available tests are appropriate for use with Temferon, or if appropriate
tests were to become commercially unavailable, we might be required to develop and obtain regulatory approval for our own version of
such a companion diagnostic test, or work with another entity to develop such a test, in which case we could experience significant delays
in obtaining regulatory approval or interruptions in our ability to market Temferon.
Several
factors could cause production interruptions, including equipment malfunctions, facility contamination, raw material shortages or contamination,
natural disasters, disruption in utility services, human error, or disruptions in the operations of our suppliers. We have limited experience
manufacturing our product candidates. We have contracted with a third party CMO for the manufacture of our viral vectors and certain
of our drug products for clinical trials. We expect this CMO will be capable of providing enough of our viral vectors and gene therapy
products to meet the anticipated scales for our clinical trials, in due course, and commercial demands, if approved. However, to meet
our projected needs for further commercial manufacturing and large-scale clinical trials, third parties with whom we currently work might
need to increase their scale and frequency of production, and we will likely need to secure alternate suppliers or develop our own capabilities.
We believe that there are alternate sources of supply that can satisfy our requirements, although we cannot be certain that identifying
and establishing relationships with such sources, if necessary, would not result in significant delay or material additional costs.
All
manufacturers of pharmaceutical products must comply with strictly enforced requirements and complex regulations. Any failure by our
CMO to adhere to or document compliance to such regulatory requirements could lead to a delay or interruption in the availability of
our product candidate for clinical trials or result in sanctions, including clinical holds, fines, injunctions, civil penalties, delays,
suspension or withdrawal of approvals, license revocation, seizures or recalls of raw materials, product candidates or products, operating
restrictions and criminal prosecutions, any of which could have significant adverse consequences on us. Our potential future dependence
upon others for the manufacture of our gene therapies may also adversely affect our future profit margins and our ability to commercialize
any product candidates that receive regulatory approval on a timely and competitive basis.
Delays
in obtaining regulatory approval of our or our CMOs' manufacturing process and facility or disruptions in our manufacturing process
may delay or disrupt our commercialization efforts.
Before
we can begin to commercially manufacture our viral vector or product candidates in our own facility, or the facility of a CMO, we must
obtain regulatory approval from AIFA and eventually the FDA, EMA, or other regulatory authorities for our manufacturing processes and
for the facility in which manufacturing is performed. A manufacturing authorization must also be obtained from the appropriate regulatory
authorities. In addition, we must pass a pre-approval inspection of our or our CMOs manufacturing facility by AIFA, the FDA, EMA, or
other relevant regulatory authorities before any of our gene therapy product candidates can obtain marketing approval. To obtain approval,
we will need to ensure that all of our processes, quality systems, methods, equipment policies and procedures are compliant with GMP,
and perform extensive audits of vendors, contract laboratories, CMOs and suppliers. If any of our vendors, contract laboratories, CMOs
or suppliers is found to be out of compliance with GMP, we may experience delays or disruptions in manufacturing while we work with these
third parties to remedy the violation or while we work to identify suitable replacement vendors. The GMP requirements govern quality
control of the manufacturing process and documentation policies and procedures. In complying with GMP, we will be obligated to expend
time, money and effort in production, record keeping and quality control to assure that the product meets applicable specifications and
other requirements. If we fail to comply with these requirements, we will be subject to possible regulatory action and may not be permitted
to sell any products that we may develop.
Failure
to comply with ongoing regulatory requirements could cause us to suspend production or put in place costly or time-consuming remedial
measures.
The
regulatory authorities may, at any time following approval of a product for sale, audit the manufacturing facilities for such a product.
If any such inspection or audit identifies a failure to comply with applicable regulations, or if a violation of product specifications
or applicable regulations occurs independent of such an inspection or audit, the relevant regulatory authority may require remedial measures
that may be costly or time-consuming to implement and that may include the temporary or permanent suspension of a clinical trial or commercial
sales or the temporary or permanent closure of a manufacturing facility. Any such remedial measures imposed upon our CMO or us could
harm our business, financial condition, results of operations and prospects.
If
our CMOs or we fail to comply with applicable GMP regulations, AIFA, the FDA, EMA or other regulatory authorities can impose regulatory
sanctions including, among other things, refusal to approve a pending application for a new product candidate or suspension or revocation
of a pre-existing approval. Such an occurrence may cause our business, financial condition, results of operations and prospects to be
harmed.
19
Additionally,
if supply from any CMO or us is delayed or interrupted, there could be a significant disruption in the clinical or commercial supply
of our product candidates. We have agreements in place with our CMO pursuant to which we are collaborating on GMP manufacturing processes
and analytical methods for the manufacture and release of our viral vectors and certain drug products. Therefore, if we are unable to
enter into an agreement with our CMO to manufacture clinical or commercial material for our product programs, or if our agreement with
our CMOs were terminated, we would have to find suitable alternative manufacturers. This could delay our or our collaborators'
ability to conduct clinical trials or commercialize our current and future product candidates. The regulatory authorities also may require
additional clinical trials and other nonclinical and or analytical evaluations if a new manufacturer is relied upon for clinical or commercial
production. Switching manufacturers may involve substantial costs, require significant comparability studies, and could result in a delay
in our desired clinical and commercial timelines.
Any
contamination in our manufacturing process, shortages of materials or failure of any of our key suppliers to deliver necessary components
could result in interruption in the supply of our product candidates and delays in our clinical development or commercialization schedules.
Given
the nature of biological manufacturing, there is a risk of contamination in our manufacturing processes. Any contamination could materially
adversely affect our ability to produce product candidates on schedule and could, therefore, harm the results of operations and cause
reputational damage.
Some
of the materials required in our manufacturing process are derived from biologic sources. Such materials are difficult to procure and
may be subject to contamination or recall. A material shortage, contamination, recall or restriction on the use of biologically derived
substances in the manufacture of our product candidates could adversely impact or disrupt the commercial manufacturing or the production
of clinical material, which could materially and adversely affect our development timelines and our business, financial condition, results
of operations and prospects.
Patients'
cellular source material must be transported from the clinical collection site to the manufacturing facility and the cryopreserved drug
product must be returned to the clinical site for administration into the patient using controlled temperature shipping containers.
Once
collected from the patient, the cellular source material must be transported to the manufacturing facility using a shipping container
that maintains the material at a required temperature and be delivered typically within three days of collection. While we intend to
use reputable couriers and agents for the transport of such materials, if the shipping container is opened or damaged such that the required
temperature is not maintained, the cellular source material may be adversely impacted, and it may not be feasible to manufacture a drug
product for the patient. Similarly, if a shipment is delayed due to adverse weather, misrouting, other events or held up at a customs
point, the cellular source material may not be delivered within a time window that will allow for its use for the successful manufacture
of a drug product. Similarly, the patient's autologous drug product must be returned to the clinical site for administration into
the patient using a specialized shipping container that maintains the material at a very low temperature for a period of typically up
to ten days. While we intend to use reputable couriers and agents for the transport of our drug products, if the shipping container is
opened or damaged such that the very low temperature is not maintained, the drug product may be adversely impacted, and it may be unsuitable
for administration to the patient or harmful. Similarly, if a shipment is delayed due to adverse weather, misrouting, held up at customs
or other events, and is not delivered to the clinical site within the time period that the very low temperature is maintained, the drug
product may be unsuitable for administration to the patient or harmful.
Our
gene therapies are for autologous use only. Therefore, if a drug product is administered to the wrong patient, the patient could suffer
harm.
Our
gene therapies are autologous, so they must be administered back only to the patient from which the cellular source material was collected.
While we implement specific identifiers, lot numbers and labels with cross checks for our products and operations from collection of
cellular source material, through manufacture of drug product, transport of product to the clinical site up to thawing and administration
of the product, it is possible that a product may be administered into the wrong patient. If an autologous gene therapies were to be
administered into the wrong patient, the patient could suffer harm, including experiencing a severe adverse immune reaction and this
event, should it happen, could adversely affect our business, financial condition, results of operations and prospects.
Our
focus on developing our current product candidates may not yield any commercially viable products, and our failure to successfully identify
and develop additional product candidates could impair our ability to grow.
As
part of our growth strategy, we intend to identify, develop, and market additional product candidates beyond our existing product candidate,
namely Temferon. We may spend several years completing our development of any current or future product candidates, and failure can occur
at any stage. The product candidates to which we allocate our resources may not end up being successful. Because we have limited resources,
we may forego or delay pursuit of opportunities with certain programs or product candidates or for indications that later prove to have
greater commercial potential than Temferon or our other product candidates. Our spending on current and future research and development
programs may not yield any commercially viable product candidates. If we do not accurately evaluate the commercial potential for a particular
product candidate, we may relinquish valuable rights to that product candidate through collaborations, licensing arrangements, joint
ventures, strategic alliances, partnerships, or other arrangements in cases in which it would have been more advantageous for us to retain
sole development and commercialization rights to such product candidate. If any of these events occur, we may be forced to abandon our
development efforts with respect to a particular product candidate or fail to develop a potentially successful product candidate.
In
addition, certain of our current or future product candidates may not demonstrate in patients any or all the pharmacological benefits
we believe they may possess or compare favorably to existing, approved therapies. We have not yet succeeded and may never succeed in
demonstrating efficacy and safety of our product candidates or any future product candidates in preclinical studies, clinical trials
or in obtaining marketing approval thereafter and, therefore, may not result in the discovery and development of commercially viable
products.
If
we are unsuccessful in our development efforts, we may not be able to advance the development of our product candidates, commercialize
products, raise capital, expand our business, or continue our operations.
20
Risks
Related to Our Reliance on Third Parties
We
utilize, and expect to continue to utilize, third parties to conduct some or all aspects of our vector production and product manufacturing
for the foreseeable future, and these third parties may not perform satisfactorily.
We
currently rely on our CMO to produce our viral vectors and certain of our drug products for our ongoing clinical trials and preclinical
studies. For future clinical trials, we intend to utilize materials manufactured by GMP-compliant CMOs. If our partners do not successfully
carry out their contractual duties, meet expected deadlines or manufacture our viral vector and product candidates in accordance with
regulatory requirements or if there are disagreements between us and our CMO, we will not be able to complete, or may be delayed in completing,
the clinical trials required to support approval of our product candidates or AIFA, the FDA, EMA, or other regulatory agencies may refuse
to accept our clinical or preclinical data. In such instances, we may need to enter an appropriate replacement third party relationship,
which may not be readily available or available on acceptable terms, which would cause additional delay or increased expense prior to
the approval of our product candidates and would thereby have a negative impact on our business, financial condition, results of operations
and prospects.
We
have partnered with a commercial GMP-compliant CMO and intend to utilize viral vectors and gene therapy products manufactured by such
CMO for our future clinical trials and products for which we obtain marketing approval. There is no assurance that our CMO, or any other
future third party manufacturer that we engage, will be successful in producing any or all of our viral vector or product candidates,
that any such product will, if required, pass the required comparability testing, or that any materials produced by any other third-party
manufacturer that we engage will have the same effect in patients that we have observed to date. We believe that our manufacturing network
will have sufficient capacity to meet demand for our clinical and existing and expected initial commercial needs, but there is a risk
that if supplies are interrupted or result in poor yield or quality, it would materially harm our business. Additionally, if the gene
therapy industry were to grow, we may encounter increasing competition for the raw materials and consumables necessary to produce our
product candidates. Furthermore, demand for CMO GMP manufacturing capabilities may grow at a faster rate than existing manufacturing
capacity, which could disrupt our ability to find and retain third party manufacturers capable of producing sufficient quantities of
our viral vectors or product candidates for future clinical trials or to meet expected initial commercial demand.
Under
certain circumstances, our current CMO is entitled to terminate its engagements with us. If we need to enter alternative arrangements,
it could delay our development activities. Our reliance on our CMO for certain manufacturing activities will reduce our control over
these activities but will not relieve us of our responsibility to ensure compliance with all required regulations. In addition to our
current CMO, we may rely on additional third parties to manufacture ingredients of our viral vectors and/or drug product in the future
and to perform quality testing, and reliance on these third parties entails risks including:
●
reduced
                                            control for certain aspects of manufacturing activities;
●
termination
                                            or nonrenewal of manufacturing and service agreements with third parties in a manner or at
                                            a time that is costly or damaging to us; and
●
disruptions
                                            to the operations of our third-party manufacturers and service providers caused by conditions
                                            unrelated to our business or operations, including the bankruptcy of the manufacturer or
                                            service provider.
Any
of these events could lead to clinical trial delays or failure to obtain regulatory approval or impact our ability to successfully commercialize
any of our product candidates. Some of these events could be the basis for AIFA, the FDA, EMA, or other regulatory authority action,
including injunction, recall, seizure or total or partial suspension of product manufacture.
We
rely on third parties to conduct our preclinical and clinical studies and perform other tasks for us. If these third parties do not successfully
carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory
approval for or commercialize our product candidates and our business could be substantially harmed.
We
do not expect to independently conduct all aspects of our lentiviral vector protocol development, research, and preclinical and clinical
testing. We currently rely, and plan to continue to rely, upon third party CROs to monitor and manage data for our ongoing preclinical
and clinical programs. Pursuant to the amended and restated license agreement with OSR, we agreed to use OSR as the primary site in any
preclinical study or clinical trial (including all phases thereof) relating to any licensed products in the field of use, subject to
OSR maintaining any required quality standards and providing its services on customary and reasonable terms and consistent with then-applicable
market standards. We rely on these parties, including OSR, for execution of our preclinical and clinical studies, but we can only control
limited aspects of their activities. Nevertheless, we are responsible for ensuring that each of our studies is conducted in accordance
with the applicable protocol, legal, regulatory, and scientific standards, and our reliance on the CROs does not relieve us of our regulatory
responsibilities. We and our CROs and other vendors are required to comply with current GMP, GCP, and Good Laboratory Practices ("GLP"),
which are regulations and guidelines enforced by the FDA, the Competent Authorities of the Member States of the EEA, and comparable foreign
regulatory authorities for all our product candidates in clinical development. Regulatory authorities enforce these regulations through
periodic inspections of study sponsors, principal investigators, study sites and other contractors. If we or any of our CROs or vendors
fail to comply with applicable regulations, the clinical data generated in our clinical studies may be deemed unreliable and AIFA, the
FDA, EMA, or other comparable regulatory authorities may require us to perform additional clinical studies before approving our marketing
applications. We cannot assure you that upon inspection by a given regulatory authority, such regulatory authority will determine that
any of our clinical studies comply with GCP regulations. In addition, our clinical studies must be conducted with product candidates
which are produced under GMP regulations. Our failure to comply with these regulations may require us to repeat clinical studies, which
would delay the regulatory approval process.
21
We
and our collaborators and contract manufacturers are subject to significant regulation with respect to manufacturing our product candidates.
The manufacturing facilities on which we rely may not meet regulatory requirements and have limited capacity.
Contract
manufacturers and their facilities are required to comply with extensive regulatory requirements, including ensuring that quality control
and manufacturing procedures conform to GMPs. These GMP regulations cover all aspects of manufacturing relating to our product candidates
and components used in clinical studies. These regulations govern manufacturing processes and procedures (including record keeping) and
the implementation and operation of quality systems to control and assure the quality of investigational product candidates and products
approved for sale. Poor control of production processes can lead to the introduction of contaminants or to inadvertent changes in the
properties or stability of our product candidates that may not be detectable in final product testing. We, our collaborators, or our
contract manufacturers must supply all necessary documentation in support of a BLA or MAA on a timely basis and must adhere to GLP and
GMP regulations enforced by AIFA, the FDA, EMA, and other regulatory authorities through their facilities inspection program. The facilities
and quality systems of some or all our collaborators and third-party contractors must pass a pre-approval inspection for compliance with
the applicable regulations as a condition of regulatory approval of our product candidates or any of our other potential product candidates.
In addition, the regulatory authorities may, at any time, audit or inspect a manufacturing facility involved with the preparation of
our product candidates or our other potential product candidates or the associated quality systems for compliance with the regulations
applicable to the activities being conducted. We do not control the manufacturing process of, and are completely dependent on, our contract
manufacturing partners for compliance with the regulatory requirements. If these facilities do not pass a pre-approval plant inspection,
regulatory approval of the product candidates may not be granted or may be substantially delayed until any violations are corrected to
the satisfaction of the regulatory authority, if ever. Moreover, if our contract manufacturers fail to achieve and maintain high manufacturing
standards, in accordance with applicable regulatory requirements, or there are substantial manufacturing errors, this could result in
patient injury or death, product shortages, product recalls or withdrawals, delays or failures in product testing or delivery, cost overruns
or other problems that could seriously harm our business.
We
are dependent on a limited number of suppliers and, in some instances, a sole supplier, for some of our components and materials used
in our product candidates.
We
currently depend on a limited number of suppliers and, in some instances, a sole supplier, for some of the components and equipment necessary
to produce our viral vectors and drug product. We cannot be sure that these suppliers will remain in business, or that they will not
be purchased by one of our competitors or another company that is not interested in continuing to produce these materials for our intended
purpose. Our use of a sole or a limited number of suppliers of raw materials, components and finished goods exposes us to several risks,
including disruptions in supply, price increases, late deliveries, and an inability to meet customer demand. There are, in general, relatively
few alternative sources of supply for these components, and in some cases, no alternatives. These vendors may be unable or unwilling
to meet our future demands for our clinical trials or commercial sale. Establishing additional or replacement suppliers for these components
could take a substantial amount of time and it may be difficult to establish replacement suppliers who meet regulatory requirements.
Any disruption in supply from any supplier or manufacturing location could lead to supply delays or interruptions which would damage
our business, financial condition, results of operations and prospects.
If
we are required to switch to a replacement supplier, the manufacture and delivery of our viral vectors and product candidates could be
interrupted for an extended period, adversely affecting our business. Establishing additional or replacement suppliers may not be accomplished
quickly. If we can find a replacement supplier, the replacement supplier would need to be qualified and may require additional regulatory
authority approval, which could result in further delay. For example, AIFA, the FDA, EMA, or other regulatory authorities could require
additional supplemental data, manufacturing data and comparability data up to and including clinical trial data if we rely upon a new
supplier. We may be unsuccessful in demonstrating the comparability of clinical supplies which could require the conduct of additional
clinical trials. While we seek to maintain adequate inventory of the components and materials used in our product candidates, any interruption
or delay in the supply of components or materials, or our inability to obtain components or materials from alternate sources at acceptable
prices in a timely manner, could impair our ability to conduct our clinical trials and, if our product candidates are approved, to meet
the demand of our customers and cause them to cancel orders.
In
addition, as part of the regulatory process for approval of our product candidates, the regulatory authorities must review and approve
the individual components of our production process, which includes raw materials, the manufacturing processes, and facilities of our
suppliers. Some of our current suppliers have not undergone this process nor have they had any components included in any product approved
by regulatory authorities.
Our
reliance on these suppliers subjects us to a number of risks that could harm our reputation, business, and financial condition, including,
among other things:
●
the
                                            interruption of supply resulting from modifications to or discontinuation of a supplier's
                                            operations;
●
delays
                                            in product shipments resulting from uncorrected defects, reliability issues, or a supplier's
                                            variation in a component;
●
a
                                            lack of long-term supply arrangements for key components with our suppliers;
●
the
                                            inability to obtain adequate supply in a timely manner, or to obtain adequate supply on commercially
                                            reasonable terms;
●
difficulty
                                            and cost associated with locating and qualifying alternative suppliers for our components
                                            in a timely manner;
●
production
                                            delays related to the evaluation and testing of products from alternative suppliers, and
                                            corresponding regulatory qualifications;
●
a
                                            delay in delivery due to our suppliers prioritizing other customer orders over ours;
●
damage
                                            to our reputation caused by defective components produced by our suppliers;
●
increased
                                            cost of our warranty program due to product repair or replacement based upon defects in components
                                            produced by our suppliers; and
●
fluctuation
                                            in delivery by our suppliers due to changes in demand from us or their other customers.
If
any of these risks materialize, costs could significantly increase and our ability to conduct our clinical trials and, if our product
candidates are approved, to meet demand for our products could be impacted.
22
Any
collaborations, licensing arrangements, joint ventures, strategic alliances, or partnerships that we may enter in the future may not
be successful, which could adversely affect our ability to develop and commercialize our current and potential future product candidates.
We
may seek collaborations, licensing arrangements, joint ventures, strategic alliances or partnerships with biotechnology or pharmaceutical
companies or other third parties for the development or commercialization of our current and potential future product candidates. We
may enter these transactions or arrangements on a selective basis depending on the merits of retaining commercialization rights for ourselves
as compared to entering selective transactions or arrangements with other biotechnology or pharmaceutical companies or other third parties
for each product candidate, both in the U.S. and internationally. To the extent that we decide to enter these transactions or arrangements,
we will face significant competition in seeking appropriate collaborators. Moreover, collaborations or alternative transactions or arrangements
are complex, and time consuming to negotiate, document and implement. We may not be successful in our efforts to establish and implement
collaborations or other alternative transactions or arrangements should we choose to enter into such transactions or arrangements. The
terms of any collaborations or other transactions or arrangements that we may establish may not be favorable to us.
Additionally,
we may not be able to exercise sole decision-making authority regarding the transaction or arrangement, which could create the potential
risk of creating impasses on decisions, and our collaborators may have economic or business interests or goals that are, or that may
become, inconsistent with our business interests or goals. It is possible that conflicts may arise with our collaborators, such as conflicts
concerning the achievement of performance milestones, or the interpretation of significant terms under any agreement, such as those related
to financial obligations, the ownership or control of intellectual property developed during the collaboration or the scope of our or
our collaborators' other rights or obligations related to development or commercialization activities. If any conflicts arise with
our current or future collaborators, they may act in their self-interest, which may be averse to our best interest, and they may breach
their obligations to us. In addition, we have limited control over the amount and timing of resources that our current collaborators
or any future collaborators devote to our collaborators' or our future products. Disagreements between us and our collaborators
can lead to delays in the development process or commercializing the applicable product candidate or product, may result in litigation
or arbitration, which would increase our expenses and divert the attention of our management, and may result in termination or dissolution
of the transaction or arrangement and, in such event, we may not continue to have rights to the product candidate or products relating
to such transaction or arrangement or may need to purchase such rights at a premium. These disagreements can be difficult to resolve
if neither of the parties has final decision-making authority.
Collaborations
with biotechnology or pharmaceutical companies and other third parties often are terminated or allowed to expire by the other party.
Any such termination or expiration could adversely affect us financially and could harm our business reputation.
Our
reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them
or that our trade secrets will be misappropriated or otherwise disclosed.
Because
we rely on third parties to develop and manufacture our product candidates, we must, at times, share trade secrets with them. We seek
to protect our proprietary technology in part by entering into confidentiality agreements and, if applicable, material transfer agreements,
collaborative research agreements, consulting agreements or other similar agreements with our collaborators, advisors, employees, and
consultants prior to beginning research or disclosing proprietary information. These agreements typically limit the rights of the third
parties to use or disclose our confidential information, such as trade secrets. Despite the contractual provisions employed when working
with third parties, the need to share trade secrets and other confidential information increases the risk that such trade secrets become
known by our competitors, are inadvertently incorporated into the technology of others, or are disclosed or used in violation of these
agreements. Given that our proprietary position is based, in part, on our know-how and trade secrets, a competitor's discovery
of our trade secrets or other unauthorized use or disclosure would impair our competitive position and may have a material adverse effect
on our business.
In
addition, these agreements typically restrict the ability of our collaborators, advisors, employees, and consultants to publish data
potentially relating to our trade secrets. Our principal investigators, physicians and academic collaborators typically have rights to
publish data, if we are notified in advance and may delay publication for a specified time in order to secure our intellectual property
rights arising from the collaboration. Despite our efforts to protect our trade secrets, our competitors may discover our trade secrets,
either through breach of these agreements, independent development or publication of information including our trade secrets in cases
where we do not have proprietary or otherwise protected rights at the time of publication. A competitor's discovery of our trade
secrets would impair our competitive position and have an adverse impact on our business.
Risks
Related to Intellectual Property
We
depend on a license agreement with OSR to permit us to use patents and patent applications, as well as to exploit specific OSR know-how.
Termination of these rights or the failure to comply with obligations under this agreement could materially harm our business and prevent
us from developing or commercializing our product candidates (Temferon in particular).
We
are party to an amended and restated license agreement (the "ARLA") with OSR under which we were granted rights to patents
and patent applications, as well as proprietary technologies, that are important and necessary to our business, including our Temferon
based product candidates. Our rights to use these patents and patent applications and employ the inventions claimed in these licensed
patents, as well as the exploitation of OSR proprietary technology, are subject to the continuation of, and our compliance with, the
terms of the ARLA.
The
ARLA imposes upon us various diligence, payment and other obligations, including the following:
●
our
                                            obligation to pay OSR various milestone payments upon the achievement of certain milestone
                                            events, such as the initiation of different phases of clinical trials of a licensed product,
                                            MAA approval by a major market country, MAA approval in the U.S., the first commercial sale
                                            of a licensed product in the U.S. and certain E.U. countries, and achievement of certain
                                            net sales levels;
●
our
                                            obligation to pay OSR royalties based on net sales of each licensed product;
●
our
                                            obligation to pay OSR a royalty of our net sublicensing income for each licensed product;
                                            and
●
our
                                            obligation to pay costs associated with the preparation, prosecution and maintenance of the
                                            licensed patent rights.
23
We
do not currently own any patents, and we are heavily reliant upon the ARLA to licensed patents that are important or necessary to the
development of our technology and product candidates, including the patents relating to Temferon. Our license is exclusive only to specific
fields of use, namely: the field(s) of Interferon ("IFN") gene therapy by lentiviral based-HSPC gene transfer with respect
to (a) any Solid Cancer Indication (as defined in the ARLA) (including GBM and solid liver cancer) and/or (b) any Lympho-Hematopoietic
Indication (as defined in the ARLA) for which we exercise an option to be included as part of the field of use, as provided in the ARLA;
and (2) certain specified gene therapy products developed during the license term for use in the aforementioned field(s). Although we
have exclusive option rights to license additional fields of use, or indications, upon the payment of additional fees to OSR, there is
no guarantee that we will be in a position to do so within the time period specified to exercise such right.
We
do not control the preparation, prosecution and maintenance of the licensed patent rights under the ARLA, or the enforcement of the licensed
patent rights and know-how rights against infringement by third parties. Thus, the licensed patent rights were not drafted by us or our
attorneys, and we do not control or have any input into the prosecution of these patent rights. We cannot be certain that drafting or
prosecution of the licensed patent rights has been conducted in compliance with applicable laws and regulations or will result in valid
and enforceable patents. OSR maintains control of the preparation, prosecution and maintenance of the licensed patent rights, and controls
enforcement of the licensed patent rights and know-how rights.
Pursuant
to the ARLA, OSR may terminate the agreement in the event we breach certain of our obligations or fail to make certain payments and upon
our liquidation. In addition, OSR may terminate our rights as to certain fields of use for our failure to achieve certain development
milestones for specified licensed products within certain time periods. In addition, OSR may terminate the agreement in the event that
commercialization of a licensed product is not started within 24 months from the grant of both (i) the MAA approval and (ii) the pricing
approval of such licensed product, provided that such termination will relate solely to such licensed product and to such country or
region to which both such MAA approval and pricing approval were granted. If the ARLA is terminated, we may not be able to develop, manufacture,
market or sell the product candidates covered by the agreement and those being tested or approved in combination with such products.
Such an occurrence could materially adversely affect the value of the product candidates being developed under the ARLA.
Disputes
may arise regarding intellectual property subject to, and any of our rights and obligations under, the ARLA or any other license or other
strategic agreement, including:
●
the
                                            scope of rights granted under the license agreement and other interpretation-related issues;
●
the
                                            extent to which our technology and processes infringe, misappropriate or violate the intellectual
                                            property of the licensor that is not subject to the license agreement;
●
our
                                            diligence obligations under the license agreement and what activities satisfy those diligence
                                            obligations;
●
the
                                            sublicensing of patent and other rights to third parties under any such agreement or collaborative
                                            relationships;
●
the
                                            inventorship and ownership of inventions and know-how resulting from the joint creation or
                                            use of intellectual property by our licensors and us and our partners; and
●
the
                                            priority of invention of patented technology.
In
addition, the agreements under which we license intellectual property or technology to or from third parties are complex, and certain
provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement
that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology or increase
what we believe to be our financial or other obligations under the relevant agreement, either of which could have a material adverse
effect on our business, financial condition, results of operations and prospects. Moreover, if disputes over intellectual property that
we have licensed prevent or impair our ability to maintain our current licensing arrangements on commercially acceptable terms, we may
be unable to successfully develop and commercialize the affected product candidates.
Our
business also would suffer if any current or future licensors fail to abide by the terms of the license, if the licensors fail to enforce
licensed patents against infringing third parties, if the licensed patents or other rights are found to be invalid or unenforceable,
or if we are unable to enter necessary licenses on acceptable terms. Moreover, our licensors may own or control intellectual property
that has not been licensed to us, and as a result, we may be subject to claims, regardless of their merit, that we are infringing, misappropriating
or otherwise violating the licensor's rights.
In
addition, if we are unable to successfully obtain rights to required third-party intellectual property rights or maintain the existing
intellectual property rights we have, we may have to seek alternative options, such as developing new product candidates with design-around
technologies, which may require more time and investment, or abandon development of the relevant research programs or product candidates
and our business, financial condition, results of operations and prospects could suffer.
We
have been granted licenses in certain fields of use to patent applications. There can be no assurance that any of the patent applications
for which we have licenses will result in issued patents. As a result, our ability to protect our proprietary technology in the marketplace
may be limited.
We
have been granted licenses in certain fields of use to patent applications in many countries worldwide. These applications cover a range
of areas including applications relating, in general terms, to the use of gene vectors comprising a miRNA target sequence, and the use
of gene vectors comprising an interferon-alpha transgene operably linked to a miRNA-130a or miRNA-126 target sequence. Unless and until
the pending patent applications are issued, their protective scope is impossible to determine. It is also impossible to predict whether
or how many of the patent applications will result in issued patents. Even if pending applications are issued, they may be issued with
coverage significantly narrower than what is currently sought.
Our
proprietary position for our product candidates currently depends in part upon licenses to patents protecting methods of use, which may
not prevent a competitor or other third party from using the same product candidate for another use.
Composition
of matter patent claims on the active pharmaceutical ingredient ("API") in pharmaceutical drug products are generally considered
to be the favored form of intellectual property protection for pharmaceutical products, as such patents generally provide protection
without regard to any method of use, manufacture or formulation of the API used. Method of use patent claims protect the use of a product
for the specified method and dosing. These types of patent claims do not prevent a competitor or other third party from making and marketing
an identical API for an indication that is outside the scope of the method claims or from developing a different dosing regimen. Moreover,
even if competitors or other third parties do not actively promote their product for our targeted indications or uses for which we may
obtain patents, physicians may recommend that patients use these products off-label, or patients may do so themselves. Although off-label
use may infringe or contribute to the infringement of method of use patents, the practice is common and such infringement is difficult
to prevent or prosecute.
24
Even
if patents are issued based on patent applications to which we have been granted a license, because the patent positions of pharmaceutical
and biotechnology products are complex and uncertain, we cannot predict the scope and extent of patent protection for our product candidates.
Any
patents that may be issued based on patent applications that we have been granted licenses to will not ensure sufficient protection with
respect to our activities for a number of reasons, including without limitation the following:
●
any
                                            issued patents may not be broad or strong enough to prevent competition from other gene therapy
                                            products including identical or similar products;
●
if
                                            patents are not issued or if issued patents expire, there would be no protections against
                                            competitors making generic equivalents;
●
there
                                            may be prior art of which we are not aware that may affect the validity or enforceability
                                            of a patent claim;
●
there
                                            may be other patents existing, now or in the future, in the patent landscape for Temferon,
                                            or any other product candidates that we seek to commercialize or develop, if any, that will
                                            affect our freedom to operate;
●
if
                                            patents that we have been granted licenses to are challenged, a court could determine that
                                            they are not valid or enforceable;
●
a
                                            court could determine that a competitor's technology or product does not infringe patents
                                            that we have been granted licenses to;
●
patents
                                            to which we have been granted licenses could irretrievably lapse due to failure to pay fees
                                            or otherwise comply with regulations, or could be subject to compulsory licensing; and,
●
if
                                            we encounter delays in our development or clinical trials, the period of time during which
                                            we could market our products under patent protection would be reduced.
Obtaining
and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements
imposed by governmental patent agencies, and patent protection could be reduced or eliminated for noncompliance with these requirements.
Periodic
maintenance fees on any issued patent are due to be paid to the U.S. Patent and Trademark Office ("USPTO") and foreign Intellectual
Property Offices in several stages over the term of the patent. Maintenance fees are also due for pending patent applications in some
countries. The USPTO and various foreign governmental patent agencies require compliance with a number of procedural, documentary, fee
payment, and other similar provisions during the patent application process. While an inadvertent lapse can in many cases be cured by
payment of a late fee or by other means in accordance with the applicable rules, there are situations in which noncompliance can result
in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction.
Noncompliance events that could result in abandonment or lapse of a patent or patent application include, but are not limited to, failure
to respond to office actions within prescribed time limits, non-payment of fees and failure to properly legalize and submit formal documents.
In such an event, our competitors might be able to enter the market, which would have a material adverse effect on our business.
The
life of patent protection is limited, and third parties could develop and commercialize products and technologies similar or identical
to ours and compete directly with us after the patent licensed to us expires, which could materially and adversely affect our ability
to commercialize our products and technologies.
The
life of a patent and the protection it affords is limited. For example, in the U.S., if all maintenance fees are timely paid, the natural
expiration of a patent is generally 20 years from its earliest U.S. non-provisional filing date. In Europe, the expiration of an invention
patent is 20 years from its filing date. Even if we successfully obtain patent protection for an approved drug candidate, it may face
competition from generic or biosimilar medications. Manufacturers of generic or biosimilar drugs may challenge the scope, validity or
enforceability of the patents underlying our technology in court or before a patent office, and the patent holder may not be successful
in enforcing or defending those intellectual property rights and, as a result, we may not be able to develop or market the relevant product
candidate exclusively, which would materially adversely affect any potential sales of that product.
25
Given
the amount of time required for the development, testing and regulatory review of new drug candidates, patents protecting such drug candidates
might expire before or shortly after such drug candidates are commercialized. As a result, the patents and patent applications licensed
to us may not provide us with sufficient rights to exclude others from commercializing products similar or identical to ours. Even if
we believe that the U.S. patents involved are eligible for certain (and time-limited) patent term extensions, there can be no assurance
that the applicable authorities, including the FDA and the USPTO, and any equivalent regulatory authority in other countries, will agree
with our assessment of whether such extensions are available, and such authorities may refuse to grant extensions to such patents, or
may grant more limited extensions than requested. For example, depending upon the timing, duration, and specifics of any FDA marketing
approval of any product candidates we may develop, one or more of the U.S. patents licensed to us may be eligible for limited patent
term extension under the Drug Price Competition and Patent Term Restoration Action of 1984 (the "Hatch-Waxman Amendments").
The Hatch-Waxman Amendments permit a patent extension term of up to five (5) years as compensation for patent term lost during the FDA
regulatory review process. A patent term extension cannot extend the remaining term of a patent beyond a total of 14 years from the date
of product approval, only one patent may be extended and only those claims covering the approved drug, a method for using it, or a method
for manufacturing it may be extended. However, we may not be granted an extension because of, for example, failing to exercise due diligence
during the testing phase or regulatory review process, failing to apply within applicable deadlines, failing to apply prior to expiration
of relevant patents, or otherwise failing to satisfy applicable requirements. Moreover, the applicable period or the scope of patent
protection afforded could be less than requested. If we are unable to obtain patent term extension or term of any such extension is less
than requested, our competitors may obtain approval of competing products following our patent expiration, and our business could be
harmed. Changes in either the patent laws or interpretation of the patent laws in the U.S. and other countries may diminish the value
of our patents or narrow the scope of our patent protection.
The
patents and pending patent applications licensed to us for our product candidates are expected to expire on various dates as described
in "Business— Intellectual Property." Upon the expiration, we will not be able to assert such licensed patent rights
against potential competitors, which would materially adversely affect our business, financial condition, results of operations and prospects.
We
may need to license intellectual property from third parties, and such licenses may not be available or may not be available on commercially
reasonable terms or at all.
There
may be intellectual property rights existing now, or in the future, relevant to Temferon, or any other product candidates that we seek
to commercialize or develop, if any, that may affect our ability to commercialize such product candidates. Although the Company is not
aware of any such intellectual property rights, a third party may hold intellectual property rights, including patent rights, that are
important or necessary to the development or manufacture of our product candidates. Even if all our main product candidates are covered
by patents, it may be necessary for us to use the patented or proprietary technology of third parties to commercialize our product candidates,
in which case we would be required to obtain a license from these third parties. Such a license may not be available on commercially
reasonable terms, or at all, and we could be forced to accept unfavorable contractual terms. In that event, we may be required to expend
significant time and resources to redesign our technology, product candidates, or the methods for manufacturing them or to develop or
license replacement technology, all of which may not be feasible on a technical or commercial basis. If we are unable to do so, our business
could be harmed.
The
licensing or acquisition of third party intellectual property rights is a competitive area, and several more established companies may
pursue strategies to license or acquire third party intellectual property rights that we may consider attractive or necessary. These
established companies may have a competitive advantage over us due to their size, capital resources and greater clinical development
and commercialization capabilities. In addition, companies that perceive us to be a competitor may be unwilling to assign, or license
rights to us. We also may be unable to license or acquire third party intellectual property rights on terms that would allow us to make
an appropriate return on our investment or at all. If we are unable to successfully obtain rights to required third party intellectual
property rights or maintain the existing intellectual property rights we have, we may have to abandon development of the relevant program
or product candidate, which could have a material adverse effect on our business, financial condition, results of operations, and prospects.
We
may become involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and unsuccessful.
In
addition to the possibility of litigation relating to infringement claims asserted against it, we may become a party to other patent
litigation and other proceedings, including
inter partes
review proceedings, post-grant review proceedings, derivation proceedings
declared by the USPTO and similar proceedings in foreign countries, regarding intellectual property rights with respect to our current
or future technologies or product candidates or products. Pursuant to the ARLA, OSR has the right to enforce the patents at its own expense.
However, if OSR fails to do so, we have the right to enforce the licensed patents in the field of use, at our expense. The cost to us
of any patent litigation or other proceeding, even if resolved in our favor, could be substantial. Some of our competitors may be able
to sustain the costs of such litigation or proceedings more effectively than we can because of their substantially greater financial
resources. Patent litigation and other proceedings may also absorb significant management time. Uncertainties resulting from the initiation
and continuation of patent litigation or other proceedings could impair our ability to compete in the marketplace.
Competitors
may infringe or otherwise violate our intellectual property. As a result, we may be required to file claims to stop third-party infringement
or unauthorized use. Any such claims could provoke these parties to assert counterclaims against us, including claims alleging that we
infringe their patents or other intellectual property rights, and/or that any of our intellectual property ("IP"), including
licensed IP, is invalid and/or unenforceable. This can be prohibitively expensive, particularly for a company of our size, and time-consuming,
and even if we are successful, any award of monetary damages or other remedy we may receive may not be commercially valuable. In addition,
in an infringement proceeding, a court may decide that our asserted intellectual property is not valid, or is unenforceable, or may refuse
to stop the other party from using the technology at issue on the grounds that our intellectual property does not cover its technology.
An adverse determination in any litigation or defense proceedings could put our intellectual property at risk of being invalidated or
interpreted narrowly and could put our patent applications at risk of not being issued.
If
the breadth or strength of our patent or other intellectual property rights is compromised or threatened, it could allow third parties
to exploit and commercialize our technology or products or result in our inability to exploit and/or commercialize our technology and
products without infringing third-party intellectual property rights. Further, third parties may be dissuaded from collaborating with
us.
Interference
or derivation proceedings brought by the USPTO, or its foreign counterparts may be necessary to determine the priority of inventions
with respect to our patent applications, and we may also become involved in other proceedings, such as re -examination proceedings, before
the USPTO or its foreign counterparts. Due to the substantial competition in the pharmaceutical space, the number of such proceedings
may increase. This could delay the prosecution of our pending patent applications or impact the validity and enforceability of any future
patents that we may obtain. In addition, any such litigation, submission or proceeding may be resolved adversely to us and, even if successful,
may result in substantial costs and distraction to our management.
26
Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation, even if some jurisdictions have specific
rules to maintain confidentiality during the proceedings. Moreover, intellectual property law relating to the fields in which we operate
is still evolving and, consequently, patent, and other intellectual property rights in our industry, are subject to change and are often
uncertain. We may not prevail in any of these suits or other efforts to protect our technology, and the damages or other remedies awarded,
if any, may not be commercially valuable. During this type of litigation, there could be public announcements of the results of hearings,
motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, the
market price for our common stock could be significantly harmed.
Intellectual
property litigation could cause us to spend substantial resources and distract our personnel from their normal responsibilities.
Litigation
or other legal proceedings relating to intellectual property claims, with or without merit, is unpredictable and generally expensive
and time consuming and is likely to divert significant resources from our core business, including distracting our technical and management
personnel from their normal responsibilities. Furthermore, because of the substantial amount of discovery required in connection with
intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during
this type of litigation. In addition, there could be public announcements of the results of hearings, motions or other interim proceedings
or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect
on the price of our common stock and negatively impact our ability to raise additional funds. Such litigation or proceedings could substantially
increase our operating losses and reduce the resources available for development activities or any future sales, marketing, or distribution
activities.
We
may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors may
be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources
and more mature and developed intellectual property portfolios. Accordingly, despite our efforts, we may not be able to prevent third
parties from infringing upon or misappropriating or from successfully challenging our intellectual property rights. Uncertainties resulting
from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on our ability to
compete in the marketplace.
Any
trademarks we may obtain may be infringed or successfully challenged, resulting in harm to our business.
We
expect to rely on trademarks, including Temferon, as one means to distinguish any of our product candidates that are approved for marketing
from the products of our competitors. Other than Temferon, which we have registered in the E.U. and the U.S., we have not yet selected
trademarks for our product candidates and have not yet begun the process of applying to register trademarks for any other of our product
candidates. Once we select trademarks and apply to register them, our trademark applications may not be approved. Third parties may oppose
our trademark applications, or otherwise challenge our use of the trademarks. If our trademarks are successfully challenged, we could
be forced to rebrand our products, which could result in loss of brand recognition and could require us to devote resources to advertising
and marketing new brands. Our competitors may infringe upon our trademarks and we may not have adequate resources to enforce our trademarks.
In
addition, any proprietary name we propose to use with our clinical-stage product candidates or any other product candidate in the U.S.
must be approved by the FDA, regardless of whether we have registered it, or applied to register it, as a trademark. The FDA typically
conducts a review of proposed product names, including an evaluation of the potential for confusion with other product names. If the
FDA objects to any of our proposed proprietary product names, we may be required to expend significant additional resources to identify
a suitable proprietary product name that would qualify under applicable trademark laws, not infringe the existing rights of third parties
and be acceptable to the FDA. The EMA may also object to our proposed proprietary product name that infringes the existing rights of
third parties.
If
our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest
and our business may be adversely affected. Over the long term, if we are unable to establish name recognition based on our trademarks
and trade names, then we may not be able to compete effectively, and our business may be adversely affected. Our efforts to enforce or
protect our proprietary rights related to trademarks, trade secrets, domain names, copyrights or other intellectual property may be ineffective
and could result in substantial costs and diversion of resources and could adversely affect our business, financial condition, results
of operations and growth prospects.
We
may not be able to enforce intellectual property rights throughout the world.
Filing,
prosecuting, and defending patent applications and issued patents on product candidates in all countries throughout the world would be
prohibitively expensive, and intellectual property rights that we have been granted licenses to in some countries outside the U.S. and
Italy can be less extensive than those in the U.S. and Italy. In addition, the laws of some foreign countries do not protect intellectual
property to the same extent as laws in the U.S. and Italy. Consequently, we may not be able to seek to prevent third parties from practicing
inventions that are the subject of patents that we have been granted licenses to in all countries outside the U.S. and Italy, or from
selling or importing products made using inventions that are the subject of patents that we have been granted licenses to in and into
the U.S. or other jurisdictions. Competitors, for example, may use technologies that are the subject of patents that we have been granted
licenses to in jurisdictions where we have not licensed patents to develop their own products and further, may export otherwise infringing
products to territories where we have been granted licenses to patents, but enforcement is not as strong as that in the U.S. and Italy.
Many
companies have encountered significant problems in protecting and defending intellectual property in foreign jurisdictions. The legal
systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets and other
intellectual property, particularly those relating to pharmaceutical and biotechnology products, which could make it difficult for us
to stop the infringement of patents that we have been granted licenses to or marketing of competing products in violation of our proprietary
rights generally. To date, we have not sought to enforce any issued patents in these foreign jurisdictions. Proceedings to enforce patent
rights that we have been granted licenses to in foreign jurisdictions could result in substantial costs and divert our efforts and attention
from other aspects of our business, could put patents that we have been granted licenses to at risk of being invalidated or interpreted
narrowly and patent applications that we have been granted licenses to at risk of not issuing and could provoke third parties to assert
claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be
commercially meaningful. The requirements for patentability may differ in certain countries, particularly developing countries. Certain
countries in Europe and developing countries, including China and India, have compulsory licensing laws under which a patent owner may
be compelled to grant licenses to third parties. In those countries, we and our licensors may have limited remedies if patents are infringed
or if we or our licensors are compelled to grant a license to a third party, which could materially diminish the value of those patents.
This could limit our potential revenue opportunities. Accordingly, our efforts to enforce intellectual property rights that we have been
granted licenses to around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that
we develop or license.
27
If
we are unable to maintain effective proprietary rights for our product candidates, we may not be able to compete effectively in our markets.
In
addition to the protection afforded by any issued patents to which we have been granted licenses and future patents that may be granted,
our license agreement with OSR provides rights to access know-how, or trade secrets. We seek to preserve the integrity and confidentiality
of our data, trade secrets and intellectual property by maintaining physical security of our premises and physical and electronic security
of our information technology systems, as well as by entering into confidentiality agreements. Agreements or security measures may be
breached or could expire, and we may not have adequate remedies for any breach and/or expiration. In addition, our trade secrets may
otherwise become known or be independently discovered by competitors.
We
cannot provide any assurances that trade secrets and other confidential proprietary information will not be disclosed in violation of
confidentiality agreements or that competitors will not otherwise gain access to trade secrets or independently develop substantially
equivalent information and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of trade secrets could impair
our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken to maintain trade secrets
and intellectual property are deemed inadequate, we may have insufficient recourse against third parties for misappropriating any trade
secret.
Third
parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would
be uncertain and could have a material adverse effect on the success of our business.
Our
commercial success depends upon our ability to develop, manufacture, market and sell our platform technology without infringing the proprietary
rights of third parties. There is considerable intellectual property litigation in the biotechnology and pharmaceutical industries. While
no such judicial litigation has been brought against us and we have not been held by any court to have infringed a third party's
intellectual property rights, we cannot guarantee that our technology or use of our technology does not infringe third-party patents.
It is also possible that we have failed to identify relevant third-party patents or applications. For example, applications filed before
November 29, 2000, and certain applications filed after that date that will not be filed outside the U.S. remain confidential until patents
issue. Patent applications in the U.S. and elsewhere are published approximately 18 months after the earliest filing, which is referred
to as the priority date in cases where priority is claimed. Therefore, patent applications covering our technology could have been filed
by others without our knowledge. Additionally, pending patent applications which have been published can, subject to certain limitations,
be later amended in a manner that could cover our technology.
In
March 2013, the U.S. transitioned to a 'first to file' system in which the first inventor to file a patent application will
be entitled to the patent. Third parties are allowed to submit prior art prior to the issuance of a patent by the USPTO and may become
involved in post-grant review or derivation proceedings for applications filed on or after March 16, 2013, interference proceedings for
applications filed before March 16, 2013,
ex parte
reexamination, or
inter partes
review challenging our patent rights
or the patent rights of others. An adverse determination in any such submission, proceeding or litigation could reduce the scope of,
or invalidate, our patent rights, which could adversely affect our competitive position with respect to third parties. We may become
party to, or threatened with, future adversarial proceedings or litigation regarding intellectual property rights with respect to our
technology, including
inter partes
review, interference, or derivation proceedings before the USPTO and similar bodies in other
countries. Third parties may assert infringement claims against us based on existing intellectual property rights and intellectual property
rights that may be granted in the future.
We
are aware of issued patents in the U.S. that cover the lentiviral vectors used in the manufacture of our product candidates.
If
we are found to infringe a third party's intellectual property rights, we could be required to obtain a license from such third
party to continue developing and marketing our technology. However, we may not be able to obtain any required license on commercially
reasonable terms or at all. Any inability to secure licenses or alternative technology could result in delays in the introduction of
our products or lead to prohibition of the manufacture or sale of products by us. Even if we were able to obtain a license, it could
be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. We could be forced, including by court
order, to cease commercializing the infringing technology. In addition, we could be found liable for monetary damages, including treble
damages and attorneys' fees if we are found to have willfully infringed a patent. A finding of infringement could prevent us from
commercializing our technology or force us to cease some of our business operations, which could materially harm our business. Claims
that we have misappropriated the confidential information or trade secrets of third parties could have a similar negative impact on our
business.
We
may be subject to claims asserting that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets,
inventions, or intellectual property rights of their current or former employers or claims asserting ownership of what we regard as intellectual
property that we have been granted licenses to.
Certain
of our employees, consultants or advisors are currently, or were previously, employed at universities or other biotechnology or pharmaceutical
companies, including our competitors or potential competitors. Although we try to ensure that our employees, consultants, and advisors
do not use the proprietary information or know-how of others in their work for us, we may be subject to claims that these individuals
or we have used or disclosed intellectual property, including trade secrets or other proprietary information, of any such individual's
current or former employer. Litigation may be necessary to defend against these claims. If we fail to defend any such claims, in addition
to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in defending against
such claims, litigation could result in substantial costs and be a distraction to management. Our licensors may face similar risks, which
could have an adverse impact on intellectual property that is licensed to us.
In
this respect, our key people Mr. Luigi Naldini and Mr. Bernhard Gentner are also employees of OSR –- San Raffaele Hospital, and
have been appointed, according to a consultancy agreement, as directors of our scientific committee for the purpose of designing and
developing the preclinic research and clinic experimentation program around cancers (Prof. Naldini) and mieloma (Dr. Gentner) gene therapy.
The relevant consultancy agreements do not set forth any specific representation and warranty in our favor that their activities do not
infringe any third party's intellectual property rights (in particular, of OSR). In this respect, Dr. Naldini and Dr. Gentner have
executed a statement whereby they have declared that their consultancy activities in our favor have been carried out by the same without
infringing upon the intellectual property rights of OSR. OSR is not part of this statement and, therefore, OSR could in any case address
claims against us with respect to an infringement of its intellectual property right by Dr. Naldini and Dr. Gentner in relation to their
activity in our favor.
28
There
may be claims challenging the inventorship of patents and other intellectual property that we have been granted licenses to.
There
may be claims that former employees, collaborators, or other third parties have an interest in patents or other intellectual property
that we have been granted licenses to as an inventor or co-inventor. For example, we may have inventorship disputes arise from conflicting
obligations of consultants or others who are involved in developing our product candidates. Litigation may be necessary to defend against
these and other claims challenging inventorship. If we fail in defending any such claims, in addition to paying monetary damages, there
may be a loss of valuable intellectual property rights to us or our licensors, such as exclusive ownership of, or right to use, valuable
intellectual property. Such an outcome could have a material adverse effect on our business. Even if we are successful in defending against
such claims, litigation could result in substantial costs and be a distraction to management and other employees. In addition, we may
receive less revenue from future products if any of our employees successfully claim compensation for their work in developing intellectual
property, which in turn could have an impact on our future profitability.
Under
applicable employment laws, we may not be able to prevent our employees or key consultants, after the termination of their relationship
with us or –- with reference to key consultants –- during the same, to perform competitive activity in favor of other companies
nor to enforce covenants not to compete and therefore may be unable to prevent our competitors from benefiting from the expertise of
such employees or consultants. In addition, employees and consultants may be entitled to seek compensation for their inventions irrespective
of their agreements with us.
To
date, we have not entered into non-competition agreements with our current employees to prevent them, after the termination of their
employment, to perform competitive activity in favor of other employers. Therefore, we cannot exclude the fact that such employers may
benefit from the expertise of our current employees developed while working for us, after the termination of their employment. We sometimes
enter into non-competition agreements with certain key consultants. These agreements prohibit key consultants, if they cease working
for us, from competing directly with us or working for our competitors or clients for a limited period. We may be unable to enforce these
agreements under the laws of the jurisdictions in which our consultants work and it may be difficult for us to restrict our competitors
from benefitting from the expertise our former consultants developed while working for us. Under Italian law, a non-competition agreement
could be invalidated if, for example, the geographic scope of the non-competition agreement is too broad, or, alternatively, such an
agreement could be deemed by an Italian court to be an occupation ban. Such actions would make enforcing our non-competition agreements
more challenging and could make it easier for our competitors to employ or benefit from the expertise of our key consultants. In addition,
we cannot exclude that our current independent consultants may perform activities –during their relationship with us- which could
result in competition / conflict with our activity (e.g., in case they perform their activity for the benefit of other employers or companies).
Lastly, with reference to the key consultants with whom no non-competition agreement has been entered into, we cannot exclude that, after
the termination of their relationship with us or during the same, other employers or companies may benefit from the expertise of such
consultants developed while working for us.
In
addition, under Italian law, in case of inventions developed by our employees, which were developed while performing their employment
activities, but outside the performance of their contractual duties, the rights to the inventions belong to us but we are required to
compensate the employees for the rights to their respective inventions. Regarding independent consultants, Italian law provides that,
save for the case in which the inventive activity of the same has been set forth as the subject of the consulting agreement and compensated
for this purpose, the rights to economically exploit the original contributions and inventions realized in the execution of the consulting
agreement will belong to consultant.
To
date, neither the employment agreements nor the consultancy agreements provide any specific compensation related to the inventive activity.
Therefore, employees and independent consultants may ask for a fair compensation due to such inventions and, regarding independent consultants,
the failure to pay a fair compensation could prevent us from obtaining rights on their inventions, and this could have a material adverse
effect on our operations and ability to effectively compete.
Intellectual
property rights do not necessarily address all potential threats.
The
degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations
and may not adequately protect our business or permit us to maintain our competitive advantage. For example:
●
any
                                            product candidates we may develop will eventually become commercially available in generic
                                            or biosimilar product forms;
●
others
                                            may be able to make products that are similar to any product candidates we may develop or
                                            utilize similar technology but that are not covered by the claims of the patents that we
                                            may own or license now or in the future;
●
we,
                                            or any future license partners or collaborators, might not have been the first to make the
                                            inventions covered by the issued patent or pending patent application that we own or license
                                            now or in the future;
●
we,
                                            or any future license partners or collaborators, might not have been the first to file patent
                                            applications covering certain of our or their inventions;
●
others
                                            may independently develop similar or alternative technologies or duplicate any of our technologies
                                            without infringing our intellectual property rights;
●
it
                                            is possible that pending patent applications currently licensed or those to which we may
                                            enter into a license regarding in the future will not lead to issued patents;
●
it
                                            is possible that there are prior public disclosures that could invalidate the issued patents
                                            that have been licensed to us, or parts of such issued patents;
●
it
                                            is possible that there are unpublished applications or patent applications maintained in
                                            secrecy that may later issue with claims covering our product candidates or technology similar
                                            to ours;
●
issued
                                            patents to which we hold rights to may be held invalid or unenforceable, including as a result
                                            of legal challenges by our competitors;
●
the
                                            claims of patent applications, if and when issued, may not cover our product candidates;
29
●
our
                                            competitors might conduct research and development activities in countries where we do not
                                            have patent rights and then use the information learned from such activities to develop competitive
                                            products for sale in our major commercial markets;
●
the
                                            laws of foreign countries may not protect our proprietary rights or the proprietary rights
                                            of license partners or current or future collaborators to the same extent as the laws of
                                            the U.S.;
●
the
                                            inventors of our patent applications may become involved with competitors, develop products
                                            or processes that design around our patents, or become hostile to us or the patents or patent
                                            applications on which they are named as inventors;
●
we
                                            engage in scientific collaborations and will continue to do so in the future, and our collaborators
                                            may develop adjacent or competing products that are outside the scope of our patents;
●
any
                                            product candidates we develop may be covered by third parties' patents or other exclusive
                                            rights;
●
the
                                            patents of others may harm our business;
●
we
                                            may not develop additional proprietary technologies that are patentable; and
●
we
                                            may choose not to file a patent to maintain certain trade secrets or know-how, and a third-party
                                            may subsequently file a patent covering such intellectual property.
Should
any of these events occur, they could have a material adverse effect on our business, financial condition, results of operations, and
prospects. The patent positions of biotechnology and pharmaceutical companies generally are highly uncertain, involve complex legal,
technical, and factual questions and have in recent years been the subject of much litigation. As a result, the issuance, scope, validity,
enforceability, and commercial value of our patents, including those patent rights licensed to us by third parties, are highly uncertain.
Risks
Related to Our Business Operations
As
a company currently with substantial operations outside of the U.S., our business is subject to global economic conditions, macro events,
political, regulatory, pandemic, and other risks associated with international operations and macro-economic trends.
As
a company with substantial operations in Italy, our business is subject to risks associated with conducting business outside the U.S.
Many of our suppliers and clinical trial relationships are located outside the U.S. The global economy, including credit and financial
markets, has experienced extreme volatility and disruptions, including, among other things, severely diminished liquidity, and credit
availability, declines in consumer confidence, declines in economic growth, supply chain shortages, increases in inflation rates, higher
interest rates and uncertainty about economic stability. For example, during 2022 and 2023, the U.S. Federal Reserve raised interest
rates multiple times in response to concerns about inflation. Higher interest rates, coupled with reduced government spending and volatility
in financial markets may increase economic uncertainty and affect investor confidence. Similarly, the ongoing wars between Russia and
Ukraine and Israel and Hamas has created extreme volatility in the global capital markets and is expected to have further global economic
consequences, including disruptions of the global supply chain and energy markets.
Any
such volatility and disruptions may adversely affect our business or the third parties on whom we rely. If the equity and credit markets
deteriorate because of the political unrest or war, it may make any debt or equity financing more costly or more dilutive or more difficult
to obtain in a timely manner or on favorable terms, if at all. Accordingly, our future results could be harmed by a variety of factors,
including:
●
economic
                                            downturns, recessions, inflation, increasing interest rates, supply chain shortages, rising
                                            fuel prices, or political instability in particular non-U.S. economies and markets could
                                            negatively impact our budget projections, clinical trial cost estimates, and potential clinical
                                            timeline;
●
instability
                                            in the domestic and international banking systems where the Company has accounts;
●
differing
                                            and changing regulatory requirements for product approvals in the U.S. and Italy;
●
differing
                                            jurisdictions could present different issues for securing, maintaining or obtaining freedom
                                            to operate in such jurisdictions;
●
potentially
                                            reduced protection for intellectual property rights that could impact our ability to develop
                                            and/or license our technology;
●
difficulties
                                            in compliance with different, complex, and changing laws, regulations and court systems of
                                            multiple jurisdictions and compliance with a wide variety of foreign laws, treaties and regulations
                                            that could affect our need to hire subject matter experts or retain third-party experts;
●
changes
                                            in non-U.S. regulations and customs, tariffs, and trade barriers;
●
foreign
                                            exchange risks and currency controls due to maintaining our cash and cash equivalents both
                                            in U.S. dollars and Euros;
●
changes
                                            in a specific country's or region's political or economic environment;
●
trade
                                            protection measures, import or export licensing requirements or other restrictive actions
                                            by governments;
●
differing
                                            reimbursement regimes and price controls in certain non-U.S. markets;
●
negative
                                            consequences from changes in tax laws;
30
●
compliance
                                            with tax, employment, immigration and labor laws for employees living or traveling abroad,
                                            including, for example, the variable tax treatment in different jurisdictions of options
                                            granted under our share incentive plans;
●
workforce
                                            uncertainty in countries where labor unrest is more common than in the U.S.;
●
litigation
                                            or administrative actions resulting from claims against us by current or former employees
                                            or by employees of third party contractors or consultants, individually or as part of class
                                            actions, including: (i) claims of wrongful terminations and payment of the related damages,
                                            (ii) discrimination, (iii) misclassification, (iv) claims for salary differences or for a
                                            different classification according to national collective bargaining agreement, (v) claims
                                            for the payment of social security charges or severance benefits, (vi) claims from suppliers'
                                            employees or external consultants such as, by way of example, claims for reclassification
                                            as employees, rather than independent contractors, or, as indicated above, requests for payment
                                            of salary / social security charges, (vii) any sanctions due to the above-mentioned obligations,
                                            (viii) or other violations of labor law or other alleged conduct;
●
difficulties
                                            associated with staffing and managing international operations, including differing labor
                                            relations;
●
production
                                            shortages resulting from any events affecting raw material supply or manufacturing capabilities
                                            abroad; and
●
business
                                            interruptions resulting from geo-political actions, including war and terrorism (including
                                            the ongoing war in Ukraine), health epidemics, or natural disasters including earthquakes,
                                            typhoons, floods, and fires.
We
manage our business through a small number of employees, key consultants, and third party contractors.
Our
key people include our Chief Executive Officer and current Vice Chairman, Pierluigi Paracchi, who co-founded our company in 2014 along
with Luigi Naldini, our Executive Scientific Board Chairman, and Bernhard Gentner, a member of our Executive Scientific Board. Our other
key people include Carlo Russo, our Chief Medical Officer & Head of Development, Richard Slansky, our Chief Financial Officer, Barbara
Regonini, our Finance Director and Stefania Mazzoleni, our Scientific Project Manager and Communications Officer. Our future growth and
success depend on our ability to recruit, retain, manage, and motivate our employees and key consultants. The loss of the services of
our Chief Executive Officer or any of our key personnel or the inability to hire or retain experienced management personnel could adversely
affect our ability to execute our business plan and harm our operating results. Although we expect to enter into employment agreements
with management, these agreements will likely be terminable at will with notice.
In
addition, laws and regulations on executive compensation, including legislation in our home country, Italy, may restrict our ability
to attract, motivate and retain the required level of qualified personnel.
Because
of the specialized scientific and managerial nature of our business, we rely heavily on our ability to attract and retain qualified scientific
and technical consultants. In particular, the loss of one or more of our key personnel could be detrimental to us if we cannot recruit
suitable replacements in a timely manner. Recruiting and retaining other qualified employees, consultants, and advisors for our business,
including scientific and technical personnel, will also be critical to our success. There is currently a shortage of skilled executives
in our industry, which is likely to continue. As a result, competition for skilled personnel, including in gene therapy research and
vector manufacturing, is intense and the turnover rate can be high. We may not be able to attract and retain personnel on acceptable
terms given the competition among numerous pharmaceutical and biotechnology companies for individuals with similar skill sets. In addition,
failure to succeed in preclinical or clinical trials may make it more challenging to recruit and retain qualified personnel. The inability
to recruit or the loss of the services of any executive, key employee, consultant, or advisor may impede the progress of our research,
development, and commercialization objectives. We do not currently carry "key person" insurance on the lives of members of
senior management. The competition for qualified personnel in the biotechnology and pharmaceutical fields is intense. Due to this intense
competition, we may be unable to attract and retain qualified personnel necessary for the development of our business or to recruit suitable
replacement personnel.
We
rely on a single manufacturing facility, and if operations at that manufacturing facility are disrupted, we could experience delays in
our clinical trials or we would need to expend additional time and capital to identify and onboard another manufacturing facility.
We
face risks inherent in operating a single manufacturing facility, since any disruption, such as a fire, natural hazards or vandalism
could significantly interrupt our manufacturing capability. We currently do not have alternative production plans in place or disaster-recovery
facilities available. In case of a disruption, we will have to establish alternative manufacturing sources. This would require substantial
capital on our part, which it may not be able to obtain on commercially acceptable terms or at all. Additionally, we would likely experience
months or years of manufacturing delays as we build or locate replacement facilities and seek and obtain necessary regulatory approvals.
If this occurs, we will be unable to satisfy manufacturing needs on a timely basis, if at all. Also, operating any new facilities may
be more expensive than operating our current facility. Further, business interruption insurance may not adequately compensate us for
any losses that may occur, and we would have to bear the additional cost of any disruption. For these reasons, a significant disruptive
event at the manufacturing facility could have drastic consequences, including placing our financial stability at risk.
We
will need to significantly increase the size of our organization, and we may experience difficulties in managing growth.
We
currently have a very limited number of employees. If we are successful in executing our business strategy and to commercialize our products,
if approved, we will need to substantially increase our operations, including expanding our employee base of managerial, operational
and financial personnel. Any future growth will impose significant added responsibilities on members of management, including the need
to identify, recruit, maintain and integrate additional employees. To that end, we must be able to:
●
manage
                                            our clinical trials and the regulatory process effectively;
●
develop
                                            our administrative, accounting and management information systems and internal controls;
●
hire
                                            and train additional qualified personnel; and
●
integrate
                                            current and additional management, administrative, financial and sales and marketing personnel.
31
Our
employees, principal investigators, consultants, and commercial partners may engage in misconduct or other improper conduct or activities,
including non-compliance with regulatory standards and requirements and insider trading.
We
are exposed to the risk of fraud or other misconduct by our employees, principal investigators, consultants, and commercial partners.
Misconduct by these parties could include intentional failures to comply with the regulations of AIFA, the FDA, EMA, or of other foreign
regulatory authorities, provide accurate information to AIFA, the FDA, EMA, and other foreign regulatory authorities, comply with healthcare
fraud and abuse laws and regulations in the U.S. and other countries, report financial information or data accurately or disclose unauthorized
activities to us. Sales, marketing, and business arrangements in the healthcare industry are subject to extensive laws and regulations
intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or
prohibit a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive programs and other business
arrangements. Such misconduct could also involve the improper use of information obtained during clinical trials, which could result
in regulatory sanctions and cause serious harm to our reputation. We have adopted a code of conduct applicable to all our employees,
but it is not always possible to identify and deter employee misconduct, and the precautions we take to detect and prevent this activity
may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other
actions or lawsuits stemming from a failure to comply with these laws or regulations. If any such actions are instituted against us,
and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business,
including the imposition of significant fines or other sanctions.
We
may be subject, directly, or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws and health information
privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
If
we obtain AIFA, FDA, EMA or other regulatory authority approval for any of our product candidates and begin commercializing those products
, our operations may be directly or indirectly through our customers, subject to various federal, state and/or international fraud and
abuse laws, including, without limitation, the U.S. federal Anti-Kickback Statute, the U.S. federal False Claims Act and U.S. physician
sunshine laws and regulations. These laws may impact, among other things, our proposed sales, marketing, and education programs. In addition,
we may be subject to patient privacy regulation by both the U.S. federal government and the states and countries in which we conduct
our business. The laws that may affect our ability to operate include:
●
the
                                            U.S. federal Anti-Kickback Statute, which prohibits, among other things, persons from knowingly
                                            and willfully soliciting, receiving, offering or paying remuneration, directly or indirectly,
                                            to induce, or in return for, the purchase or recommendation of an item or service reimbursable
                                            under a U.S. federal healthcare program, such as the Medicare and Medicaid programs;
●
U.S.
                                            federal civil and criminal false claims laws and civil monetary penalty laws, which prohibit,
                                            among other things, individuals or entities from knowingly presenting, or causing to be presented,
                                            claims for payment from Medicare, Medicaid or other third-party payors that are false or
                                            fraudulent;
●
the
                                            U.S. Health Insurance Portability and Accountability Act of 1996 ("HIPAA"), which
                                            created new federal criminal statutes that prohibit executing a scheme to defraud any healthcare
                                            benefit program and making false statements relating to healthcare matters;
●
HIPAA,
                                            as amended by the Health Information Technology and Clinical Health Act, and its implementing
                                            regulations, which imposes certain requirements relating to the privacy, security and transmission
                                            of individually identifiable health information;
●
the
                                            U.S. federal physician sunshine requirements under the U.S. Patient Protection and Affordable
                                            Care Act, as amended by the Health Care and Education Reconciliation Act (the "PPACA"),
                                            requires manufacturers of drugs, devices and medical supplies to report annually to the U.S.
                                            Department of Health and Human Services information related to payments and other transfers
                                            of value to physicians, other healthcare providers and teaching hospitals and ownership and
                                            investment interests held by physicians and other healthcare providers and their immediate
                                            family members and applicable group purchasing organizations;
●
U.S.
                                            state law equivalents of each of the above U.S. federal laws, such as anti-kickback and false
                                            claims laws that may apply to items or services reimbursed by any third-party payor, including
                                            commercial insurers; state laws that require biotechnology and pharmaceutical companies to
                                            comply with the biotechnology and pharmaceutical industries' voluntary compliance guidelines
                                            and the relevant compliance guidance promulgated by the federal government, or otherwise
                                            restrict payments that may be made to healthcare providers and other potential referral sources;
                                            state laws that require drug manufacturers to report information related to payments and
                                            other transfers of value to physicians and other healthcare providers or marketing expenditures;
                                            and state laws governing the privacy and security of health information in certain circumstances,
                                            many of which differ from each other in significant ways and may not have the same effect,
                                            thus complicating compliance efforts; and
●
European
                                            and other foreign law equivalents of each of the laws, including reporting requirements detailing
                                            interactions with and payments to healthcare providers, and the European General Data Protection
                                            Regulation (the "GDPR"), which became effective in May 2018 and contains new
                                            provisions specifically directed at the processing of health information, higher sanctions
                                            and extra-territoriality measures intended to bring non-E.U. companies under the regulation,
                                            including companies like us that conduct clinical trials in the E.U.; we anticipate that
                                            over time we may expand our business operations to include additional operations in the E.U.
                                            and with such expansion, we would be subject to increased governmental regulation in the
                                            E.U. countries in which we might operate, including the GDPR and all relevant data protection
                                            rulings and further legislation.
The
scope and enforcement of each of these laws is uncertain and subject to rapid change in the current environment of healthcare reform,
especially considering the lack of applicable precedent and regulations. U.S. federal and state enforcement bodies have recently increased
their scrutiny of interactions between healthcare companies and healthcare providers, which has led to several investigations, prosecutions,
convictions and settlements in the healthcare industry. It is possible that U.S. and other governmental authorities will conclude that
our business practices do not comply with current or future statutes, regulations or case law involving applicable fraud and abuse or
other healthcare laws and regulations. If our operations are found to be in violation of any of these laws or any other related governmental
regulations that may apply to us, we may be subject to significant civil, criminal and administrative penalties, including, without limitation,
damages, fines, imprisonment, disgorgement, exclusion from participation in government funded healthcare programs, such as Medicare and
Medicaid, reputational harm, additional oversight and reporting obligations if we become subject to a corporate integrity agreement or
similar settlement to resolve allegations of non-compliance with these laws and the curtailment or restructuring of our operations. If
any of the physicians or other healthcare providers or entities with whom we expect to do business is found to be not in compliance with
applicable laws, they may be subject to similar actions, penalties, and sanctions. Efforts to ensure that our business arrangements comply
with applicable healthcare laws and regulations, as well as responding to possible investigations by government authorities, can be time-
and resource-consuming and can divert a company's attention from the business.
32
Healthcare
legislative and regulatory reform measures may have a material adverse effect on our business and results of operations.
Our
industry is highly regulated and changes in law may adversely impact our business, operations, or financial results. The PPACA is a sweeping
measure intended to, among other things, expand healthcare coverage within the U.S., primarily through the imposition of health insurance
mandates on employers and individuals and expansion of the U.S. Medicaid program. Several provisions of the law may affect us and increase
certain of our costs.
In
addition, other legislative changes have been adopted since the PPACA was enacted. These changes include aggregate reductions in U.S.
Medicare payments to providers of 2% per fiscal year, which went into effect on April 1, 2013 and, following passage of the U.S. Bipartisan
Budget Act of 2018, will remain in effect through 2027 unless additional U.S. Congressional action is taken. In January 2013, President
Obama signed into law the American Taxpayer Relief Act of 2012, which, among other things, further reduced Medicare payments to several
types of providers and increased the statute of limitations period for the government to recover overpayments to providers from three
to five years. These laws may result in additional reductions in Medicare and other healthcare funding, which could have a material adverse
effect on our customers and, accordingly, our financial operations.
We
anticipate that the PPACA, as well as other U.S. healthcare reform measures that may be adopted in the future, may result in more rigorous
coverage criteria and an additional downward pressure on the reimbursement our customers may receive for our products. Further, there
have been, and there may continue to be, judicial and Congressional challenges to certain aspects of the PPACA. For example, the U.S.
Tax Cuts and Jobs Act of 2017 (the "TCJA") includes a provision repealing, effective January 1, 2019, the tax-based shared
responsibility payment imposed by the PPACA on certain individuals who fail to maintain qualifying health coverage for all or part of
a year that is commonly referred to as the "individual mandate." Additional legislative and regulatory changes to the PPACA,
its implementing regulations and guidance and its policies, remain possible. However, it remains unclear how any new legislation or regulation
might affect the prices we may obtain for any of our product candidates for which regulatory approval is obtained. Any reduction in reimbursement
from Medicare and other government programs may result in a similar reduction in payments from private payers. The implementation of
cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability or commercialize
our products.
In
addition, the delivery of healthcare in the E.U., including the establishment and operation of health services and the pricing and reimbursement
of medicines, is almost exclusively a matter for national, rather than E.U., law, and policy. National governments and health service
providers have different priorities and approaches to the delivery of health care and the pricing and reimbursement of products in that
context. In general, however, the healthcare budgetary constraints in most E.U. member states have resulted in restrictions on the pricing
and reimbursement of medicines by relevant health service providers. Coupled with ever-increasing E.U. and national regulatory burdens
on those wishing to develop and market products, this could prevent or delay marketing approval of our product candidates, restrict or
regulate post-approval activities and affect our ability to commercialize any products for which we obtain marketing approval.
We
are currently unable to predict what additional legislation or regulation, if any, relating to the health care industry may be enacted
in the future or what effect recently enacted federal legislation or any such additional legislation or regulation would have on our
business. The pendency or approval of such proposals or reforms could result in a decrease in the price of our securities or limit our
ability to raise capital or to enter into collaboration agreements for the further development and potential commercialization of our
products.
The
use of any of our product candidates could result in product liability or similar claims that could be expensive, damage our reputation
and harm our business.
Our
business exposes us to an inherent risk of potential product liability or similar claims. Mainly in the U.S., the biotechnology and pharmaceutical
industries have historically been litigious, and we face financial exposure to product liability or similar claims if the use of any
of our products were to cause or contribute to injury or death. There is also the possibility that defects in the design or manufacture
of any of our products might necessitate a product recall. Although we plan to maintain product liability insurance, the coverage limits
of these policies may not be adequate to cover future claims. In the future, we may be unable to maintain product liability insurance
on acceptable terms or at reasonable costs and such insurance may not provide us with adequate coverage against potential liabilities.
A product liability claim, regardless of merit or ultimate outcome, or any product recall could result in substantial costs to us, damage
to our reputation, customer dissatisfaction and frustration and a substantial diversion of management attention. A successful claim brought
against us more than, or outside of, our insurance coverage, could have a material adverse effect on our business, financial condition,
and results of operations.
Our
internal information technology systems, or those of our third party vendors, collaborators, or other contractors or consultants, may
fail or suffer cyber security breaches or other unauthorized or improper access, which could result in a significant disruption of our
product development programs, give rise to significant liability, subject us to costly and protracted litigation, cause significant reputational
harm, and impact our ability to operate our business effectively.
We
are increasingly dependent upon information technology systems, infrastructure, and data to operate our business. In the ordinary course
of business, we collect, store, and transmit confidential information (including but not limited to intellectual property, proprietary
business information, and personal information). It is critical that we do so in a secure manner to maintain the confidentiality and
integrity of such information. We also have outsourced elements of our operations to third parties, and as a result we manage a few third
party vendors and other contractors and consultants who have access to our confidential information.
Our
internal information technology systems and those of our current and any future third party vendors, collaborators and other contractors
or consultants may be vulnerable to a variety of disruptive elements, including data breaches, cyber-attacks by malicious third parties
(including the deployment of computer viruses, harmful malware, ransomware, denial-of-service attacks, social engineering, and other
means to affect service reliability and threaten the confidentiality, integrity, and availability of information), unauthorized access,
natural disasters, terrorism, war, telecommunication and electrical failures and persons with access to systems inside our organization.
In particular, the risk of a security breach or disruption, through cyber-attacks or cyber intrusion, including by computer hackers and
cyber terrorists, has generally increased as the number, intensity, and sophistication of attempted attacks and intrusions from around
the world have increased. We may not be able to anticipate all types of security threats, and we may not be able to implement preventive
measures effective against all such security threats. Because the techniques used by cyber criminals change frequently, may not be recognized
until launched, and can originate from a wide variety of sources, including outside groups such as external service providers, organized
crime affiliates or terrorist organizations, we and our partners may be unable to anticipate these techniques or implement adequate preventative
measures. Further, we do not have any control over the operations of the facilities or technology of third parties that collect, process
and store personal data on our behalf.
33
While
we have not experienced any significant system failure, accident, or security breach to date, if such an event were to occur and cause
interruptions in our operations or a loss of, or damage to, our data or applications, or those of our third party vendors and other collaborators,
contractors and consultants, it could result in a disruption of our development programs and our business operations, whether due to
a loss of our trade secrets or other confidential, personal or proprietary information, significant delays or setbacks in our research,
or other similar disruptions. For example, the loss of clinical trial data from completed or future clinical trials could result in delays
in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption
or security breach were to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential,
personal, or proprietary information, we could incur significant liability, our competitive position could be harmed, our reputation
could be damaged, and the further development and commercialization of our product candidates could be delayed.
Unauthorized
disclosure of sensitive or confidential data, including personal information, whether through a breach of computer systems, systems failure,
employee negligence, fraud or misappropriation, or otherwise, or unauthorized access to or through our information systems and networks,
whether by our employees or third parties, could result in negative publicity, damage to our reputation and/or compel us to comply with
federal and/or state breach notification laws and foreign law equivalents, subject us to mandatory corrective action, and otherwise subject
us to liability under laws and regulations that protect the privacy and security of personal information. The costs related to significant
security breaches or disruptions could be material. If the information technology systems of our third-party vendors and other collaborators,
contractors and consultants become subject to disruptions or security breaches, we may be exposed to material liability and have insufficient
recourse against such third parties and we may have to expend significant resources to mitigate the impact of such an event, and to develop
and implement protections to prevent future events of this nature from occurring. Any of the foregoing could adversely affect our business,
financial condition, results of operations or prospects.
Any
lingering impact from the COVID-19 pandemic could disrupt and cause harm to our business, operating results, or financial condition.
The
duration and extent of any lingering impact from the COVID-19 pandemic on our business will continue to depend on future developments
that cannot be accurately forecasted at this time, such as the emergence of new COVID-19 variants, the transmission rate and geographic
spread of the disease, the extent and effectiveness of any applicable containment actions, the widespread use of effective vaccines and
the severity of breakthrough cases, and the impact of these and other factors on our employees, patients, partners, contract manufacturers,
suppliers and other third-party providers. If we are not able to respond to and manage the impact of such events effectively and if the
macroeconomic conditions of the general economy or the industry in which we operate do not improve, or worsen from present levels, our
business, operating results, financial condition, and cash flows could be adversely affected.
We
or the third parties upon whom we depend, may be adversely affected by earthquakes or other natural disasters and our business continuity
and disaster recovery plans may not adequately protect us from a serious disaster.
Earthquakes
or other natural disasters could severely disrupt our operations, and have a material adverse effect on our business, results of operations,
financial condition, and prospects. If a natural disaster, power outage or other event occurred that prevented us from using all or a
significant portion of our headquarters, that damaged critical infrastructure, such as the manufacturing facilities of our third-party
contract manufacturers, or that otherwise disrupted operations, it may be difficult or, in certain cases, impossible for us to continue
our business for a substantial period. The disaster recovery and business continuity plans that we have in place currently are limited
and are unlikely to prove adequate in the event of a serious disaster or similar event. We may incur substantial expenses because of
the limited nature of our disaster recovery and business continuity plans, which, particularly when taken together with our lack of earthquake
insurance, could have a material adverse effect on our business, financial condition, results of operations and prospects.
Unsuccessful
compliance with certain European privacy regulations could have an adverse effect on our business and reputation.
The
collection and use of personal health data in the E.U. is governed, as of May 2018, by the General Data Protection Regulation 2016/679
(the "GDPR") as implemented by European Data Protection Board (the "EDPB") guidelines and E.U. Member States
national legislations. General E.U. data protection rules impose several requirements relating to the consent of the individuals to whom
the personal data relates, the information provided to the individuals, notification of data processing obligations to the competent
national data protection authorities and the security and confidentiality of the personal data. The GDPR also extends the geographical
scope of E.U. data protection law to non-E.U. entities under certain conditions, tightens existing E.U. data protection principles and
creates new obligations for companies and new rights for individuals. Failure to comply with the requirements of the GDPR, the EDPB guidelines
and the related national data protection laws of the E.U. Member States may result in fines and other administrative penalties. The GDPR
introduces new data protection requirements in the E.U. and substantial fines for breaches of the data protection rules, including violation
of articles 44 to 49 GDPR related to transfer of personal data to a recipient in a non-E.U. country. The GDPR regulations impose additional
responsibility and liability in relation to personal data that we process, and we intend to put in place additional mechanisms ensuring
compliance with these and/or new data protection rules. In addition, other jurisdictions, including Italy, have implemented regulations
like GDPR. Regarding Italian legislation, the national Privacy and Data Protection Code has been amended according to GDPR provisions
(Legislative Decree n. 196/2003 as amended and updated by Legislative Decree n. 101/2018) and imposes additional fines and administrative
penalties in relation to the processing of health data and processing of data for scientific research purposes. Moreover, European data
protection background is constantly changing under the drive of the EDPB on the correct interpretation and application of GDPR and the
ruling activity of the Court of Justice of the E.U. (see, for instance, the recent CJEU case C-3111/18, also known as Schremes II which
invalidated the E.U.-U.S. Privacy Shield Framework for transfer of data to U.S.).
The
Company is compliant with most recent legislative changes in European data protection rules, adopting Data Processing Agreements containing
Standard Contractual Clauses with all partners based in the U.S. and (for the transition period until June 2021) in the United Kingdom.
However, changes to these European privacy regulations (and similar regulations in other jurisdictions) and unsuccessful compliance may
be onerous and adversely affect our business, financial condition, prospects, results of operations and reputation.
Risks
Related to Ownership of Our Securities
We
cannot guarantee that we will be able to satisfy the continued listing standards of the Nasdaq going forward.
Our
American Depository Shares ("ADS") are listed on the Nasdaq. However, we cannot ensure that we will be able to satisfy the
continued listing standards of the Nasdaq going forward. If we cannot satisfy the continued listing standards going forward, the Nasdaq
Stock Market may commence delisting procedures against us, which could result in our ADS being removed from listing on the Nasdaq. If
any of our ADSs were to be delisted, the liquidity of our ADSs could be adversely affected and the market price of our ADSs could decrease.
Delisting could also adversely affect the ability of the holder of our ADSs to trade or obtain quotations on our ADSs because of lower
trading volumes and transaction delays. These factors could contribute to lower prices and larger spreads in the bid and ask price for
our ADSs. Investors may also not be able to resell their ADSs at or above the price they paid for such securities or at all.
34
The
trading price of the ADSs is likely to be highly volatile.
The
trading price of the ADSs has been and is likely to continue to be highly volatile. The following factors, in addition to other risk
factors described in this section, may have a significant impact on the market price of the ADSs:
●
adverse
                                            results or delays in pre- and non-clinical studies or clinical trials;
●
reports
                                            of adverse events in other gene therapy products or clinical studies of such products;
●
inability
                                            to obtain additional funding;
●
inability
                                            to obtain the approvals necessary to commence clinical trials;
●
unsatisfactory
                                            results of clinical trials;
●
announcements
                                            of regulatory approval or the failure to obtain it, or specific label indications or patient
                                            populations for its use, or changes or delays in the regulatory review process;
●
announcements
                                            of therapeutic innovations or new products by us or our competitors;
●
adverse
                                            actions taken by regulatory authorities with respect to our clinical trials, manufacturing
                                            supply chain or sales and marketing activities;
●
changes
                                            or developments in laws or regulations applicable to the treatment of cancer tumors, or any
                                            other indication that we may seek to develop;
●
any
                                            adverse changes to our relationship with manufacturers or suppliers;
●
any
                                            intellectual property infringement actions in which we may become involved;
●
announcements
                                            concerning our competitors or the biotechnology and pharmaceutical industries in general;
●
achievement
                                            of expected product sales and profitability or our failure to meet expectations;
●
our
                                            commencement of, or involvement in, litigation;
●
any
                                            major changes in our board of directors or management;
●
our
                                            ability to recruit and retain qualified regulatory, research and development personnel;
●
legislation
                                            in the U.S. relating to the sale or pricing of biotechnology or gene therapy products;
●
the
                                            depth of the trading market in the ADSs;
●
economic
                                            downturns, recessions, inflation, increasing interest rates, supply chain shortages, rising
                                            fuel prices, or political instability in global, U.S. or particular foreign economies and
                                            markets;
●
instability
                                            in the global or U.S. banking systems or the banking systems of foreign countries;
●
business
                                            interruptions resulting from a local or worldwide pandemic, geopolitical actions, including
                                            war and terrorism (including the ongoing war in Ukraine and the Israeli-Hamas war), or natural
                                            disasters;
●
the
                                            granting or exercise of employee stock options or other equity awards;
●
disputes
                                            or other developments relating to proprietary rights, including patents, litigation matters
                                            and our ability to obtain patent protection for our technologies;
●
additions
                                            or departures of key scientific or management personnel;
●
significant
                                            lawsuits, including patent or shareholder litigation; and
●
changes
                                            in investors' and securities analysts' perception of the business risks and conditions
                                            of our business.
In
addition, the stock market in general, and the Nasdaq Stock Market in particular, have experienced extreme price and volume fluctuations
that have often been unrelated or disproportionate to the operating performance of small companies. Broad market and industry factors
may negatively affect the market price of the ADSs, regardless of our actual operating performance. Further, a systemic decline in the
financial markets and related factors beyond our control may cause our ADS price to decline rapidly and unexpectedly.
35
Holders
of ADSs may not receive the same distributions or dividends as those we make to the holders of our ordinary shares, and, in some limited
circumstances, you may not receive dividends or other distributions on our ordinary shares and you may not receive any value for them,
if it is illegal or impractical to make them available to you.
The
Bank of New York Mellon, the depositary for the ADSs (the "Depositary"), has agreed to pay to you the cash dividends or other
distributions it or the custodian receives on ordinary shares or other deposited securities underlying the ADSs, after deducting its
fees and expenses and subject to the terms of the deposit agreement. You will receive these distributions in proportion to the number
of ordinary shares the ADSs represent. However, in accordance with the limitations set forth in the deposit agreement the Depositary
is not responsible if it decides that it is unlawful or impractical to make a distribution available to any holders of ADSs. For example,
it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities
Act of 1933, as amended (the "Securities Act"), but that are not properly registered or distributed under an applicable exemption
from registration. In addition, conversion into U.S. dollars from foreign currency that was part of a dividend made in respect of deposited
ordinary shares may require the approval or license of, or a filing with, any government or agency thereof, which may be unobtainable.
In these cases, the Depositary may determine not to distribute such property and hold it as "deposited securities" or may
distribute the net cash proceeds from the sale of the dividends. We have no obligation to register under U.S. securities laws any ADSs,
ordinary shares, rights or other securities received through such distributions. We also have no obligation to take any other action
to permit the distribution of ADSs, ordinary shares, rights or anything else to holders of ADSs. In addition, the Depositary may withhold
from such dividends or distributions its fees and an amount on account of taxes or other governmental charges to the extent the Depositary
believes it is required to make such withholding. This means that you may not receive the same distributions or dividends as those we
make to the holders of our ordinary shares, and, in some limited circumstances, you may not receive any value for such distributions
or dividends if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in
the value of the ADSs.
Holders
of ADSs must act through the Depositary to exercise voting rights relating to the ordinary shares.
Holders
of the ADSs do not have the same rights as our shareholders and may only exercise the voting rights with respect to the underlying ordinary
shares in accordance with the provisions of the deposit agreement. When a shareholder meeting is convened, holders of ADSs may not receive
sufficient notice of a shareholder meeting to permit them to cancel their ADSs and withdraw ordinary shares to allow them to directly
cast their vote with respect to any specific matter. In addition, the Depositary and its agents may not be able to send voting instructions
to holders of ADSs or carry out their voting instructions in a timely manner. We will make all reasonable efforts to cause the Depositary
to extend voting rights to holders of the ADSs in a timely manner, but we cannot assure holders that they will receive the voting materials
in time to ensure that they can instruct the Depositary to vote the ordinary shares underlying their ADSs. Furthermore, the Depositary
and its agents will not be responsible for any failure to carry out any instructions to vote, for the manner in which any vote is cast
or for the effect of any such vote. As a result, holders of the ADSs may not be able to exercise their right to vote and they may lack
recourse if the ordinary shares underlying their ADSs are not voted as they requested. In addition, in the capacity as a holder of ADSs,
they will not be able to call a shareholder meeting.
Further,
as described in more detail below, if the proposed loyalty shareholder
program is approved by our shareholders, the
loyalty share program would be available only to holders who own their ordinary shares
in registered form, and would not be available to ADS holders. See "—Risks Related to Italian Law and Our Operations in Italy—The
proposed loyalty share program could have a negative effect on the liquidity of our ADSs and may make it more difficult for investors
to acquire a controlling interest, change the management or the strategy of our company or exercise influence over us, which may adversely
affect the market price of the ADSs. Further, the proposed loyalty share program would be available only to holders who own their ordinary
shares in registered form, and the ability of ADS holders to influence corporate decisions may therefore be limited".
ADSs
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could augur less favorable
results to the plaintiff(s) in any such action.
The
deposit agreement governing the ADSs representing our ordinary shares provides that owners and holders of ADSs, including those who purchase
the ADSs in a secondary transaction, irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating
to the deposit agreement, our ordinary shares or the ADSs or the transactions contemplated thereby, including claims under U.S. federal
securities laws, against us or the Depositary to the fullest extent permitted by applicable law. If this jury trial waiver provision
is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with a jury trial. To
our knowledge, the enforceability of a jury trial waiver under the U.S. federal securities laws has not been finally adjudicated by a
federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York,
which govern the deposit agreement, by a court of the State of New York or a U.S. federal court in New York, which have non-exclusive
jurisdiction over matters arising under the deposit agreement, applying such law. In determining whether to enforce a jury trial waiver
provision, New York courts and U.S. federal courts will consider whether the visibility of the jury trial waiver provision within the
agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case
with respect to the deposit agreement, our ordinary shares and the ADSs and the transactions contemplated thereby. In addition, New York
courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which
is based upon a creditor's negligence in failing to liquidate collateral upon a guarantor's demand, or in the case of an
intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the case of the deposit agreement,
our ordinary shares or the ADSs or the transactions contemplated thereby. No condition, stipulation, or provision of the deposit agreement
or ADSs serves as a waiver by any owner or holder of ADSs or by us or the Depositary of compliance with any provision of the U.S. federal
securities laws. If you or any other owner or holder of ADSs brings a claim against us or the Depositary in connection with matters arising
under the deposit agreement, our ordinary shares or the ADSs or the transactions contemplated thereby, you or such other owner or holder
may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against
us and/or the Depositary, lead to increased costs to bring a claim, limited access to information and other imbalances of resources between
such owner or holder and us, or limit such holder's ability to bring a claim in a judicial forum that such holder finds favorable.
If a lawsuit is brought against us and/or the Depositary under the deposit agreement, it may be heard only by a judge or justice of the
applicable trial court, which would be conducted according to different civil procedures and may augur different results than a trial
by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other
things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.
We
may be subject to securities litigation, which is expensive and could divert management attention.
In
the past, companies that have experienced volatility in the market price of their shares have been subject to securities class action
litigation. We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs
and diversion of management's attention and resources, which could seriously hurt our business. Any adverse determination in litigation
could also subject us to significant liabilities.
Our
Chief Executive Officer, directors, and shareholders who own more than 5% of our outstanding ordinary shares currently own approximately
40% of our ordinary shares. They will therefore be able to exert significant control over matters submitted to our shareholders for approval.
Our
Chief Executive Officer and directors, and shareholders who own more than 5% of our outstanding ordinary shares beneficially own approximately
40% of our ordinary shares. This significant concentration of share ownership may adversely affect the trading price for the ADSs because
investors often perceive disadvantages in owning securities in companies with controlling shareholders. As a result, these shareholders,
if they acted together, could significantly influence, or even unilaterally approve matters requiring approval by our shareholders, including
the election of directors and the approval of mergers or other business combination transactions. The interests of these shareholders
may not always coincide with our interests or the interests of other shareholders. Also, the concentration of our beneficial ownership
may have the effect of delaying, deterring, or preventing a change in our control, or may discourage bids for our shares at a premium
over the market price of the shares. The significant concentration of share ownership may adversely affect the trading price of our ADSs
due to investors' perception that conflicts of interest may exist or arise.
36
There
is a substantial risk that we are or will become classified as a passive foreign investment company. If we are or become classified as
a passive foreign investment company, our U.S. shareholders may suffer adverse tax consequences as a result.
In
general, we will be treated as a passive foreign investment company (a "PFIC") for U.S. federal income tax purposes in any
taxable year in which either:
(1)
at least 75% of our gross income is "passive income;" or, (2) on average at least 50% of our assets by value produce passive
income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain
dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property
that gives rise to passive income. Passive income also includes interest income earned by reason of the temporary investment of funds,
including those raised in a public offering, and the excess of certain foreign currency gains over certain foregoing currency losses.
Our
status as a PFIC will depend on the nature and composition of our income and the nature, composition and value of our assets. Our
status may also depend, in part, on how quickly we utilize cash proceeds received from previous offerings of our ADSs or ordinary shares in our business. Based on preliminary analysis, we believe that we were likely classified as a
PFIC in 2023, and we may be classified as a PFIC for 2024 and future years. In particular, so long as we do not
generate revenue from operations for any taxable year and do not receive any research and development grants, or even if we receive
a research and development grant, if such grant does not constitute gross income for U.S. federal income tax purposes, we likely
will be classified as a PFIC in any taxable year due to the gross income from investment of cash reserves and other passive sources that we derive.
If
we are a PFIC in any taxable year during which a U.S. taxpayer holds the ADSs, such U.S. taxpayer would be subject to certain adverse
U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make an election to treat us as a "qualified electing
fund" ("QEF") or make a "mark-to- market" election, then "excess distributions" to the U.S.
taxpayer, and any gain realized on the sale or other disposition of the ADSs by the U.S. taxpayer: (1) would be allocated ratably over
the U.S. taxpayer's holding period for the ADSs; (2) the amount allocated to the current taxable year and any period prior to the
first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of
the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year,
and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other
taxable year. In addition, U.S. taxpayers that have held the ADSs during a period when we were a PFIC will be subject to the foregoing rules, even if
we cease to be a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election.
Currently, we do not expect to provide U.S. shareholders with the information necessary for a U.S. shareholder to make a QEF election.
Prospective investors should assume that a QEF election will not be available. U.S. taxpayers that hold the ADSs are strongly urged to
consult their tax advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences
to them of making a QEF or mark-to-market election with respect to the ADSs in the event that we are a PFIC. See "Item 10. Additional
Information—E. Taxation—U.S. Federal Income Tax Consequences—Passive Foreign Investment Companies" for additional
information.
If
securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our securities, our ADS price and trading
volume could decline.
The
trading market for our ADSs will be influenced by the research and reports that industry or securities analysts may publish about us,
our business, our market, and/or our competitors. We do not have any control over these analysts, and we cannot provide any assurance
that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation
regarding our securities, or provide more favorable relative recommendations about our competitors, our ADS price would likely decline.
If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility
in the financial markets, which in turn could cause our ADS price or trading volume to decline.
We
have not paid, and do not intend to pay, dividends on our ordinary shares and, therefore, unless our traded securities appreciate, our
investors may not benefit from holding our securities.
We
have never declared or paid cash dividends on our ordinary shares. We do not anticipate paying any cash dividends on our ordinary shares
in the foreseeable future. Consequently, investors may need to rely on sales of their ADSs after price appreciation, which may never
occur, as the only way to realize any future gains on their investment. Investors seeking cash dividends should not purchase the ADSs.
Moreover, Italian law imposes certain restrictions on our ability to declare and pay dividends. Italian law prohibits distributing dividends
other than from net income or distributable reserves set forth in a company's statutory accounts approved by a meeting of shareholders
and after the establishment of certain compulsory reserves. In addition, if losses from previous fiscal years have reduced a company's
capital, dividends may not be paid until the capital is reconstituted or its stated amount is reduced by the amount of such losses. The
application of these restrictions limits our ability to make distributions to holders of our shares See "Dividend Policy"
and "Description of Share Capital and Governing Documents—Dividends and Other Distributions" for additional information.
The
requirements associated with being a public company require significant company resources and management attention.
As
a U.S. public company, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), Nasdaq listing requirements and other applicable securities rules and regulations. The Exchange Act requires that we file
periodic reports with respect to our business and financial condition and maintain effective disclosure controls and procedures and internal
control over financial reporting. In addition, subsequent rules implemented by the SEC and the Nasdaq Stock Market may also impose various
additional requirements on public companies. As a result, we have incurred and will continue to incur legal, accounting, and other expenses
that we did not incur as a nonpublic company, particularly after we are no longer an "emerging growth company" as defined
in the Jumpstart Our Business Startups Act ("JOBS Act"). Further, the need to establish the corporate infrastructure demanded
of a public company may divert management's attention from implementing our development plans. We have made changes to our corporate
governance standards, disclosure controls and financial reporting and accounting systems to meet our reporting obligations. The measures
we take, however, may not be sufficient to satisfy our obligations as a public company, which could subject us to delisting of our securities,
fines, sanctions, and other regulatory action and potentially civil litigation.
The
JOBS Act allows us to postpone the date by which we must comply with some of the laws and regulations intended to protect investors and
to reduce the amount of information we provide in our reports filed with the SEC, which could undermine investor confidence in our company
and adversely affect the market price of the ADSs.
For
so long as we remain an "emerging growth company" as defined in the JOBS Act, we intend to take advantage of certain exemptions
from various requirements that are applicable to public companies that are not "emerging growth companies" including:
●
the
                                            provisions of the Sarbanes-Oxley Act requiring that our independent registered public accounting
                                            firm provide an attestation report on the effectiveness of our internal control over financial
                                            reporting;
37
●
Section
                                            107 of the JOBS Act, which provides that an "emerging growth company" can take
                                            advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities
                                            Act for complying with new or revised accounting standards. This means that an "emerging
                                            growth company" can delay the adoption of certain accounting standards until those
                                            standards would otherwise apply to private companies. We are electing to delay the adoption
                                            of new or revised accounting standards. As a result of this election, our consolidated financial
                                            statements may not be comparable to companies that comply with the public company effective
                                            date; and
●
any
                                            rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory
                                            audit firm rotation or a supplement to the auditor's report on the financial statements.
We
intend to take advantage of these exemptions until we are no longer an "emerging growth company." We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date of the completion
of our IPO, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated
filer, as defined in the rule under the Exchange Act, and (2) the date on which we have issued more than $1.0 billion in non-convertible
debt during the prior three-year period.
We
cannot predict if investors will find our securities less attractive because we may rely on these exemptions. If some investors find
our securities less attractive as a result, there may be a less active trading market for the ADSs, and our ADS price may be more volatile
and may decline.
As
a foreign private issuer, we are permitted to, and we do, follow certain home country corporate governance practices instead of otherwise
applicable SEC and Nasdaq requirements, which may result in less protection than is accorded to investors under rules applicable to domestic
U.S. issuers.
The
corporate governance rules of the Nasdaq Stock Market require listed companies to have, among other things, a majority of independent
directors and independent director oversight of executive compensation, nomination of directors and corporate governance matters. As
a foreign private issuer, we are permitted to, and we do, follow home country practice in lieu of these requirements. For more information,
see "Item 6. Directors, Senior Management and Employees – C. Board Practices – Differences between Italian Laws and
Nasdaq Requirements." As long as we rely on the foreign private issuer exemption to certain of the Nasdaq's corporate governance
standards, a majority of the directors on our board of directors are not required to be independent directors. Therefore, our board of
directors' approach to governance may be different from that of a board of directors consisting of a majority of independent directors,
and, as a result, the management oversight of our company may be more limited than if we were subject to all of the Nasdaq Stock Market's
corporate governance standards.
Accordingly,
our shareholders may not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance
standards, and the ability of our independent directors to influence our business policies and affairs may be reduced.
We
may become taxable in a jurisdiction other than Italy, and this may increase the aggregate tax burden on us.
Since
incorporation, we have, on a continuous basis, had our place of effective management in Italy. We are therefore a tax resident of Italy
under Italian tax law. However, we may become subject to limited income tax liability in other countries with respect to our operations
in other countries, for example, the U.S., due to the existence of a permanent establishment or a permanent representative. The applicable
tax laws or interpretations thereof may change. We have our place of effective management in Italy and, as such, we believe we are tax
residents in Italy, although that determination is largely a matter of fact and degree based on all the circumstances, rather than a
question of law, which facts and degree may also change. Changes to applicable laws or interpretations thereof and changes to applicable
facts and circumstances (for example, a change of board members or the place where board meetings take place), may result in us becoming
a tax resident of a jurisdiction other than Italy. Consequently, our overall effective income tax rate and income tax expense could materially
increase, which could have a material adverse effect on our business, results of operations, financial condition and prospects. However,
if there is a double tax treaty between Italy and the respective other country, double taxation of income may be avoided, and the detrimental
tax effects mitigated by the application of the treaty.
Risks
Related to Italian Law and Our Operations in Italy
We
are an Italian corporation. The rights of our shareholders may be different from the rights of shareholders in companies governed by
the laws of U.S. jurisdictions.
We
are an Italian corporation. Our corporate affairs are governed by our articles of association and by the laws governing companies incorporated
in Italy. The rights of our shareholders and the responsibilities of members of our board of directors may be different from the rights
and obligations of shareholders and directors of companies governed by the laws of U.S. jurisdictions. While performing its duties, our
board of directors is required by Italian law to act with the diligence required by the nature of their assignment and by their specific
expertise. Italian corporate law limits the ability of our shareholders to challenge resolutions made or other actions taken by our board
of directors in court. Our shareholders generally are not permitted to file a suit to reverse or void a decision or an action taken by
our board of directors, except for those decisions that are detrimental to their rights. If a board resolution has not been taken in
accordance with the Italian law or the Company's articles of association, only the board of statutory auditors and the absent or
dissenting members of the board of directors may challenge it within 90 days of such resolution. However, the shareholders may, where
they represent the thresholds provided for by Italian law, bring corporate liability action against our directors where they have acted
in violation of their duties of conduct. Individual shareholders may also take action for compensation for the damage directly caused
to them by the director's conduct. Under Italian law, shareholders' claims against a member of our board of directors for
breach of their duties of conduct must be filed in Milan, Italy, as the place where the Company was incorporated.
Our
shares are not listed in Italy, our home jurisdiction. As a result, our shareholders will not benefit from certain provisions of Italian
law that are designed to protect shareholders in a public takeover offer or a change-of-control transaction and may not be protected
in the same degree in a public takeover offer or a change-of-control transaction as are shareholders of certain U.S. companies or in
an Italian company listed in Italy.
Because
the ADSs are listed exclusively on Nasdaq and not on Italy's stock exchange, our shareholders do not benefit from the protection
afforded by certain provisions of Italian law that are designed to protect shareholders in the event of a public takeover offer or a
change-of-control transaction. For example, Article 120 of the Italian Financials' Consolidated Act and its implementing provisions
require investors to disclose their interest in the relevant listed company if they reach, exceed, or fall below certain ownership thresholds.
Similarly, the Italian takeover regime imposes a duty on any person or group of persons who acquires more than the 30% of a company's
voting rights (or the 25% if such company is not a small-medium enterprise, where there is no other shareholder holding a higher stake)
to make a mandatory offer for all the Company's outstanding listed equity securities. In addition, the Italian takeover regime
imposes certain restrictions and obligations on bidders in a voluntary public takeover offer that are designed to protect shareholders.
However, these protections are applicable only to issuers that list their equity securities in Italy and, because the ADSs are listed
exclusively on Nasdaq, are not applicable to us. Furthermore, since Italian law restricts our ability to implement rights plans or U.S.-style
"poison pills," our ability to resist an unsolicited takeover attempt or to protect minority shareholders in the event of
a change of control transaction may be limited. Therefore, our shareholders may not be protected in the same degree in a public takeover
offer or a change-of-control transaction as are shareholders in certain U.S. companies or in an Italian company listed in Italy.
38
The
ability of shareholders to bring actions or enforce judgments against us or our directors and executive officers may be limited. Claims
of U.S. civil liabilities may not be enforceable against us.
We
are incorporated under the laws of Italy and our registered office and domicile is in Milan, Italy. Moreover, a majority of our directors
and executive officers are not residents of the U.S., and all or a substantial portion of our assets are located outside the U.S. As
a result, it may not be possible for investors to effect service of process within the U.S. upon us or upon such persons or to enforce
against them judgments obtained in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the
federal securities laws of the U.S.
The
process of seeking to raise additional funds is cumbersome, subject to the verification of an Italian notary public in compliance with
our bylaws and applicable law and may require prior approval of our shareholders at an extraordinary shareholder meeting.
We
are incorporated under the laws of the Republic of Italy. The principal laws and regulations that apply to our operations, those of Italy
and the E.U., are different from those of the U.S. With some exceptions, to issue new equity or debt securities convertible into equity,
we must increase our authorized capital. To do so, our board of directors must meet and resolve to recommend that our shareholders approve
an amendment to our bylaws increasing our capital. The holders of the majority of our outstanding shares must then approve that amendment
at an extraordinary shareholder meeting duly called. These meetings take time to call, and it might be very difficult to get a majority
of the holders of all outstanding shares to vote in favor of the proposed resolution. In addition, an Italian notary public must verify
that the capital increase follows our bylaws and with applicable Italian law. Further, under Italian law, our existing shareholders and
any holders of convertible securities have preemptive rights (except in specific cases) to acquire any such shares pro-rated on their
percentage interest in our company, and on the same terms as approved for such capital increase. Alternatively, our shareholders can
delegate the power to increase our capital to the board of directors, but the board's right to exercise such power, if delegated,
will expire after five years. If the board does not approve a capital increase by the end of those five years, our board, and shareholders
will need to meet again to re-delegate this authority.
With
respect to shareholder resolutions approving a capital increase, Italian law provides that in the absence of meeting minutes, or in the
event of the impossibility or illegality of the resolution, any interested person may, for a period of 180 days following the filing
of the shareholder resolution with the competent Register of Companies, challenge such resolution. If a shareholder meeting was not called
to approve the capital increase, the relevant resolution should be considered invalid and, any interested person may challenge the capital
increase for a period of 90 days following the approval of the financial statements referring to the year during which the shareholder
resolution has been, also partially, executed. In addition, once our shareholders authorize a capital increase, all those authorized
shares that have been subscribed, need to be entirely paid-up before the shareholders may perform/execute a new capital increase. These
restrictions could limit our ability to issue new equity or convertible debt securities on a timely basis.
Italian
law places restrictions on the amount of debt securities that we may issue relative to our equity to the extent that such debt securities
are not listed on regulated markets or do not otherwise provide the holder of such securities the right to purchase or convert the same
into our shares.
Under
Italian law, we may issue debt securities in an amount not to exceed twice the sum of our capital, our legal reserve and any other disposable
reserves appearing on our latest Italian GAAP balance sheet approved by our shareholders, unless the debt securities are listed on regulated
markets or provide the holder of such securities the right to purchase or convert the same into our shares, in which case such restrictions
do not apply. The legal reserve is a reserve to which we allocate 5% of our Italian GAAP net income each year until it equals at least
20% of our capital. One of the other reserves that we maintain on our balance sheet is a "share premium reserve," meaning
amounts paid for our ordinary shares in excess of the amount of such ordinary shares that is allocated to the capital. At December 31,
2023, the sum of our capital, legal reserves and other reserves on our unaudited Italian GAAP financial statements was €34.2 million.
If, in the future, we issue debt securities that are not listed on regulated markets or do not provide the holder of the securities the
right to purchase or convert the same into our shares, until such debt securities are repaid in full, we may not voluntarily reduce our
capital or allocate our reserves (such as by declaring dividends) if it results in the aggregate of the capital and reserves being less
than half of the outstanding amount of the debt. In such a case, if our equity is reduced by losses or otherwise such that the amount
of the outstanding debt securities is more than twice the amount of our equity, some legal scholars are of the opinion that the ratio
must be restored through a recapitalization of our company. If our equity is reduced, we could recapitalize by issuing new shares or
having our shareholders contribute additional capital to us, although there can be no assurance that we would be able to find purchasers
of new shares or that any of our current shareholders would be willing to contribute additional capital.
If
we suffer losses that reduce our capital to less than €50,000, we will need to recapitalize, change our form of entity, or be liquidated.
Italian
law requires us to reduce our shareholders' equity and, our capital, to reflect on-going losses, in certain cases of losses exceeding
1/3 of the capital of the Company. Also, as an S.p.A., we are also required to maintain a minimum capital of €50,000. If we suffer
losses from operations that reduce our capital to less than €50,000, then we must either increase our capital (which we could do
by issuing new shares or having our shareholders contribute additional capital to our company) to at least €50,000 (or convert the
form of our company into an S.r.l. but such conversion would not be applicable, since the S.r.l. form is not consistent with being listed
pursuant to Italian law). If we do not take these steps, our company could be liquidated.
We
apply our operational losses against our legal reserves and capital. If our capital is reduced by more than one-third as a result of
losses, our board of directors must call a shareholder meeting as soon as possible. The shareholders should take appropriate measures,
which may include, inter alia, reducing the legal reserves and capital by the amount of the remaining losses, or carrying the losses
forward for up to one year. If the shareholders vote to carry the losses forward up to one year, and the losses are still more than one-third
of the amount of the capital at the end of the year, then we must reduce our capital by the amount of the losses.
39
Italian
labor laws could impair our flexibility to restructure our business.
In
Italy, our employees are protected by various laws which afford them consultation rights with respect to specific matters regarding their
employers' business and operations, including the downsizing or closure of facilities and employee terminations. In particular,
among other applicable Italian laws: (i) Laws no. 604/1966, 300/1970 and 92/2012 regulate the individual dismissals; (ii) Law no. 223/1991,
concerns the collective dismissal procedure; (iii) Law no. 428/1990 as amended by legislative decree no. 18/2001, provides for the information
and consultation procedure in case of a transfer of the undertaking or a part thereof; (iv) Legislative decree no. 25/2007, introduces
a general right to information and consultation for employees and (v) Legislative Decree no. 23/2015 regulates the consequences of individual
dismissals with specific reference to the employees hired starting from March 7, 2015.
Purchasers
of our ordinary shares and ADSs may be exposed to increased transaction costs because of the Italian financial transaction tax or the
proposed European financial transaction tax.
On
February 14, 2013, the European Commission adopted a proposal for a directive on the financial transaction tax ("E.U. FTT")
to be implemented under the enhanced cooperation procedure by eleven Member States initially (Austria, Belgium, Estonia, France, Germany,
Greece, Italy, Portugal, Slovenia, Slovakia, and Spain). Following Estonia's formal withdrawal on March 16, 2016, ten Member States
are currently participating in the negotiations on the proposed directive. Member States may join or leave the group of participating
Member States at later stages and, subject to an agreement being reached by the participating Member States, a final directive will be
enacted. The participating Member States will then implement the directive in local legislation. If the proposed directive is adopted
and implemented in local legislation, investors in ordinary shares and ADSs may be exposed to increased transaction costs.
The
Italian financial transaction tax (the "IFTT") applies with respect to trades entailing the transfer of (i) shares or equity-like
financial instruments issued by companies resident in Italy, such as the ordinary shares; and (ii) securities representing the shares
and financial instruments under (i) above (including depositary receipts such as the ADSs), regardless of the residence of the issuer.
The IFTT may also apply to the transfer of ordinary shares and ADSs by a U.S. resident. The IFTT does not apply to companies having an
average market capitalization lower than €500 million in the month of November of the year preceding the year in which the trade
takes place. In order to benefit from this exemption, companies whose securities are listed on a foreign regulated market, such as the
Company, need to be included on a list published annually by the Italian Ministry of Economy and Finance. The Company is in the process
of starting the relevant procedures to be included in such list. For so long as the Company is not included in such
list, investors in the ordinary shares and ADSs may be exposed to increased transaction costs. See "Item 10. Additional Information—E.
Taxation."
It
may be difficult for investors outside of Italy to enforce civil liabilities against us.
We
are incorporated under the laws of Italy and our registered office and domicile is in Milan, Italy. A majority of our directors and executive
officers are not residents of the U.S., and all or a substantial portion of our assets are located outside the U.S. As a result, it may
not be possible for investors to effect service of process within the U.S. upon us or upon such persons.
Judgments
of U.S. courts may not be directly enforceable outside of the U.S. and the enforcement of judgments of U.S. courts outside of the U.S.
may be subject to limitations. Investors may also have difficulties pursuing an original action brought in a court in a jurisdiction
outside the U.S. for liabilities under the securities laws of the U.S.
The
proposed loyalty share program could have a negative effect on the liquidity of our ADSs and may make it more difficult for investors
to acquire a controlling interest, change the management or the strategy of our company or exercise influence over us, which may adversely
affect the market price of the ADSs
.
Further, the proposed loyalty share program would be available only to holders who
own their ordinary shares in registered form, and the ability of ADS holders to influence corporate decisions may therefore be limited.
At
our shareholders' meeting to be held in 2024, our Chief Executive Officer in his capacity as a shareholder will propose that
our shareholders approve a loyalty share program through a proposed amendment to our bylaws. If approved by our shareholders, the
loyalty share program would give shareholders the opportunity to request to be included on a special list maintained by us and
thereby receive increased votes for each ordinary share held in registered form after certain continuous periods of ownership of
such ordinary shares. For more information regarding the proposed loyalty share program, see "Item 10. Additional Information—B. Memorandum and Articles of Association".
If
the loyalty share program is approved by our shareholders, shareholders who hold a significant quantity of ordinary shares in
registered form for the continuous periods prescribed in our bylaws and who request and are included on the special list could be in
a position to exercise a significant percentage of votes at meetings of shareholders and to have substantial influence over our
company. If approved, a qualifying shareholder would be entitled to a double vote (i.e., two votes for each ordinary share) for each
ordinary share in registered form held by the same shareholder for a continuous period of not less than 24 months. An additional
vote would also be granted for each additional continuous 12-month period the same shareholder holds such ordinary share, for up to a
total of ten votes per ordinary share. Continuous ownership prior to the registration date in the special list would also be taken into account
.
Furthermore, only shareholders who own their shares in registered form would be entitled to
take advantage of the loyalty share program and ADS holders would not be entitled to additional voting rights. As a result, a
relatively large proportion of our voting power could be concentrated in a relatively small number of registered shareholders who
would have significant influence over us, and the ability of ADS holders to influence corporate decisions may therefore be limited.
As a result, the loyalty share program may discourage change of control transactions that otherwise could involve payment of a
premium over prevailing market prices for our ADSs or otherwise adversely impact the liquidity and market price of the
ADSs.
40
ITEM
4. INFORMATION ON THE COMPANY
A.
History and Development of the Company
Corporate
History and Operating Segment Evolution
We
were founded in 2014 by San Raffaele Hospital (Ospedale San Raffaele or "OSR") in Milan, a globally recognized premier research
hospital for
ex-vivo
gene therapy, with Pierluigi Paracchi (our CEO), Prof. Luigi Naldini (Chairman of our Executive Scientific
Board) and Dr. Bernhard Gentner (a member of our Executive Scientific Board), to develop potential ground-breaking cell and gene cancer
therapies. We leverage the vast experience in lentiviral vector ("LVV") technology of the San Raffaele Telethon Institute
for Gene Therapy ("SR-Tiget"). SR-Tiget, a joint venture between OSR and Fondazione Telethon ("Telethon"), is
a world leading cell and gene therapy research institution at the forefront of developing therapies for rare diseases. SR-Tiget has a
proven track record for successful collaborative clinical research programs in
ex-vivo
gene therapy. Its research has resulted
in a number of approved products, including Strimvelis, an
ex-vivo
gammaretroviral vector-based gene therapy for adenosine deaminase
severe combined immunodeficiency, and Libmeldy, an
ex-vivo
gene therapy for the treatment of early-onset metachromatic leukodystrophy
patients, both marketed by Orchard Therapeutics. Our platform was developed in the SR-Tiget laboratories of our founders, Prof. Naldini
and Dr. Gentner, and we hold exclusive rights and option rights, to certain intellectual property ("IP") originating there.
Since
closing our first round of funding in May 2015, we have recruited a leading management team, established a manufacturing process for
our drug product candidate, completed preclinical activities (research and Good Laboratory Practice – "GLP" –
grades), engaged with Italian, European and U.S. Key Opinion Leaders to identify our clinical lead indications, and submitted our first
CTA.
Our
leadership team has a proven track record as biotech executives. Their expertise spans from finance and venture capital to medical affairs,
from scientific research to clinical drug product development and clinical trial management. For example, members of our management team
have been involved in the successful development of Ethical Oncology Science, which was acquired in 2013 for over $400 million, and Strimvelis
the first ever ex-vivo approved gene therapy product that was developed under the guidance of Dr. Carlo Russo, our Chief Medical Officer
and Head of Development (formerly Head of Development of R&D Biopharm and Rare Disease Units at GSK). Our management team members
have played important roles in both large pharma companies such as Merck and GSK, and biotech startups, such as Adverum, Annapurna, VaxInnate
Corporation, OncoSec Medical, Biological Dynamics and GenMark Diagnostics. We believe this multi-disciplinary competence, provides a
unique blend for the development of innovative gene and cell therapy products, and constitutes a fertile ground for alliances with industrial
partners that could help us bring new therapies to patients.
Corporate
Offices
Our
principal executive offices are located at Via Olgettina No. 58, 20132 Milan, Italy and our telephone number is +39-02-2643-468120.
B.
Business Overview
Overview
We
are a clinical-stage biotechnology company engaged in the development of hematopoietic stem cell gene therapies for the treatment of
solid tumors. We have developed a novel biologic platform that involves the
ex-vivo
gene transfer of a therapeutic candidate into
autologous hematopoietic stem/progenitor cells ("HSPCs") to deliver immunomodulatory molecules directly to the tumor by infiltrating
monocytes/macrophages (Tie2 Expressing Monocytes – "TEMs"). Our technology is designed to turn TEMs, which normally
have an affinity for and travel to tumors, into a "Trojan Horse" to counteract cancer progression and to prevent tumor relapse.
Our technology is not target dependent, and therefore we believe it can be used as a treatment for a broad variety of cancers.
Our
technology incorporates the use of an LVV that combines a therapeutic transgene sequence, or payload, with our proprietary platform.
Our proprietary platform consists of (i) the Tie-2 promoter, that drives transgene sequence transcription specifically in TEMs, and (ii)
miRNA-126 target sequences to downregulate transgene expression post-transcription in those cells where the Tie-2 promoter is active
and the miRNA-126 is present. We believe there are many advantages to our approach:
●
Trojan
                                            Horse Mechanism of Action ("MoA"):
We use and modify TEMs, a subpopulation
                                            of tumor-associated myeloid cells, known to be involved in tumor growth and in the inhibition
                                            of immune system response, to allow the immune system to recognize the tumor and to deliver
                                            to the cancer site a chosen therapeutic.
●
Select
                                            Regulation of Transgene Expression:
Our selected control of the chosen therapeutic gene
                                            expression is designed to avoid off-target and systemic toxicity.
●
Potential
                                            Long-Term Effect:
Through the use of hematopoietic stem cells, our therapeutic candidate
                                            is designed as a "
living therapy
" intended to break the cancer-induced
                                            immune tolerance and to establish a competent immune surveillance throughout the life of
                                            the patient.
●
Agnostic
                                            Response
: In contrast to antigen-restricted CAR-T cells, our platform is not restricted
                                            to a pre-selected tumor antigen, nor any one tumor type. As such, it may be applied to a
                                            broad range of solid tumors and cancer subtypes, which would overcome one of the central
                                            unresolved challenges of immune-oncology cancer therapies.
Our
lead product candidate, Temferon, was developed using our platform and carries an interferon-alpha ("IFN-α") payload.
IFN-α is a well-known therapeutic that was previously administered intravenously for treatment of various cancers, but it is currently
rarely used because of its systemic toxicity. The Temferon
-
modified TEMs express the transgene payload, IFN-α, in the tumor
microenvironment resulting in the breakdown of tumor induced immune-tolerance. As a result, the immune system can recognize the tumor,
respond, and inhibit tumor growth. Because Temferon is designed to deliver the IFN-α payload directly to the tumor, we believe
it will demonstrate clinical activity without the side effect profile of systemic delivery of IFN-α. In preclinical mouse cancer
models treated with Temferon both direct (anti-angiogenic, pro-apoptotic) and indirect (immune response) effects were observed.
We
are currently developing Temferon for the treatment of glioblastoma multiforme ("GBM") in patients who have an unmethylated
MGMT gene promoter ("uMGMT-GBM"). GBM is the most common malignant primary brain tumor, accounting for more than half of
all central nervous system cancers. Patients suffering from GBM have limited, non-curative treatment options. Although these treatments
may improve survival, the prognosis for GBM patients remains poor, with a median overall survival ("mOS") of approximately
13 to 15 months and only 5.5% of patients estimated to be alive 5 years after diagnosis. With no curative treatments available and such
poor prognosis for patients, there remains a large, unmet medical need. We chose uMGMT-GBM among our first targets for clinical development
after considering the medical need, the active role that TEMs have in GBM pathology, and the high number of newly diagnosed uMGMT-GBM
patients potentially interested in participating in our study. As a result, we believe uMGMT-GBM offers a good profile for our initial
proof of concept trial in humans. We are currently conducting a Phase 1/2a clinical trial with Temferon in newly diagnosed uMGMT-GBM
patients in Italy. We anticipate completing enrollment and patient dosing by the first quarter of 2024. We intend to use the preliminary
results of our Phase 1/2a clinical trial to support a Clinical Trial Application to conduct in E.U. a multicenter Phase 2 trial in uMGMT-GBM,
which we currently intend to conduct primarily in Italy. As of March 6, 2023, we had dosed a total of 19 patients. The preliminary results
show that Temferon has been generally well tolerated, with no dose limiting toxicities identified so far.
41
We
also intend to develop Temferon for the treatment of other solid tumor indications, and locally advanced hepatocellular carcinoma ("HCC")
and intra-hepatic cholangiocarcinoma ("ICC") are under consideration. HCC and ICC are gastrointestinal ("GI")
cancers affecting the digestive system. HCC is a primary malignancy of the liver that occurs predominantly in patients with underlying
chronic liver disease and cirrhosis. ICC is a biliary tract cancer and represents approximately 3% of all GI malignancies. The prognosis
for patients with locally advanced HCC or ICC remains poor, with few therapeutic options, having limited clinical benefits. While we
are considering development of Temferon for these liver indications for similar reasons as GBM (i.e. the high unmet need, TEMs'
role in HCC and ICC pathology, and the number of newly diagnosed patients potentially eligible for our study), we are also evaluating
development of Temferon for other solid tumor indications.
In
addition to our Temferon programs that target uMGMT-GBM or other solid tumor indications such as HCC and ICC, we have exclusive option
rights to license (i) Temferon for the treatment of additional indications, and (ii) other drug candidates that are currently in the
preclinical stage of development both as standalone treatments and as combination therapies.
AGC
Biologics facility in Milan, Italy, will continue manufacturing LVV and Temferon to support Genenta's trials. For further larger
studies we may use AGC's 60,000 square meter cell and gene therapy manufacturing facility located in Longmont, Colorado (U.S.),
which AGC purchased from Novartis in July 2021 or another U.S.-based CMO.
Research
and Development Pipeline
Our
portfolio of clinical and preclinical
ex-vivo
autologous gene cancer therapies is based on our technology platform, which was
originally developed in our founders' laboratories at OSR. Through our collaboration with OSR, we have worldwide commercial rights
to Temferon (though our current trademark rights to Temferon are limited to the U.S. and Europe) for the treatment of GBM, HCC and ICC,
as well as exclusive option rights to license all of our other programs. Specifically, pursuant to our amended and restated license agreement
with OSR, we retain exclusive option rights to license (i) any platform improvements, including our second-generation technology, which
includes developments to enable the on/off regulation of the therapeutic transgene, (ii) products for additional indications that utilize
our platform technology but use different transgene payloads, and (iii) combinations of our platform with therapies in the immuno-oncology
("IO") field, such as ICI, CAR-T cell therapies and TCR therapies. See "—Intellectual Property Rights—
Collaboration/Licensing" for a description of our license agreements with OSR.
Our
current pipeline, with clinical and preclinical stage programs, is summarized below:
*Genenta
has options/rights on IP derived from preclinical data generated at SR-Tiget laboratories.
Strategy
We
are developing novel cancer therapeutics using our autologous
ex-vivo
gene therapy platform, to initially address the unmet medical
needs of uMGMT-GBM patients and patients suffering from other solid cancer indications such as advanced genitourinary malignancies like
renal cell carcinoma and bladder cancer. Ultimately, we hope to broaden our platform to treat a wide variety of cancers by pursuing the
following strategies:
Advance
development of our leading clinical-stage product candidate, Temferon in the U.S.
We
are currently conducting a Phase 1/2a dose-escalation study in Italy to primarily evaluate the safety and tolerability of Temferon in
up to 27 uMGMT-GBM patients who have an unmethylated MGMT promoter, following radiotherapy treatment. We plan to initiate in Europe a
multicenter Phase 2 trial in uMGMT-GBM, which we currently intend to conduct primarily in Italy to evaluate the safety and efficacy of
Temferon by measuring progression free survival ("PFS") and overall survival as endpoints. In advance of our CTA submission
and not required for our European trial, we have submitted a pre-IND meeting request to the FDA and received written responses from the
Agency in the third quarter of 2021 regarding the proposed Phase 2 clinical study design and drug product manufacturing strategy, which
is still in preparation. The plans for the Phase 2 clinical study and drug product manufacturing strategy will be informed by the Agency
comments.
42
Extend
our product pipeline across multiple indications
We
intend to expand our product pipeline by:
●
Identifying
                                            additional indications suitable for Temferon.
We have selected Refractory Advanced Genitourinary
                                            Malignancies, including Renal Cell Cancer ("RCC"), as the second solid tumor indication
                                            for Temferon.
●
Using
                                            our platform with different transgene payloads
. Our platform technology is designed to
                                            enable us to use different transgene payloads to potentially achieve therapeutic outcomes
                                            in selected cancer indications. We are currently conducting preclinical studies for two therapeutics
                                            using our platform with different payloads targeting solid tumors.
●
Developing
                                            a second-generation platform that enables the "on-demand" release of the transgene
                                            payload
. We intend to develop a second-generation technology platform that allows the
                                            drug products to be switched on to exert the therapeutic effects and switched off if they
                                            are no longer needed, or to mitigate toxicity. This technology may enable us to expand our
                                            treatment options to broader patient populations.
●
Exploring
                                            combination therapies
. We will seek to enter into collaborations with other companies
                                            to explore combination studies of our therapeutics with other cancer therapies, such as ICI,
                                            CAR-T cell therapies and TCR therapies. We believe our product, as a result of its MoA, has
                                            the potential to enhance the durability and efficacy of the existing therapies, thus abolishing
                                            the immune tolerance to the tumor.
●
Exploiting
                                            in-licensing opportunities with OSR
. We intend to exploit in-licensing opportunities
                                            with OSR, a co-founding shareholder.
Develop
and maintain efficient manufacturing processes to support anticipated growth
To
meet our drug product supply needs for conducting larger trials after the completion of our planned Phase 2 uMGMT-GBM study in
Europe, we intend to enter into a supply agreement with a U.S.-based CMO for the manufacturing of our products. Currently, Temferon,
is manufactured by the European Cell and Gene Therapy unit of AGC Biologics, a leading global contract development and manufacturing
organization ("CDMO"), which is headquartered in Italy and specializes in the manufacturing of viral vectors and
genetically engineered cells. AGC Biologics' facilities are certified by AIFA. AGC Biologics' facilities in Milan and
Bresso, Italy, will continue manufacturing LVV and Temferon to support Genenta's trials. We expect AGC Biologics will close
the Bresso facility in the near future as they expand and modify their facility. For further larger studies we may use AGC's 60,000 square meter
cell and gene therapy manufacturing facility located in Longmont, Colorado (U.S.), which AGC purchased from Novartis in July 2021 or
another U.S.-based CMO.
Establish
a patient-centered infrastructure and strong relationships with key U.S. opinion leaders working in our disease area
Since
cell and gene-based therapies are relatively new approaches in oncology, we intend to implement programs to improve patient and physician
education regarding the availability of gene therapy-based products for those cancers with a high unmet medical need. To this end, we
are discussing with Antonio Chiocca, MD, Professor Neurosurgeon-in-Chief and Chairman, Department of Neurosurgery at Brigham and Women's
Hospital in Boston, MA, Frederick Lang, MD, Professor and Chairman of the Department of Neurosurgery at MD Anderson in Houston, TX, and
David A. Reardon, MD, Department of Medical Oncology at Dana-Farber Cancer Institute in Boston, MA.
Develop
opportunistic partnership(s) with pharmaceutical company(s)
We
may choose to partner with larger pharmaceutical companies whose core competencies and oncology strategies are in line with ours.
Our
Strengths
We
believe that our growing body of early clinical data evidencing the potential of our autologous
ex-vivo
gene therapy approach,
coupled with our founders' expertise in the development, manufacturing and commercialization of gene and cell therapies, positions
us well to provide potentially transformative therapies through a single administration to patients suffering from a broad range of cancers.
We believe our key strengths include:
●
Unique
                                            and valuable expertise.
We are conducting our clinical trials at OSR, a leading center
                                            for
ex-vivo
gene therapy for inherited diseases. OSR has treated more than 121 patients
                                            worldwide (one of the highest number of patients treated with gene therapy for rare diseases
                                            in a research hospital), using an ex-vivo viral vector platform similar to the one we are
                                            developing for cancer treatment. Members of our executive leadership team have held senior
                                            positions at GSK, Merck, Annapurna-Adverum and other companies specializing in gene and cell
                                            therapies and rare diseases. We have partnered with academic institutions that are pioneers
                                            in autologous
ex-vivo
gene therapy and hold exclusive option rights to license additional
                                            patents and know-how to build our portfolio. Partnerships with leading academic institutions
                                            well recognized in the gene therapy field, such as SR-Tiget and OSR, are a core part of our
                                            research engine through which we are working to advance the clinical development of our product
                                            candidates and to identify new opportunities that we believe have comparably high probabilities
                                            of success in a preclinical setting. We believe our expertise, combined with our plan to
                                            leverage our relationships with leading academic institutions, will help expedite the commercialization
                                            of our lead clinical-stage product candidate and further expand our pipeline.
●
Deep
                                            pipeline with broad utility
.
We believe that the flexibility of our technology platform
                                            combined with our exclusive option rights to in-license additional programs, gives us the
                                            ability to grow our pipeline by targeting a broad set of cancer diseases.
●
Durable
                                            therapeutic potential
.
Preliminary interim clinical data collected from twelve treated
                                            uMGMT-GBM patients following a single administration of Temferon displayed modified cells
                                            at 18 months, the last measured timepoint to date.
●
Designed
                                            for tumor restricted therapeutic payload delivery and release
.
The design of our
                                            transgene expression cassette is intended to restrict payload expression to the tumor microenvironment.
                                            The local and tumor restricted therapeutic gene deployment approach is designed to focus
                                            the pleiotropic anti-tumor activities of the selected payload, by limiting the toxic manifestation
                                            that results from standard systemic administration of the payload.
43
●
Agnostic
                                            approach.
Our immune-gene therapy approach is designed to be a tumor-agnostic immunotherapy
                                            that does not rely on any specific target or tumor type, and we believe it could be successfully
                                            applied to a potentially broad range of cancers and immune contexts.
●
Solid
                                            tumors targeting.
Our platform has the potential to efficiently target solid tumors.
                                            Solid tumors are difficult to treat, even by the most novel and leading-edge technologies
                                            such as ICIs and CAR-T cells. Our cellular carrier, TEMs, is spontaneously and actively recruited
                                            by growing tumors and is found in several human solid tumors, irrespective of location.
●
Active
                                            and sustained tumor surveillance.
Our immune-gene investigational therapy is designed
                                            to trigger the patient's own immune response and establish an active immune surveillance.
                                            Our preclinical work, which used different cancer models (B-cell acute lymphoblastic leukemia
                                            and GBM) as well as preliminary data collected from our uMGMT-GBM patients, suggests the
                                            occurrence of changes in the immune system.
●
Fine
                                            dose tuning.
Our platform holds promise to fine tune the dose to be administered
                                            based on individual patient characteristics.
●
Preliminary
                                            data indicate that our approach is feasible and well-tolerated.
Temferon has been
                                            well-tolerated in the limited number of patients treated to date. Our
ex-vivo
modification
                                            of the patient's own HSPCs and cryopreservation allow us to formulate the patient's
                                            drug product prior to administering the therapy.
●
LVV
                                            as transgene payload delivery vehicles.
LVVs are particularly attractive for clinical
                                            applications due to their capacity to transfer large genes/payloads and their ability to
                                            efficiently transduce non-proliferating or slowly proliferating cells, such as hematopoietic
                                            stem and progenitor cells that allow a persistent gene expression in transduced cells. Moreover,
                                            LVVs have a potentially reduced risk of genotoxicity compared to gamma-retroviral vectors.
                                            A large number of patients have been treated both with other LVV gene therapy products approved
                                            for sale and with clinical-stage LVV gene therapy product candidates for rare diseases worldwide,
                                            and generally these therapies have been well tolerated. We believe that long-term extensive
                                            follow-up across multiple diseases, with vectors expressing different genes, demonstrates
                                            the potential safety of our LVV-based autologous
ex-vivo
gene therapy approach.
●
Applicability
                                            to a potentially large number of patients and indications
. We believe our autologous
ex-vivo
gene therapy approach has broad therapeutic potential across a large number
                                            of malignancies. The
ex-vivo
transduction of HSPCs allows for the potentially long-term
                                            production of a differentiated cellular carrier loaded with the therapeutic gene and the
                                            consequent distribution of the therapeutic payload throughout multiple organs and tissues
                                            containing solid tumors.
Status
of Current IO Treatments
Despite
new therapeutic approaches and new drugs having been developed or approved, substantial unmet need remains for many of the most common
cancers. Immuno-oncology therapies seek to work in conjunction with the patient's own immune system to recognize and attack cancer
cells selectively, without affecting normal cells, or to deliver immune system components that prevent the spread of cancer.
Immuno-oncology
therapy is recognized as an important type of cancer treatment in addition to more established options such as surgery, chemotherapy,
targeted therapy and radiation therapy. Indeed, the number of IO therapeutics in development worldwide grew 233% from 2017 to 2020. IO
therapeutics, which rely on the natural activity of the immune system to fight cancers in various ways, are grouped, by the Cancer Research
Institute, in five main classes reported in the tables below.
44
Current
Limitations of IO Approaches
Despite
significant advances, the clinical application of immunotherapy for cancer patients still faces challenges, including:
●
Development
                                            of tumor resistance (positive selection of tumor cells bearing advantageous mutations);
●
Dependence
                                            on specific targets;
●
Poor
                                            response for many patients;
●
Lack
                                            of a durable response;
●
Side
                                            effects;
●
Need
                                            for multiple dosing for most IO classes; and
●
Inability
                                            to efficiently target many solid tumors.
IO
for Solid Tumors
Despite
the success of IO therapies for some hematological cancers, significant gaps remain in the development of efficacious IO therapies for
solid tumors. There are still a number of challenges that IO therapies need to resolve to treat solid tumors including the ability to
target delivery of a therapeutic to the solid tumor and identification of suitable prominent cell surface targets. Cell therapies have
not been as successful in solid tumors in comparison to blood cancers mainly because of the absence of a suitable prominent cell surface
target and the high risk of toxicity when a potential solid tumor target is expressed, even at a low level, on normal tissue. Even if
targets for solid tumors with a suitable tumor-selectivity profile can be identified, other factors may limit the activity of cell therapies,
including limited cell-therapy penetration and distribution, low oxygen concentration (hypoxia) barriers around cancers that may prevent
T cell access to the tumor, expression by tumor cells of certain checkpoint genes and an inability to target multiple antigens at the
same time.
To
overcome the current limitations of IO therapies in solid tumors, a new, effective tumor therapeutic must:
1.
achieve
                                            a local and tumor-targeted delivery;
2.
maximize
                                            on-target effects;
3.
reach
                                            the desired therapeutic index;
4.
minimize
                                            the off-target side effects; and
5.
potentially
                                            provide long term results.
Our
Platform
Our
platform technology utilizes a novel mechanism of action that we believe has the potential to address the limitations and challenges
of current IO technologies. Through a single administration, our platform is designed to provide a broadly applicable treatment to deliver
a tumor-targeted therapeutic, including to solid tumors. It does so by exploiting a naturally occurring cancer-induced biological process,
allowing for the local delivery of the payload with a potentially durable response, in a manner that we believe will limit systemic toxicity.
The ability to deliver localized and tumor-targeted payloads, by avoiding systemic or off-target toxicity, may also allow for the use
of well-established immunotherapies, such as the immunomodulator IFN-α, that has shown efficacy but has had limited therapeutic
applications due to side effects associated with its intravenous delivery.
Specifically,
we adapted an autologous
ex-vivo
gene therapy method to direct the patient's own HSPCs by loading them with an immunotherapeutic
transgene sequence, or payload, that is able to counteract cancer progression and prevent tumor relapse. We believe that by delivering
a targeted therapeutic specific to cancer cells, we can reach the desired on-target anti-tumor effect while reducing off-target side
effects.
Our
platform technology employs the following key components:
a)
use
                                            of the patient's own autologous HSPCs;
b)
use
                                            of LVVs for
ex vivo
HSPCs transduction; and
c)
payload
                                            delivery within the tumor microenvironment ("TME") using specific tumor-associated
                                            myeloid cell (Tie2-expressing monocytes
–
"TEMs"). This "cell-confined" transgene expression is ensured by the selected promoter (Tie-2 promoter) and the
imposed post-transcriptional regulation layer represented by a miRNA target sequence (miRNA-126 target sequences).
The
image below illustrates the steps of our
ex-vivo
approach to transform patient's autologous HSPCs into a therapeutic product.
45
Illustration
of our ex-vivo approach (steps 1-2-3) and treatment process (step 4)
(1)
Patient's HSPCs are harvested by means of an apheresis process, and (2)
ex-vivo
modified by an LVV. The obtained drug product
is frozen and stored for clinical use (3). When needed, the therapeutic product may be thawed and infused back in patient's blood
stream (4). The engineered HSPCs will repopulate the entire hematopoietic system, giving rise to differentiated progeny bearing the introduced
modification
.
a)
HSPCs are the Source of the Delivery Vehicle for Our Gene Therapy Approach
By
re-introducing gene-modified HSPCs into the patient, we seek to take advantage of the self-renewing and multi-differentiation capability
of HSPCs to enable durable and potentially long-term effects following a single treatment. HSPCs are self-renewing cells that can differentiate
into all types of blood cells, including white blood cells, red blood cells and platelets. HSPCs can be obtained directly from the bone
marrow or from the patient's peripheral blood with the use of a mobilizing agent that induces HSPCs to relocate from the bone marrow
into the peripheral blood where they may be collected by apheresis. The advantages of using a patient's own HSPCs include the absence
of graft versus host disease (GVHD) that could occur using allogeneic cells, and the potential long-term treatment durability of this
approach.
b)
Ex-vivo LVV based Transduction
After
collection, a functional copy of the therapeutic gene is inserted into the patient's own HSPCs using a non-replicating LVV. This
is an
ex-vivo
process called transduction. We have chosen an
ex-vivo
gene therapy approach because it enables us to optimize
the quantity, or dose, of modified cells to be infused in each patient since we know, ahead of the administration, the drug product characteristics.
We
believe that LVVs are the first choice for
ex-vivo
gene therapy in humans because they can (i) carry large transgenes that will
allow us to expand the therapeutic options to a multitude of payloads without "size" limits and (ii) efficiently transduce
non-proliferating, or slowly proliferating cells, such as hematopoietic stem and progenitor cells. Most importantly, there is already
an abundance of safety data generated using these vectors to develop investigational products currently under clinical testing, including
CARs, TCRs, as well as commercial products such as Kymriah
®
(CD-19 CAR-T,
Novartis
Pharma) and Zynteglo
®
(β-Thal, BlueBird Bio). With more than 100 clinical trials either completed or in progress
using LVVs worldwide, this delivery method accounts for more than a third of
ex-vivo
modified gene therapy clinical trials.
Accordingly,
extensive clinical
ex-vivo
gene therapy studies, based on LVV gene transfer, have been performed in recent years by SR-Tiget for
the prevention and treatment of some severe inherited disorders, resulting in approved drugs, such as Libmeldy
TM
. These studies
have shown that LVVs constitute a valuable and safer alternative to gamma-retroviral vectors, enabling a more efficient gene transfer
into HSPCs and resulting in a robust and long-term transgene expression in their progeny. The studies also have demonstrated an alleviated
risk of genotoxicity because of the vector design.
Differences
exist between LVVs used for
ex-vivo
transduction that could, in theory, lead to differences in the long-term safety profile of
products, particularly in terms of genotoxic potential. Use of strong promoters in conditions where a high pre-existing risk for hematologic
malignancies exists, such as sickle cell disease ("SCD"), could in the long-term (i.e. 5 years or more) contribute to the
development of leukemia. There have been several significant adverse side effects in gene therapy treatments involving an ex-vivo transduced
lentivirus vector ("LVV") gene therapy product, BlueBird Bio's elivaldogene autotemcel ("Lenti-D"), involving
two SUSARs for cases of acute myeloid leukemia ("AML"), and one case involving myelodysplastic syndrome.
In
February 2021, BlueBird Bio temporary suspended its gene therapy clinical trials for SCD (HGB-206 and HGB-210) and the marketing of Zynteglo
®
due to a suspected unexpected serious adverse reaction ("SUSAR") of acute myeloid leukemia (AML) in a SCD patient who
received the product more than five years ago. In July 2021, the European Medicines Agency's ("EMA") safety committee
(Pharmacovigilance Risk Assessment Committee – "PRAC") announced that there is no evidence the LVV used in both Lenti-D
and the E.U.-approved gene therapy Zynteglo spurred the AML cases.
BlueBird
Bio announced on August 9, 2021 that the SUSAR involving myelodysplastic syndrome occurred in one patient treated with Lenti-D over a
year previously, that this SUSAR "is likely mediated by Lenti-D lentiviral vector (LVV) insertion," and that "[e]vidence
currently available suggests that specific design features of Lenti-D LVV likely contributed to this event." As a result of this
SUSAR, the FDA has placed a clinical hold on BlueBird Bio's Lenti-D phase 3 trial for cerebral adrenoleukodystrophy.
We
believe that the intrinsic characteristics of the LVV we have selected as well as the properties of the promoter and control mechanisms,
combined with HSPCs' ability to self-renew, allow for a stable integration of the modified gene into the HSPCs and their related
differentiated progeny, potentially achieving long-term safety and protection after only a single treatment.
c)
Tumor-Targeted Payload Delivery
Our
platform technology, used by all of our product candidates including Temferon, is designed to turn TEMs, which normally have an affinity
for and travel to tumors, into a "Trojan Horse" to deliver a tumor-targeted payload. The technology ensures that the payload
is only expressed in TEMs and not in other types of cells. The following key components make up our platform technology: (i) a Tie-2
promoter that drives transgene sequence transcription specifically in TEMs, and (ii) a post-transcriptional regulation layer represented
by miRNA-126 target sequences that induces the downregulation of the transgene expression in those cells where the Tie2 promoter is active
and the miRNA-126 target sequence is present. This transcriptional / post-transcriptional regulatory mechanism prevents off-target effects
and allows the expression of the payload by the selected cellular carrier (TEMs).
46
Our
transgene payload expression cassette consists of two key components: the Tie-2 promoter (RED) and miRNA-126 target sequences (LIGHT
BLUE)
(i)
Tie-2
                                            promoter.
The Tie-2 promoter enables the transformation of TEMs into a "Trojan
                                            Horse", to deliver the therapeutic payload within the tumor microenvironment. Tumor
                                            development and progression is a multi-step process leading to cancer growth. The so called
                                            "angiogenic switch" is one of the required steps and refers to a time-restricted
                                            event during tumor progression where the balance between pro- and anti-angiogenic factors
                                            tilts towards a pro-angiogenic outcome, resulting in the transition from a "dormant"
                                            avascularized tumor to an outgrowing vascularized cancer. It is well recognized that TEMs
                                            play an active role in this regard. Indeed, TEMs are actively recruited by proliferating
                                            tumors, through signals produced by the cancer cells or stromal/endothelial components, to
                                            promote the neo-vascularization and to contribute to the establishment of an immunosuppressive
                                            tumor microenvironment that leads to the failure in tumor eradication by the immune system.
                                            Amongst chemoattractant factors of monocytes, angiopoietins (Ang) play a crucial role. These
                                            are adhesion molecules and known vascular growth factors expressed by peritumoral blood vessels.
                                            One Ang in particular, Ang-2, attracts TEMs, which binds to the Tie-2 receptor. Expression
                                            of Ang-2 is upregulated by tumor hypoxia and may function as a chemoattractant for Tie2-expressing
                                            monocytes. Moreover, TEMs' penetration into the tumor microenvironment in response
                                            to these stimuli cause Tie-2 receptor upregulation, which enhances the delivery of the payload
                                            to the tumor. Since TEMs recruitment is a naturally occurring event in the tumor development
                                            process and is a key aspect shared by several different cancers, we believe that our platform
                                            which enables the tumor targeted delivery of therapeutics represents a unique approach that
                                            may have broad applicability.
(ii)
miRNA-126
                                            target sequences
. The miRNA-126 target sequence serves as a post-transcriptional
                                            regulation layer that allows the expression of the transgene payload only in cells where
                                            miRNA-126 is not expressed. In our case, because miRNA-126 is highly expressed in HSPCs but
                                            down-regulated in the differentiated progeny, it switches off transgene expression in the
                                            stem and progenitor cell compartment. Indeed, Tie2 is a weak promoter expressed, in the hematopoietic
                                            compartment, by Tie2-expressing monocytes and by hematopoietic stem cells ("HSC").
                                            In HSC, it works as a membrane-bound receptor that keeps HSC cell-to-cell interaction and
                                            adhesion with the bone marrow niche and preserves the HSC quiescent/low proliferating state.
Post-transcriptional
control mechanism of transgene expression
A)
Transgene expression is allowed only in cells where miRNA-126 is not expressed; (1) mRNA is transcribed into the nucleus (2) the transgene
is then translated in the cytoplasm and released.
B)
In those cells expressing miRNA-126 the payload production is prohibited; (1) mRNA is transcribed into the nucleus (2) miRNA-126 recognizes
its target sequences on the mRNA and forms double strands of RNA (3) that are degraded or block the translation process.
47
Transgene
payload expression as the result of the transcriptional (promoter) and post-transcriptional regulation (miRNA-126 target sequence) imposed
by our expression cassette.
We
believe that combining our built-in post-transcriptional control mechanism (
miRNA-126 target sequences
), with TEMs designed as
a "Trojan Horse" allows our platform to restrict transgene expression and avoid systemic toxicity while reaching the therapeutic
index to drive efficacy.
Our
Leading Product Candidate: Temferon
Our
lead product candidate, Temferon, consists of genetically modified HSPCs which use our platform to deliver interferon-alpha ("IFN-α"),
within the tumor microenvironment via TEMs (HSPCs differentiated myeloid progeny). The IFN-α reduces angiogenesis, counteracts
tumor cells proliferation and breaks the established immune-tolerance, enabling the immune system to recognize the tumor. IFN-α
is a proven and known immunomodulatory molecule, or cytokine, that has limited clinical use due to the systemic toxicity associated with
its intravenous administration. Our technology is designed to protect the HSPCs from IFN-α mediated activation that could negatively
impact their repopulation capacity as reported in some studies of repeated systemic administration of high doses of IFN-α. We believe
that this protection technology, whereby we restrict payload expression to TEMs, and the release of IFN-α within the TME, has the
potential to provide efficacy without inducing systemic toxicity.
Because
TEMs are associated with the growth of numerous cancer types, including solid tumors, we believe that Temferon is tumor type and tumor
target agnostic and therefore may be used across a large variety of cancers. Currently, we are developing Temferon for uMGMT-GBM.
Overview
of Temferon manufacturing process and mechanism of action.
Patient's
HSPCs
are harvested, (1)
ex-vivo
modified by
LVVs
(2) and re-introduced back in patient's blood stream (3).
Once recruited within the tumor microenvironment, TEMs release IFN-α that reduces angiogenesis, counteracts tumor cells proliferation
and enables the immune system to recognize the tumor.
GBM
is a solid tumor affecting the brain. We have chosen this indication due to the following factors:
●
High
                                            unmet medical need.
The prognosis for GBM patients remains poor with few therapeutic
                                            options having limited clinical benefits.
●
Temferon's
                                            MoA targets TEMs which have an active role in uMGMT-GBM pathology.
GBMs are highly
                                            vascularized tumors that critically depend on the generation of tumor-associated blood vessels.
                                            Several studies demonstrate that infiltrating myeloid cells, including Tie2-expressing monocytes,
                                            contribute significantly to tumor angiogenesis, presumably by secreting pro-angiogenic factors
                                            and promoting malignant glioma growth by creating a local immunosuppressive microenvironment.
                                            Moreover, TEMs have been identified in the normal/tumor boundary from human biopsy samples
                                            of GBM patients who received treatment to reduce angiogenesis using the anti-VEGF treatment
                                            bevacizumab, and the Tie2 pathway has been implicated in the triggering of a bevacizumab-mediated
                                            VEGF-independent angiogenesis that explains the long-term refractoriness of GBMs to anti-VEGF
                                            treatment.
●
Immunosuppressive
                                            tumor microenvironment.
GBM is characterized by an immunosuppressive microenvironment
                                            that is mediated by tumor associated myeloid cells (including TEMs) that prevent the immune
                                            system from recognizing and rejecting the tumor. Our treatment approach is designed to exploit
                                            TEMS to deliver IFN-α to the tumor so that the immune system recognizes the tumor and
                                            halts tumor cell proliferation and recurrence.
●
Availability
                                            of a "competent" immune system.
Our approach relies on a patient's
                                            immune system being capable of providing an immune response upon recognition of the tumor.
                                            Therefore, we believe newly diagnosed uMGMT-GBM patients who have relatively "competent"
                                            immune systems, not yet damaged by repeated cycles of chemotherapies, are strong candidates
                                            for our candidate.
●
Compelling
                                            preclinical data.
Our preclinical studies, published in peer-reviewed papers, suggest
                                            that TEMs play an active role in uMGMT-GBM, and when used as a "Trojan Horse,"
                                            significantly shrink the tumor and to control disease progression. In more recent unpublished
                                            studies, we have also demonstrated, in a preclinical immunocompetent GBM mouse model, that
                                            treatment by Temferon resulted in a long-lasting immune response in surviving mice, even
                                            after repeated tumor challenge intended to replicate possible tumor recurrences.
●
Market
                                            Opportunity.
Based on currently available treatments, the global market size for
                                            all GBM is projected to grow to over $3.4 billion by 2032. We believe a novel therapeutic
                                            which demonstrates improvement over existing therapies would greatly increase the market
                                            size.
48
We
are discussing other studies using Temferon in solid tumor indications, for which we are considering patients with unmet medical needs
suffering from solid tumors which recruit TEMs in order to grow.
Temferon
for uMGMT-GBM
Disease
Overview
GBM
is the most common malignant primary brain tumor accounting for more than half of all central nervous system cancers and for which there
is a high unmet medical need. The incidence rate is 3.20 per 100,000 persons with over 13,000 deaths per year in the U.S. This disease
is lethal and left untreated, the median survival is three (3) months. The current standard of care includes using a combination of surgery,
radiation therapy, and chemotherapy for treatment. Although these treatments may improve survival, the prognosis for GBM patients remains
poor with a median overall survival ("mOS") of approximately 13 to 15 months and only 5.5% of patients estimated to be alive
5 years after diagnosis. GBM may occur at any age, but 70% of cases are seen in patients between 45 and 70 years of age (median 64 years).
The disease often progresses rapidly (over 2 to 3 months). Neurological signs are nonspecific as they result from intracranial hypertension
and include headaches and vomiting, often associated with behavioral changes or focal neurological deficits. Variants of GBM include
secondary glioblastoma (20% of total diagnosed GBM), gliosarcoma (2%) and giant cell glioblastoma (1%). We are not including these variants
in our studies because they do not fully meet our selection criteria discussed above.
Current
Treatment Landscape and Limitations
The
current standard of care for GBM includes surgery to remove the accessible tumor followed by radiation therapy ("RTx"), chemotherapy
with temozolomide ("TMZ") and/or tumor treating fields ("TTFields").
●
Surgery
remains the mainstay of initial treatment. If the tumor is located in a resectable
                                            region of the brain, it is used to histologically confirm the diagnosis and level of tumor
                                            burden. For many patients, removal of the tumor also results in a decrease of tumor mass-associated
                                            symptoms. Although the extent of the surgical removal of the tumor is linked to longer survival,
                                            due to the invariably infiltrative nature of the disease, even the complete removal of the
                                            accessible tumor is not curative and most people with GBM later develop recurrent tumors
                                            either near the original site or at more distant locations within the brain. Additionally,
                                            as a possible consequence of surgical procedures, permanent brain damage may occur.
●
Radiation
                                            therapy
improves survival and is typically started approximately 3 to 4 weeks after
                                            surgery. RTx is performed daily for approximately 6 weeks. RTx induces the formation of neo-antigens
                                            and a pro-inflammatory response that are key aspects for immune system mediated disease control.
                                            However, the efficacy of RTx is impaired by hypoxia and by the negative effects of RTx on
                                            tumor infiltrating immune cells.
●
Chemotherapy.
Temozolomide, the current chemotherapeutic standard of care, is a DNA-alkylating
                                            agent that can cross the blood-brain barrier to reach therapeutic concentrations in the brain.
                                            The drug is administered every day during radiation therapy and then for six to 12 cycles
                                            after radiation as a maintenance therapy. Each cycle lasts 28 days, with TMZ given the first
                                            five days of each cycle, followed by 23 days of rest. TMZ adds a methyl group to DNA that,
                                            if unrepaired, leads to DNA strand breaks and cytotoxicity. More than one-third of glioblastomas
                                            are deficient in methylguanine methyltransferase ("MGMT"), a repair protein that
                                            removes the methyl group. This MGMT deficiency occurs through the methylation (silencing)
                                            of the MGMT gene promoter. Glioblastoma patients with a silenced MGMT gene who are treated
                                            with TMZ have a longer survival than those with an unmethylated MGMT. TMZ has several adverse
                                            side effects, including a cumulative bone marrow toxicity.
●
Tumor-Treating
                                            Fields (TTFields)
. The use of TTFields to extend temozolomide maintenance chemotherapy
                                            for newly diagnosed glioblastoma patients has recently been incorporated as a new standard
                                            of care. TTFields are applied via multiple electrodes that are directly fixed to the scalp.
                                            These low-intensity, alternating electrical fields interfere with cell division ultimately
                                            leading to cell cycle arrest, aneuploidy, and apoptosis. The most common TTFields-associated
                                            adverse events (AEs) are mild-to-moderate array-associated contact dermatitis.
●
Experimental
                                            Treatments
.
Along with the above-mentioned treatments, the addition of the antiangiogenic
                                            agent bevacizumab (BEV) to RTx and TMZ has been explored with mixed clinical results BEV
                                            was tested both a first-line treatment together with RTx and concomitant TMZ administration
                                            in newly diagnosed glioblastoma patients, as well as in combination with RTx in recurrent
                                            GBM patients. BEV was approved by the FDA as monotherapy for recurrent glioblastoma in 2009
                                            under the name Avastin®. The EMA declined to approve BEV for recurrent glioblastoma due
                                            to the absence of a non-bevacizumab control arm, a modest overall survival increment versus
                                            historic controls, inadequate elucidation of true antitumor effect, and challenges with radiographic
                                            response assessment. More recently, an immune-checkpoint blocker nivolumab was tested in
                                            combination with TMZ and RTx in a Phase 3 trial in recurrent glioblastoma patients but showed
                                            minimal activity and no benefit in terms of mOS, resulting in failure to meet one of its
                                            primary endpoints, PFS.
Currently
available GBM surgical treatments have not been able to prevent GBM recurrence because of the infiltrative nature of this disease and
the absence of an effective immune system. A therapeutic able to cross the blood-brain barrier and selectively impact proliferation of
cancer cells independently from the region of the brain where the tumor resides would be a significant advancement.
Our
Solution
We
believe that our investigational product, Temferon, has the potential to address the world recognized GBM unmet need. Through a single
administration, we believe Temferon may be able to provide a long-lasting immune response, minimize systemic toxicity, counteract cancer
progression and prevent tumor relapse.
Temferon
utilizes our platform and
ex-vivo
gene therapy approach to introduce a functional copy of IFN-α which is Temferon's
transgene payload, into the patient's autologous HSPCs, resulting in a drug product that can then be reintroduced into the patient
as outlined above (
see "Our Leading Product Candidate: Temferon" and "Our Platform"
). Temferon is designed
to colonize the patient's bone marrow with the genetically modified HSPCs to continuously generate TEMs containing the IFN-α
payload. Since TEMs are recruited within the tumor microenvironment, IFN-α is released solely at the targeted tumor, which may
result in clinical activity without inducing systemic toxicity.
49
Once
within the tumor microenvironment, IFN-α is expected to act both
directly
by promoting cancer cell apoptosis and inhibiting
vascularization and
indirectly
by restoring the body's anti-tumor immune response, as follows:
●
Direct
                                            Effects.
IFN-α suppresses tumor cell proliferation and promotes the apoptosis
                                            of tumor and stromal cells by induction of proapoptotic genes or repression of anti-apoptotic
                                            genes. Moreover, IFN-α inhibits angiogenesis by downregulating the expression of proangiogenic
                                            factors.
●
Indirect
                                            Effects.
IFN-α stimulates early innate immune responses and the subsequent
                                            adaptive immune response via multiple pathways and mechanisms, including: maturation and
                                            cross-priming capacity of dendritic cells ("DCs"); upregulation of the expression
                                            of tumor-associated surface antigens and MHC class I molecules on tumor cells and of MHC
                                            class I and II molecules on DCs; enhanced priming and survival of T cells; enhanced humoral
                                            immunity; increased cytotoxic activity of NK cells and macrophages; control of helper T cell
                                            population balance (Th1=Th2); immunoglobulin class switching of B cells; and the regulation
                                            of CD8+ cytotoxic T-lymphocyte responses.
We
believe that through these immunomodulatory functions and based on our preclinical data, IFN-α increases tumor immunogenicity,
recruits and activates immune cells within the tumor milieu, breaks established tumor-induced immunotolerance and may induce tumor rejection.
50
Overview
of Temferon antitumor activity
Once
recruited at the tumor site, instead of fostering tumor growth and inhibiting the immune systems, TEMs start to release IFN-α that
triggers cancer cell apoptosis and arms the immune cells to fight the cancer.
Clinical
Development of Temferon in uMGMT-GBM
Preclinical
Data
We
have preclinical data, published in 2018, suggesting that TEMs play an active role in GBM disease. Further studies published in 2008
showed that when TEMs were used as a "Trojan Horse," as utilized by Temferon, the GBM tumor volume decreased and the disease
progression was controlled. In more recent, unpublished preclinical studies, we have also demonstrated, in an immunocompetent GBM mouse
model, that treatment with Temferon resulted in a long-term immune response in surviving mice, even after repeated tumor challenge intended
to replicate possible tumor recurrences.
Inhibition
of Human Gliomas in IFN-α Gene Therapy Treated Athymic Mice (De Palma et al., 2008).
A-B)
Glioma growth (mean tumor volume ± SEM, measured by MRI) in individual control and IFN-α gene therapy treated
mice (Tie2-IFN) at 3 weeks post tumor injection ("PTI"). Tumor volume and progression decreased in IFN-α gene therapy
treated mice.
C)
MRI images showing brain tumor growth at the indicated time points PTI in representative control (Ctrl) and Tie2-IFN
mice. Intracranial gliomas are indicated by arrows and dashed line. The tumor did not progress in Tie2-IFN mice.
D)
Measurement
of tumor necrotic fraction (mean necrotic fraction, % ± SEM) by MRI in individual Ctrl and Tie2-IFN mice at 3 weeks PTI, evidencing
cancer cell death.
E)
The Tie2-IFN tumors that grew sufficiently to be analyzed displayed decreased cell proliferation and greater
apoptosis (assessed by Ki-67 and cleaved caspase-3 immunostaining, respectively a proliferation and an apoptosis marker) as compared
to the control tumors. (Caspase-3 = Casp-3; green) and CD31 (marker of blood vessels; red) TO-PRO-3 (TP3; nuclear staining, blue). Arrows
show Ki-67+CD31+ or caspase-3+CD31+ (ECs; dashed line indicates tumor margin).
Phase
1/2a Clinical Trial
In
the second quarter of 2019, we enrolled our first patient in a single-arm, open label, dose escalation, Phase 1/2a clinical trial, in
adult patients aged 18 to 70 years (the "TEM-GBM 001 study"). The trial is being conducted at two clinical centers of excellence
located in Milan, Italy:
(i)
Istituto Nazionale Neurologico "
Carlo Besta
", an internationally recognized leading center in neuroscience, specializing
in the diagnosis and treatment of neurological diseases in adults and children, and (ii) OSR, which has a recognized expertise in complex
and innovative diagnostic and therapeutic approaches in onco-hematological patients and in gene therapy treatments.
The
primary objective of the TEM-GBM 001 study is to evaluate the safety, tolerability, feasibility, and biological activity of Temferon
in uMGMT-GBM patients with an unmethylated MGMT gene, who as a result of the gene, have a poor prognosis and are expected to not respond
to TMZ treatment. These patients are identified immediately after surgery, upon confirmation of the diagnosis and MGMT methylation status.
After enrollment, each patient is screened for eligibility, and if eligible subjected to the mobilization procedure to induce HSPCs to
exit from the bone marrow niche and to migrate into the peripheral blood where they are collected by leukapheresis. Immediately after
collection, each patient's HSPCs are sent to our CMO to be genetically modified and become Temferon. After Temferon administration,
each patient is followed for two years. The figure below depicts the different stages of TEM-GBM 001 study enrollment and treatment.
51
TEM-GBM
001 Study Design.
Our
study aims to evaluate the short-term (up to 90 days) and long-term (up to two years) tolerability and safety of five escalating doses
of Temferon in up to 24 patients with uMGMT-GBM and an unmethylated MGMT promoter, following first line radiotherapy.
Initially
the study was designed with a dose escalation phase in 15 patients assigned to five cohorts (Part A) to test three different escalating
Temferon doses and two different conditioning regimens, with the aim of determining the best Temferon engraftment associated with fewer
side effects to be then applied to an expansion phase (Part B) in six additional patients.
Patients
in Cohorts one (1), two (2) and three (3) received Temferon dose escalation up to 2 x 10
6
CD34+ cells/kg (Dose Level 3) and
3 x 10
6
CD34+ cells/kg as unmanipulated supporter HSPCs. Patients in Cohorts four (4) and five (5) were infused with Temferon
Dose Level 3 but received 2 x 10
6
CD34+ cells/kg and were conditioned with two different conditioning regimens (BCNU &
thiotepa for Cohort 4, also utilized in Cohort 1-3 and Busulfan & Thiothepa for Cohort 5).
Based
on the results collected in Part A of the study, we have amended the dose ranging part of the study to add three additional dose escalation
Cohorts (numbers six (6), seven (7) and eight (8)). The Clinical Protocol amendment was submitted on July 20
th
, 2021, to the
Italian Competent Authorities, and approved by AIFA in September 2021.
As
per the submitted clinical protocol amendments, three (3) patients in Cohort 6 were conditioned with BCNU and Thiotepa and received 2
x 106/kg supporter HSPCs and a Temferon dose of 3 x 106 cells/kg. Three patients in Cohort 7 were conditioned with Busulfan alone and
received 3 x 106/kg supporter HSPCs and a Temferon dose of 3 x 106 cells/kg. As of March 22, 2024, three patients were enrolled in Cohort
8 with two of the patients infused with 3 x 106/kg supporter HSPCs and a Temferon dose of 4 x 106 cells/kg. The third patient of Cohort
8 will be infused when the patient completes six weeks of radiotherapy. The review of the safety, tolerability and biological data from
the 24 patients of Part A of the study will determine if three additional patients will be tested as part of the transition to the Phase
2 part of the study.
The
figure below represents the TEM-GBM 001 study design with the key inclusion criteria. The study EudraCT Number is 2018-001404-11 and
can be found at clinicaltrialsregister.eu/ctr-search/trial/2018-001404-11/IT.
Preliminary
Interim Results.
We
designed the TEM-GBM 001 study to: (i) obtain rapid accrual of patients (ii) assess the safety profile of Temferon, (iii) identify the
optimal dose, and (iv) measure the biological activity of Temferon on those patients who progress to the point of requiring a second
surgery.
We
designed our study anticipating that patients receiving lower doses of Temferon could progress to the point of needing a second surgery,
which is often necessary in GBM patients. A second surgery provides the only source of GBM specimens post treatment to evaluate the biological
activity of Temferon and to evaluate its mechanism of action in patients. We enrolled our first patient in April 2019, and as of March
22, 2024, we had dosed 23 patients, from Cohort 1 to 8. We expect to complete the dosing of the last patient in Cohort 8 by the end of
the second quarter of 2024.
52
Overview
There
have been no dose limiting toxicities identified in our clinical study to date. All patients showed rapid engraftment and hematological
recovery after administering the sub-myeloablative conditioning regimens (Busulfan BCNU + Thiotepa, Busulfan and Thiothepa or Busulfan
alone). Evidence of presence and persistence of Temferon-derived differentiated cells is assessed by measuring the vector genomes in
the DNA of peripheral blood and bone marrow cells (absolute number quantified by ddPCR). The vector copy number ("VCN") positive
cells were present within 14 days post treatment and were detectable, albeit at lower levels, in the long-term (up to 23 months, the
last measured timepoint to date).
We
also detected very low concentrations of IFN-α in the plasma and cerebrospinal fluid, suggesting the transgene expression control
mechanism may be working as intended by limiting systemic IFN-a exposure.
Serious
adverse events have mainly been attributed by the Investigator to the effects of the conditioning regimen (pneumonia, pulmonary embolism,
febrile neutropenia, fatigue, C.diff infection, CMV reactivation, sepsis) or disease progression (worsening left hemiparesis, seizure,
brain abscess, sudden death). Three instances of elevated gamma glutamyl transferase ("GGT") have been observed: two mild
cases attributed to chemotherapy and HSPC harvesting, each of which has resolved; and one case occurring at D+78 following Temferon administration,
which was classified as a suspected unexpected serious adverse reaction ("SUSAR") possibly related to Temferon, and which
has also resolved. Seventeen deaths have been reported as of September 12
th
2023, with six patients out of the 23 treated
remaining alive. The median overall survival is 17 months following initial surgery.
Serious
adverse events that have occurred in this study have largely been related to the conditioning chemotherapy used (for example infections,
neutropenia, deterioration in physical condition, and thromboembolism), or due to disease progression (for example seizures and neurological
complications).
One
serious and unexpected adverse event, attributed to Temferon, occurred at Day +79 post Temferon administration and was reported as persistently
elevated gamma glutamyltransferase.
The
patient subsequently recovered from this event and is one of the long term survivors in the study.
The
evaluable disease status as assessed by immunotherapy response assessment for neuro-oncology ("iRANO") criteria], the last
evaluable time point for the first 15 treated patients (prior to death, where applicable), was as follows: six patients had shown stable
disease ("SD"), two patients had demonstrated partial response, seven patients had shown progressive disease ("PD").
For reference, The iRANO guidelines specifically address interpretation of initial progressive imaging findings in the context of neuro-oncology
patients with a goal of decreasing the likelihood of premature discontinuation of potentially beneficial therapies while ensuring maximum
patient safety. iRANO empirically stipulates a three -month window for confirmation of progression on follow-up imaging, and further
advises that progressive imaging changes beyond six months after immunotherapy initiation are more likely true tumor progression.
53
So
far, eight out of the nine patients from the first three Cohorts and one patient in Cohort 4 progressed. The PD occurred after a median
of + 123 days (range 83–239 days) following administration of Temferon. Two patients of Cohort 3 progressed before Temferon administration
(11 and 12 days before Temferon administration). Preliminary analyses performed on the tumor specimens belonging to patients with PD
who underwent a second surgery (four patients) confirmed the presence of TEMs within the tumor, as assessed by flow cytometry, and an
increased expression of IFN-responsive gene signatures compared to diagnosis, as assessed by quantitative polymerase chain reaction ("PCR")
tests. We believe that these findings suggest intra-tumor IFN-α release.
Of
the four patients who underwent the second surgery, one patient had a prior lesion, which was not removed during the first surgery. When
this patient underwent the second surgery following treatment with Temferon, it was observed that this lesion was stable and had not
grown. In addition, this patient presented a relapsing progressing lesion that had developed at the first surgery site. Both lesions
were removed and biopsied at the second surgery. Notably, as assessed by flow cytometry, the stable lesion had a higher proportion of
T cells and TEMs within the myeloid infiltrate and as detected by quantitative PCR a markedly increased IFN-response signature as compared
to the relapse-progressing lesion.
We
also analyzed the peripheral blood of the patients from Cohorts 1 to 3. In these patients, the peripheral blood showed, on two of the
four subjects with samples at the first and second surgery, a change in the T cell immune repertoire post treatment, revealing expansion
of tumor-associated clones, which suggested that changes in the immune system are occurring.
Two
patients in Cohort 6 died; one 424 days from 1
st
surgery, and the other 162 days from 1
st
surgery. The 3
rd
patient is alive and stable. The three patients of Cohort 7 are alive, the first had evidence of disease progression immediately
after receiving Temferon and subsequently underwent a second surgery. The other two patients in Cohort 7 have no evidence of disease
progression.
We
believe these results align with our preclinical data and suggest the immune activation effects of Temferon. Specifically, the preliminary
interim results, including the tumor analysis conducted after second surgery described above, provide biological evidence to support
the hypothesis that cellular and molecular changes were triggered by Temferon in uMGMT-GBM patients despite the low dose administered.
We have yet to reach the maximum tolerated dose of Temferon and as outlined in our study protocol, we will be increasing the dose in
Cohorts 6, 7 and 8.
TEM-GBM
Clinical Development Plan
We
plan to use the results of our TEM-GBM Phase 1/2a study (NCT03866109) to support a Clinical Trial Application to be conducted in Europe,
a multicenter Phase 2 study in uMGMT-GBM, which we currently intend to conduct primarily in Italy. In advance of our CTA submission and
not required for our European trial, we have submitted a pre-IND meeting request to the FDA and received written responses from the Agency
in the third quarter of 2021 regarding the proposed Phase 2 clinical study design and drug product manufacturing strategy. The plans
for the Phase 2 clinical study and drug product manufacturing strategy will be informed by the Agency comments. We intend to submit the
CTA for a Temferon Phase 2 study for uMGMT-GBM patients by the fourth quarter of 2024. The Phase 2 study will evaluate the safety, tolerability,
biological reprogramming of the tumor microenvironment in Temferon treated patients compared to the current standard of care, with primary
endpoints, of PFS and mOS. We are also working with our current CMO and potentially other CMOs based in the U.S. to manufacture and to
supply Temferon in the U.S. for our larger trials to be conducted after the completion of our Phase 2 study.
Key
components of the anticipated clinical trial are as follows:
●
Multicenter
    study evaluating Temferon for safety, tolerability and efficacy compared to the current standard of care;
●
Enrollment
    and treatment of up to 27 patients with newly diagnosed and recurrent uMGMT-GBM;
●
PFS
    and mOS as co-primary study endpoints
The
study design as discussed with FDA at the Pre-IND meeting may be subject to modifications. In 2023 the U.S. Food and Drug Administration
(FDA) and the European Commission have each granted Orphan Drug Designation ("ODD") to Temferon for the treatment of glioblastoma
multiforme.
54
Second
Solid Tumor Indication
We
are also evaluating advanced genitourinary malignancies like metastatic renal cell carcinoma ("mRCC") and bladder
cancers as a potential second solid tumor to be investigated. Renal cell carcinoma ("RCC") and bladder cancer are
cancers affecting the genito-urinary system. We are choosing to pursue both of these indications for similar reasons as the
uMGMT-GBM indication, namely:
●
High
                                            unmet medical need and market opportunity
.
The prognosis for patients with advanced
                                            genitourinary malignancies remains poor.
●
Suitable
                                            tumor microenvironment.
Both mRCC and bladder cancer are characterized by an immunotherapy-responsive
                                            tumor microenvironment. Moreover, in renal cell carcinoma TEMs play a
                                            key role.
●
IFN-α
                                            and advanced genitourinary malignancies.
Both mRCC and bladder cancer have been demonstrated
                                            to be exquisitely sensitive to IFN-α treatment. Almost 15 years ago, immunotherapy with IFN-α
                                            or interleukin-2 pioneered the systemic treatment of RCC. UC IFN-α as an intravesical
                                            therapy has been evaluated over many decades with variable results which we believe were largely due
                                            to the short drug exposure time rather than inherent lack of the cytokine anti-tumor activity.
                                            Very recently, the targeted delivery of IFN-α by an in vivo gene therapy approach in
                                            BCG-unresponsive non-muscle invasive bladder cancer resulted in relevant clinical benefit
                                            and led to the FDA market approval of Adstiladrin®.
●
Market
                                                                                                                                                                                                                                          Opportunity.
Based on currently available treatments, the 2023 RCC market for therapeutics is approximately USD$8.1 billion
                                                                                                                                                                                                                                          and is projected to grow 5.1% annually, reaching $12.7 billion in 2032, while the market value for treatments for bladder cancer are
                                                                                                                                                                                                                                          expected to hit USD$7.52 billion by 2029. We believe a novel therapeutic which demonstrates improvement over existing therapies
                                                                                                                                                                                                                                          would have the potential to meaningfully grow the market size.
Disease
Overview
Renal
Cell Carcinoma (RCC):
Renal
cell carcinoma accounts for over 80% of primary renal malignancies, with clear cell RCC being the most common (75% of all parenchymal
renal malignancies).
Combination
therapy (dual IO or an IO plus VEGF-TKI) is now recommended as first-line therapy. The treatment choice in the second and subsequent
lines depends on the regimens received in prior lines, usually avoiding rechallenging a patient with the same agents. The second-line
setting is dominated by the use of single-agent TKIs, (cabozantinib or pazopanib) and lenvatinib combined with the everolimus (mTOR inhibitor).
Other treatments include the TKIs sunitinib and sorafenib, and the mTOR inhibitor temsirolimus. Single-agent nivolumab is approved for
second-line treatment, but is used mainly for patients who did not receive an ICI in the first line. A hypoxia-inducible factor 2α
(HIF2α) inhibitor, belzutifan, is approved for treating patients with RCC with VHL disease (3–6% of RCCs) who do not require
immediate surgery. Multiple phase III trials are ongoing to expand its label in RCC, including in late-line advanced or metastatic settings
and in combination with other approved targeted therapies in the adjuvant and first-line settings.
Urothelial
Carcinoma (UC):
UC
is the ninth most common malignancy globally and more than 90% of cases arise from the bladder with the remainder located in the ureters,
renal pelvis, and very rarely, the urethra.
Platinum-based
(cisplatin or carboplatin) combination chemotherapy remains the standard first-line treatment for advanced/metastatic UC. Recent
approvals of anti-programmed cell death protein 1 (PD-1)/programmed death-ligand 1 (PD-L1) IO have improved the medicines, equipment
and techniques available to medical practicioners to treat advanced UC. The antibody-drug conjugate (ADC) enfortumab
vedotin, comprised of a microtubule-disrupting agent, monomethyl auristatin E (MMAE), coupled by a fully human immunoglobulin G,
monoclonal antibody (mAb) targeting Nectin-4, recently received approval in the U.S. and E.U. for the treatment of patients with
locally advanced or metastatic UC who have previously received an anti-PD-1 or PD-L1 IO and a platinum-containing chemotherapy in
the neo-adjuvant/adjuvant, locally advanced, or metastatic setting.
Our
Solution
Similar
to the results we have observed to date for Temferon for the treatment of GBM, we believe that Temferon may have the ability
overcome certain of the limitations of the current standard of care for the treatment of RCC and UC that are not
curative/resolutive by stopping/delaying disease progression.
55
Clinical
Development of Temferon in advanced genitourinary malignancies
Second
Solid Tumor Study Design
We
have engaged RCC and bladder cancer key opinion leaders to help define an appropriate Phase 1/2 study design
for Temferon in these indications.
Subject to the final trial design, we expect
that
patients in a Phase 1/2 study will be administered
Temferon following a substantially similar process as our TEM-GBM trial, namely: (i) HSPCs harvesting, (ii) bridging therapy concomitant to
Temferon manufacturing, (iii) administration of the conditioning regimen followed by Temferon infusion, and (iv) 2-years of
follow-up.
Additional
Pipeline Pre-Clinical Programs
Our
platform technology was designed to be flexible so that it can be adapted to potentially treat a variety of cancers. We believe that
Temferon, in combination with a variety of current existing therapeutics, has the potential to enhance overall
efficacy because its mechanism of action is intended to abrogate tumor induced tolerance. Additionally, we are developing a
second-generation platform which is designed to release our therapeutic payload "on demand". Finally, our proprietary
platform is designed to control the expression of a potentially wide variety of therapeutic payloads we may choose for different
targets.
Combination
Treatment
While
therapies to treat several types of cancers, such as ICI, CAR-T and TCR, are rapidly transforming the practice of medical oncology,
clinical data point to the risk of late relapses after treatment with these therapeutics. Thus, the data suggest that the durability
of the response to these therapies remains a significant challenge. We believe that the potentially agnostic nature of Temferon, its
activity observed in our clinical trials to date, which includes the abrogation of tumor induced tolerance, and its potentially
synergistic mechanism of action, makes it a suitable candidate to be considered for combination treatments. Specifically, Temferon
may be a good candidate to be used in combination with other immune-oncology drugs, such as CAR-T and
ICI, to extend the durability of the response in very aggressive tumors. We believe that this additional Temferon application is
supported by the promising results coming from the combination studies performed using Temferon with CAR-T, TCR and ICI in our
pre-clinical programs as discussed below.
In
preclinical studies conducted in the laboratories of our founders, Professor Luigi Naldini and Dr. Bernhard Gentner, Temferon was evaluated
in combination with CAR T, TCR-edited T cells directed against tumor-associated antigens and immune checkpoint blockers. The results
showed promising additive-to-synergistic anti-tumor activity in leukemia experimental models (Escobar et al., Nature Communication 2018),
glioblastoma models, and multiple myeloma mouse models. Specifically, a CD19 CAR-T approach in a leukemia mouse model had a detectable, but not significant, effect on the
tumor burden. However, when used in combination with Temferon, the combination treatment resulted in a significant inhibition of the hematological
malignancy, with a significant fraction of CAR-T/Temferon treated mice surviving to the latest timepoint of analysis. Similarly, the combination
of IFN gene therapy to α-CTLA4, an immune check point blocker, or adoptive T cell therapy, significantly improved the survival of
the mice (Escobar et al., Nature Communication 2018). Further, in a multiple myeloma mouse model, Temferon was administered in combination with human TCR-edited T cells
directed against NY-ESO1 and anti-myeloma drugs. The combination approach showed promising additive-to-synergistic effects without exacerbating
hematologic or systemic toxicities. These results lead us to believe that IFN gene therapy
might also boost the efficacy of other immunotherapies.
Switchable
Platform
Our
founders are developing a second-generation platform designed to release the therapeutic payload "on demand" to
potentially allow in vivo control of its efficacy. Potential advantages of this application include (i) broadening the
clinical application to patient populations with more favorable pre-treatment prognoses; (ii) control of long-term side effects that
may arise from the chronic exposure to immunostimulatory molecules and (iii) the ability to activate the immune system on demand to
recognize tumors based on clinical need.
An
inducible version of the IFN-α payload has been generated by fusing the protein with a destabilizing domain (DD), which targets
the protein to proteasomal degradation, unless a small molecule ligand binding to the DD and stabilizing it, is administered. The optimized
fusion construct is delivered by the TEM platform and the exogenous administration of the ligand switches on its secretion within the
tumor. The results from experiments performed in the laboratory of Professor Naldini with a glioblastoma mouse model showed similar anti-tumor
activity of the inducible and wild-type IFN payload. Moreover, the inducible construct allows switching of IFN release upon tumor clearance
(manuscript to be submitted for publication). We plan to use our second generation platform carrying an IFN-α payload in combination
with CAR T cells to target glioblastoma-associated antigens or immune checkpoint blockers in an experimental tumor model in mice.
Other
Payloads
Our
platform is designed to allow the control of the expression of any payload we use. Similar to IFN-α, there are several
alternative payloads with immunotherapeutic properties that were previously systemically delivered to patients but were discontinued
due to significant toxicity that prevented the drug from reaching therapeutic dosages (e.g. TNF-Alpha). Because we believe that our
first- and second-generation platforms may have the ability to overcome certain limitations associated with systemic administration,
we are testing them with additional payloads such as IFN-Gamma, IL-12 and TNF-Alpha. Because each payload triggers a unique
biological response, we believe our platform may enable a personalized treatment approach.
Additional
immune activating cytokines have been tested for TEM-mediated gene-based delivery to tumor models in mice. Current pre-clinical results
suggest the feasibility and specificity of tumor-targeted delivery of IFN-Gamma and TNF-Alpha and further support our hypothesis that
the specific transcriptional and microRNA regulated expression of the payload prevents toxicity. Data generated in the laboratory of
our founders in a leukemia model showed that IFN-Gamma but not TNF-Alpha mediates anti-tumor activity when delivered
ex vivo
. Further
ex vivo
studies showed enhanced anti-tumor activity upon combined delivery of two cytokines by the TEM-based platform.
Moreover,
experiments conducted with our second-generation inducible platform expressing IL-12 support the hypothesis that our proprietary
transcriptional and microRNA regulated expression of the payload may prevent or limit toxicity. Indeed, IL-12 is a potent cytokine
that must be kept within a therapeutic dose range to prevent toxicity. Targeted delivery and anti-tumor activity of the new
inducible payload are being investigated (abstracts presented at EACR in June 2021; at ASGCT 2021 in May 2021; and manuscript submitted). The laboratory of Professor Naldini plans to test the combination of TEM-mediated gene-based delivery of inducible
Il-12 or additional inducible payloads with CAR-T, TCR and ICI in experimental murine tumor models.
56
Competition
Biotechnology
and pharmaceutical industries put significant resources in developing novel and proprietary therapies for the treatment of cancer. For
the cell therapy field in particular, this results in rapidly advancing and changing technologies, intense competition and a strong emphasis
on intellectual property. While we believe that our leading product candidate, Temferon and our scientific expertise in the field of
cell and gene therapy provide us with competitive advantages, we face potential competition from various sources, including larger and
better-funded pharmaceutical, specialty pharmaceutical and biotechnology companies, as well as from academic institutions, governmental
agencies and public and private research institutions.
Manufacturing
The
manufacturing process for our autologous cell and gene therapy approach requires the following steps:
1.
HSPCs
    harvesting in a specialized clinical center (leukapheresis)
2.
Shipping
    of apheresis bag/s to the selected contract manufacturing organization (CMO)
3.
CD34+
    cells enrichment
4.
Ex-vivo
transduction of CD34+ cells with our LVV,
5.
Cryopreservation,
    characterization and release by a Qualified Person of the obtained drug product.
The
LVV manufacturing needed for the
ex-vivo
transduction process, as well as steps from 3 to 5, are conducted by the CMO. The figure
below delineates the steps and the timeline for manufacturing Temferon.
Overview
of Temferon manufacturing Process
We
have entered into agreements with AGC Biologics to manufacture our LVV and certain drug products for our ongoing clinical programs in
Italy. AGC Biologics is a leading global contract development and manufacturing organization ("CDMO"), providing world-class
development and manufacture of mammalian and microbial-based therapeutic proteins of plasmid DNA and, with the acquisition of Molecular
Medicine S.p.A. ("MolMed"), of viral vectors and genetically engineered cells. MolMed S.p.A. is recognized as the leading
cell and gene therapy CDMO focused on research, development, production and clinical validation of cell and gene therapies for the treatment
of cancer and rare diseases. Indeed, Strimvelis, the first ever market approved
ex-vivo
gene therapy for children, was developed
and is still currently manufactured by AGC Biologics (formerly MolMed). Accordingly, Orchard Therapeutics (NasdaqGS: ORTX) in July 2020
renewed their collaboration agreement with AGC which will continue to support activities related to the development and manufacturing
of vectors and drug products for several of Orchard's investigational
ex-vivo
hematopoietic stem cell (HSC) gene therapies
in the upcoming years, including the recent E.U. market authorized gene therapy drug
Libmeldy.
57
AGC
Biologics Headquarters and Capabilities
Our
agreements with AGC (including MolMed) establish agreed-upon timelines for purchase order submissions and manufacturing date changes/cancellation.
The agreements also set milestones both during the clinical phase and any future commercial phase of our product candidates and for technology
transfer if required, as well as customary termination provisions, allowing for termination by a party upon the other party's uncured
material breach or upon the other party's insolvency. AGC Biologics facility in Milan, Italy, will continue manufacturing LVV and
Temferon to support Genenta's trials. For further larger studies we may use AGC's 60,000 square meter cell and gene therapy
manufacturing facility located in Longmont, Colorado (U.S.), which AGC purchased from Novartis in July 2021 or another U.S.-based CMO.
Government
Regulation
Government
authorities in the U.S., at the federal, state and local levels, and in other countries and jurisdictions, including the E.U., extensively
regulate, among other things, the research, development, testing, manufacture, sales, pricing, reimbursement, quality control, approval,
packaging, storage, recordkeeping, labeling, advertising, promotion, distribution, marketing, post-approval monitoring and reporting,
and import and export of biopharmaceutical products. The processes for obtaining marketing approvals in the U.S. and in foreign countries
and jurisdictions, along with compliance with applicable statutes and regulations and other regulatory authorities, require the expenditure
of substantial time and financial resources.
Approval
and Regulation of Drugs in the United States
In
the U.S., drug products are regulated by the FDA under the Federal Food, Drug, and Cosmetic Act and other laws, including, in the case
of biologics, the Public Health Service Act ("PHSA"). Drug products are also subject to other federal, state and local statutes
and regulations. A failure to comply with any applicable requirements during the product development, approval, or post-approval periods
may lead to administrative or judicial sanctions, including, among other things, the imposition by the FDA or an institutional review
board ("IRB") of a hold on clinical trials, refusal to approve pending marketing applications or supplements, withdrawal
oDRf approval, warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions,
fines, or administrative, civil and/or criminal investigation, penalties or prosecution.
In
the U.S., all of our product candidates are regulated by the FDA as biologics. Biologics require the submission of a BLA and approval
by the FDA prior to being marketed in the U.S. Manufacturers of biologics may also be subject to state and local regulation.
The
steps required before a biologic may be marketed in the U.S. generally include:
●
completion
    of preclinical studies, animal studies and formulation studies, performed in accordance with the FDA's good laboratory practices
    ("GLP") requirements, and applicable requirements for the humane use of laboratory animals or other applicable regulations;
●
submission
    to the FDA of an application for an investigational new drug application ("IND"), which must become effective before
    human clinical trials may commence;
●
approval
    of the protocol and related documentation by an independent IRB or ethics committee at each clinical trial site before each trial
    may be initiated;
●
performance
    of adequate and well-controlled clinical trials under protocols submitted to the FDA and reviewed and approved by each IRB, conducted
    in accordance with the FDA's good clinical practices ("GCPs") requirements and any additional requirements for
    the protection of human research subjects and their health information to establish the safety, purity and potency of the biologic
    for each targeted indication;
●
preparation
    of and submission to FDA of a biologics license application ("BLA") for marketing approval that includes sufficient evidence
    of establishing the safety, purity, and potency of the proposed biological product for its intended indication, including from results
    of nonclinical testing and clinical trials;
●
a
    determination by the FDA within 60 days of its receipt of a BLA to accept and file the application;
58
●
satisfactory
    completion of an FDA pre-license inspection of the manufacturing facility or facilities where the biological product is produced
    to assess compliance with current good manufacturing practices ("cGMPs") to assure that the facilities, methods and controls
    are adequate to preserve the biological product's identity, strength, quality and purity;
●
satisfactory
    completion of an FDA Advisory Committee review, if applicable;
●
potential
    FDA audit of the preclinical study and clinical trial sites that generated the data in support of the BLA in accordance with any
    applicable expedited programs or designations;
●
payment
    of user fees for FDA review of the BLA (unless a fee waiver applies);
●
FDA
    review and approval, or licensure, of the BLA to permit commercial marketing of the product for particular indications for use in
    the U.S.;
●
satisfactory
    completion of an FDA inspection of the manufacturing facilities at which the biologic is produced to assess compliance with current
    Good Manufacturing Practices ("cGMP") and to assure that the facilities, methods and controls are adequate; and
●
FDA
    review and approval of the BLA.
Preclinical
Studies and the IND Process
Before
testing any biological product candidate in humans, the product candidate enters the preclinical testing stage. Preclinical studies include
laboratory evaluation of a product's biological characteristics, chemistry, formulation and toxicity, as well as animal studies
to assess the characteristics and potential safety and efficacy of the product candidate. The conduct of the preclinical studies must
comply with federal regulations and requirements, including, as applicable, GLP and the Animal Welfare Act.
Prior
to commencing an initial clinical trial in humans with a product candidate in the U.S., an IND must be submitted to the FDA and the FDA
must allow the IND to proceed. An IND is an exemption from the FD&C Act that allows an unapproved product candidate to be shipped
in interstate commerce for use in an investigational clinical trial and a request for FDA allowance that such investigational product
may be administered to humans in connection with such trial. Such authorization must be secured prior to interstate shipment and administration.
In support of a request for an IND, the clinical trial sponsor must submit the results of the preclinical tests, together with manufacturing
information, analytical data, any available clinical data or literature and a proposed clinical protocol, to the FDA as part of the IND.
An IND must become effective before human clinical trials may begin. Once submitted, the IND automatically becomes effective 30 days
after receipt by the FDA, unless the FDA places the IND on a full or partial clinical hold within that 30-day time period. In such a
case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial or part of the study can begin. Submission
of an IND therefore may or may not result in FDA authorization to begin a clinical trial. The FDA also may impose clinical holds on a
sponsor's IND at any time before or during clinical trials due to, among other considerations, unreasonable or significant safety
concerns, inability to assess safety concerns, lack of qualified investigators, a misleading or materially incomplete investigator brochure,
study design deficiencies, interference with the conduct or completion of a study designed to be adequate and well-controlled for the
same or another investigational product, insufficient quantities of investigational product, lack of effectiveness, or non-compliance.
If the FDA imposes a clinical hold, studies may not recommence without FDA authorization and then only under terms authorized by the
FDA.
Clinical
Trials
Clinical
trials involve the administration of the product candidate to healthy volunteers or patients under the supervision of qualified investigators.
Clinical trials are subject to extensive regulation and must be conducted in compliance with (i) federal regulations, (ii) GCP standards,
which set safeguards to protect the rights and health of patients and establish standards for conducting, recording data from, and reporting
results of clinical trials, and (iii) protocols detailing, among other things, the objectives of the trial, subject selection and exclusion
criteria, the parameters and criteria to be used in monitoring safety, and the effectiveness criteria to be evaluated, if any. Foreign
studies conducted under an IND generally must meet the same requirements that apply to studies being conducted in the U.S. The informed
written consent of each study patient must be obtained before the patient may begin participation in the clinical trial. The study protocol,
study plan, and informed consent forms for each clinical trial must be reviewed and approved by an IRB for each clinical site, and the
study must be conducted under the auspices of an IRB for each trial site. Investigators and IRBs must also comply with FDA regulations
and guidelines, including those regarding oversight of study patient informed consent, complying with the study protocol and investigational
plan, adequately monitoring the clinical trial, and timely reporting of adverse events. An IRB can suspend or terminate approval of a
clinical trial at its institution, or an institution it represents, if the clinical trial is not being conducted in accordance with the
IRB's requirements or if the product candidate has been associated with unexpected serious harm to patients.
The
clinical trial program for a product candidate is generally divided into three phases. Although the phases are usually conducted sequentially,
they may overlap or be combined. The three phases are as follows:
●
Phase
    1
. Phase 1 involves the initial introduction of a product candidate into humans. Phase 1 clinical trials are typically conducted
    in healthy human subjects, but in some situations are conducted in patients with the target disease or condition. These clinical
    trials are generally designed to evaluate the safety, metabolism, pharmacokinetic ("PK") properties and pharmacologic
    actions of the product candidate in humans, the side effects associated with increasing doses and, if possible, to gain early evidence
    of effectiveness. During Phase 1 clinical trials, sufficient information about the product candidate's PK properties and pharmacological
    effects may be obtained to inform and support the design of Phase 2 clinical trials.
●
Phase
    2
. Phase 2 includes the controlled clinical trials conducted to obtain initial evidence of effectiveness of the product candidate
    for a particular indication(s) in patients with the target disease or condition, to determine dosage tolerance and optimal dosage,
    and to gather additional information on possible adverse side effects and safety risks associated with the product candidate. Phase
    2 clinical trials are typically well-controlled, closely monitored, and conducted in a limited patient population; and
59
●
Phase
    3
. Phase 3 clinical trials are clinical trials conducted in an expanded patient population at geographically dispersed clinical
    trial sites. They are performed after preliminary evidence suggesting effectiveness of the product candidate has been obtained and
    are intended to further evaluate dosage, clinical effectiveness and safety, to establish the overall benefit-risk relationship of
    the product candidate and to provide an adequate basis for regulatory approval. In most cases, the FDA requires two adequate and
    well controlled Phase 3 clinical trials to demonstrate the efficacy of the product candidate, although a single Phase 3 clinical
    trial with other confirmatory evidence may be sufficient in certain instances.
In
August 2018, the FDA released a draft guidance entitled "Expansion Cohorts: Use in First-In-Human Clinical Trials to Expedite Development
of Oncology Drugs and Biologics," which outlines how developers can utilize an adaptive trial design commonly referred to as a
seamless trial design in early stages of oncology biological product development (i.e., the first-in-human clinical trial) to compress
the traditional three phases of trials into one continuous trial called an expansion cohort trial. Information to support the design
of individual expansion cohorts are included in IND applications and assessed by FDA. Expansion cohort trials can potentially bring efficiency
to biological product development and reduce developmental costs and time.
In
some cases, the FDA may require, or companies may voluntarily pursue, additional clinical trials after a product is approved to gain
more information about the product. These post-approval clinical trials, sometimes referred to as Phase 4 clinical trials, may also be
made a condition to approval of the BLA. Failure to exhibit due diligence regarding conducting required Phase 4 clinical trials could
result in withdrawal of approval for products.
Concurrent
with clinical trials, companies usually complete additional animal studies and also must develop additional information about the chemistry
and physical characteristics of the biological product as well as finalize a process for manufacturing the product in commercial quantities
in accordance with cGMP requirements. To help reduce the risk of the introduction of adventitious agents with use of biological products,
the PHSA, emphasizes the importance of manufacturing control for products whose attributes cannot be precisely defined. The manufacturing
process must be capable of consistently producing quality batches of the product candidate and, among other things, the sponsor must
develop methods for testing the identity, strength, quality, potency and purity of the final biological product. Additionally, appropriate
packaging must be selected and tested and stability studies must be conducted to demonstrate that the biological product candidate does
not undergo unacceptable deterioration over its shelf life.
During
all phases of clinical development, regulatory agencies require extensive monitoring and auditing of all clinical activities, clinical
data, and clinical trial investigators. Annual progress reports detailing the results of the clinical trials must be submitted to the
FDA. Written IND safety reports must be promptly submitted to the FDA and the investigators for serious and unexpected adverse events,
any findings from other studies, tests in laboratory animals or in vitro testing that suggest a significant risk for human subjects,
or any clinically important increase in the rate of a serious suspected adverse reaction over that listed in the protocol or investigator
brochure. The sponsor must submit an IND safety report within 15 calendar days after the sponsor determines that the information qualifies
for reporting. The sponsor also must notify the FDA of any unexpected fatal or life-threatening suspected adverse reaction within seven
calendar days after the sponsor's initial receipt of the information.
The
decision to suspend or terminate development of a product candidate may be made by either a health authority body, such as the FDA, by
an IRB, or by a company for various reasons and during any phase of clinical trials. The FDA may order the temporary or permanent discontinuation
of a clinical trial at any time or impose other sanctions if it believes that the clinical trial either is not being conducted in accordance
with FDA requirements or presents an unacceptable risk to the clinical trial patients. In some cases, clinical trials are overseen by
a data safety monitoring board, which is an independent group of qualified experts organized by the trial sponsor to evaluate at designated
points in time whether or not a trial may move forward and/or should be modified. These decisions are based on unblinded access to data
from the ongoing trial and generally involve determinations regarding the benefit-risk ratio for study patients and the scientific integrity
and validity of the clinical trial.
In
addition, there are requirements for the registration of certain clinical trials of product candidates on public registries, such as
www.clinicaltrials.gov
, and the submission of certain information pertaining to these trials, including clinical trial results,
after trial completion.
Assuming
successful completion of all required testing in accordance with all applicable regulatory requirements, a sponsor submits extensive
information about the product candidate to the FDA in the form of a BLA to request marketing approval for the product candidate in specified
indications.
Biologics
License Applications
In
order to obtain approval to market a biologic in the U.S., a BLA must be submitted to the FDA that provides data establishing the safety
and effectiveness of the product candidate for the proposed indication. The BLA includes all relevant data available from pertinent preclinical
studies and clinical trials, including negative or ambiguous results as well as positive findings, together with detailed information
relating to the product's chemistry, manufacturing, controls and proposed labeling, among other things. Data can come from company-sponsored
clinical trials intended to test the safety and effectiveness of a product candidate, or from a number of alternative sources, including
studies initiated by investigators. To support marketing approval, the data submitted must be sufficient in quality and quantity to establish
the safety and effectiveness of the product candidate to the satisfaction of the FDA.
Under
the Prescription Drug User Fee Act ("PDUFA"), as amended, the fees payable to the FDA for reviewing an original BLA, as well
as annual program fees for approved products, can be substantial, subject to certain limited deferrals, waivers and reductions that may
be available. The FDA has 60 days from receipt of a BLA to determine whether the application will be accepted for filing based on the
agency's threshold determination that it is sufficiently complete to permit substantive review. The FDA may refuse to accept for
filing any BLA that it deems incomplete or not properly reviewable at the time of submission, in which case the BLA will have to be updated
and resubmitted. The FDA's PDUFA review goal (which is not a legal requirement) is to review 90% of priority BLA applications within
six months of filing and 90% of standard applications within 10 months of filing, but the FDA can and frequently does extend this review
timeline to consider certain later-submitted information or information intended to clarify or supplement information provided in the
initial submission. The FDA may not complete its review or approve a BLA within these established goal review times. The FDA reviews
the BLA to determine, among other things, whether the proposed product is safe, pure, and potent for its intended use, and whether the
product is being manufactured in compliance with cGMP to ensure its continued safety, purity and potency. The FDA may also refer applications
for novel product candidates which present difficult questions of safety or efficacy to an advisory committee, typically a panel that
includes clinicians and other experts, for review, evaluation and a recommendation as to whether the application should be approved and
under what conditions. The FDA is not bound by the recommendations of an advisory committee, but it considers such recommendations carefully
when making decisions.
Before
approving a BLA, the FDA will inspect the facilities at which the product is manufactured or the facilities that are significantly involved
in the product development and distribution process, and will not approve the product candidate unless cGMP compliance is satisfactory
and the manufacturing processes and facilities are adequate to assure consistent production of the product within required specifications.
Additionally, before approving a BLA, the FDA will typically inspect one or more clinical sites to assure compliance with GCP requirements.
60
Under
the Pediatric Research Equity Act, certain BLAs must include an assessment, generally based on clinical trial data, of the safety and
effectiveness of the biological product in relevant pediatric populations. The FDA may waive or defer the requirement for a pediatric
assessment, either at a company's request or by its own initiative, including waivers for certain products not likely to be used
in a substantial number of pediatric patients. Unless otherwise required by regulation, products with orphan drug designation are exempt
from these requirements for orphan-designated indications with no formal waiver process required.
After
the FDA evaluates the BLA and the manufacturing facilities, the FDA may issue either an approval letter or a complete response letter.
A complete response letter generally outlines the deficiencies in the submission and may require substantial additional testing or information
in order for the FDA to reconsider the application. If and when those deficiencies have been addressed to the FDA's satisfaction
in a resubmission of the BLA, the FDA may issue an approval letter. The FDA's PDUFA review goal is to review such resubmissions
within two or six months of receipt, depending on the type of information included. Notwithstanding the submission of any requested additional
information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for approval and deny approval
of a resubmitted BLA. FDA approval of any application may include many delays or never be granted. An approval letter authorizes commercial
marketing of the product candidate with specific prescribing information for specific indications. As a condition of BLA approval, the
FDA may require a risk evaluation and mitigation strategy ("REMS") to help ensure that the benefits of the product outweigh
the potential risks. REMS can include Medication Guides, communication plans for healthcare professionals, and also may include elements
to assure safe use ("ETASU"). ETASU can include, but are not limited to, special training or certification for prescribing
or dispensing, dispensing only under certain circumstances, special monitoring, and the use of patient registries. The requirement for
a REMS can materially affect the potential market and profitability of the biologic. Moreover, product approval may require substantial
post-approval testing and surveillance to monitor the biologic's safety, purity, or potency, which can be costly.
Changes
to some of the conditions established in an approved application, including changes in indications, labeling, or manufacturing processes
or facilities, require submission and FDA approval of a new BLA or a supplemental BLA before the change can be implemented. A supplemental
BLA for a new indication typically requires clinical data similar to that in the original application, and the FDA generally uses the
same procedures and actions in reviewing a supplemental BLA as it does in reviewing a new BLA.
Product
approvals may be withdrawn if compliance with regulatory standards is not maintained or if safety or manufacturing problems occur following
initial marketing. For example, quality control and manufacturing procedures must conform, on an ongoing basis, to cGMP requirements,
and the FDA periodically inspects manufacturing facilities to assess compliance with cGMP. Accordingly, manufacturers must continue to
spend time, money and effort to maintain cGMP compliance. In addition, new or modified government requirements, including from new legislation,
may be established that could delay or prevent regulatory approval of our product candidates under development or affect our ability
to maintain product approvals we have obtained.
Regulation
of Companion Diagnostics.
For
drugs and therapeutic biologics where the use of a specific diagnostic test is essential for the safe and effective use of the therapeutic
product, such as when the use of a product is limited to a specific patient subpopulation that can be identified by using the test, regulatory
authorities may require, as a condition of approval, that a relevant "companion diagnostic" test also be approved or cleared
for the appropriate indication. This general policy approach may be inapplicable in cases where the drug or therapeutic biologic is intended
to treat a serious or life-threatening condition for which no satisfactory alternative treatment exists and the benefits from the use
of a product with an unapproved companion diagnostic device are so pronounced as to outweigh the risks from the lack of an approved companion
diagnostic. Companion diagnostics are generally regulated as medical devices by regulatory authorities and relevant statutes and regulations
govern, among other things, medical device design and development, preclinical and clinical testing, premarket regulatory review, manufacturing,
labeling, storage, advertising and promotion, sales and distribution, export and import, and post-market surveillance.
Orphan
Drug Designation
The
FDA may grant orphan drug designation to biologics intended to treat a rare disease or condition that affects fewer than 200,000 individuals
in the U.S. or a disease or condition that affects 200,000 or more individuals in the U.S. but there is no reasonable expectation that
the cost of developing and making the biologic would be recovered from sales in the U.S. Orphan drug designation must be requested before
submitting a BLA. After the FDA grants orphan drug designation, the identity of the therapeutic agent and its potential orphan use are
disclosed publicly by the FDA. Orphan drug designation does not convey any advantage in or shorten the duration of the regulatory review
and approval process.
In
the U.S., orphan drug designation entitles a party to financial incentives, such as opportunities for grant funding towards clinical
trial costs, tax credits for certain research and user fee waivers under certain circumstances. In addition, if a company receives the
first FDA approval of a drug or biologic for the indication for which it has orphan drug designation, the product is entitled to seven
years of orphan exclusivity, which means the FDA may not approve any other application for the "same" drug or biologic for
the same indication for a period of seven years, except in limited circumstances, such as a showing of clinical superiority over the
product with orphan exclusivity. The FDA can revoke a product's orphan drug exclusivity under certain circumstances, including
when the product sponsor is unable to assure the availability of sufficient quantities of the product to meet patient needs. Orphan drug
exclusivity does not prevent the FDA from approving a different drug or biologic for the same disease or condition, or the same drug
or biologic for a different disease or condition.
In
the EEA, the criteria for designating an "orphan medicinal product" are similar in principle to those in the U.S. Under Article
3 of Regulation (EC) 141/2000, a medicinal product may be designated as an orphan medicinal product if it meets the following criteria:
(a) it is intended for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating conditions; (b) either
such condition that affects no more than five in 10,000 people in the E.U.; or without the benefits derived from orphan status, it must
be unlikely that the marketing of the medicine would generate sufficient return in the E.U. to justify the investment needed for its
development; and, (c) there exists no satisfactory method of diagnosis, prevention or treatment of the condition concerned, or, if such
a method exists, the medicinal product would be of significant benefit to those affected by the condition. The application for orphan
designation must be submitted to the EMA and approved by the European Commission before an application is made for marketing authorization
for the product. Once designated, orphan medicinal product designation also entitles a party to financial incentives such as reduction
of fees or fee waivers. Moreover, ten years of market exclusivity is granted, if the product continues to be designated as an orphan
medicinal product upon grant of the marketing authorization. During this ten-year period, with a limited number of exceptions, neither
the competent authorities of the E.U. Member States, the EMA, or the European Commission are permitted to accept applications or grant
marketing authorization for other similar medicinal products with the same therapeutic indication. A "similar medicinal product"
is defined as a medicinal product containing a similar active substance or substances as contained in an authorized orphan medicinal
product, and which is intended for the same therapeutic indication. However, marketing authorization may be granted to a similar medicinal
product with the same orphan indication during the ten-year period with the consent of the marketing authorization holder for the original
orphan medicinal product or if the manufacturer of the original orphan medicinal product is unable to supply sufficient quantities. Marketing
authorization may also be granted to a similar medicinal product with the same orphan indication if this latter product is demonstrated
to be safer, more effective or otherwise clinically superior to the original orphan medicinal product. This period of market exclusivity
may be reduced to six years if, at the end of the fifth year, it is established that the orphan designation criteria are no longer met,
including where it can be demonstrated on the basis of available evidence that the product is sufficiently profitable not to justify
maintenance of market exclusivity.
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Expedited
Programs in the United States and Other Jurisdictions
In
the U.S., the FDA has various programs, including fast track designation, breakthrough therapy designation, accelerated approval and
priority review, that are intended to expedite or simplify the process for the development and FDA review of drugs and biologics that
are intended for the treatment of serious or life-threatening diseases or conditions. A product may be granted fast track designation
if it is intended for the treatment of a serious or life-threatening condition and demonstrates the potential to address unmet medical
needs for such condition. Fast track designation applies to the combination of the product and the specific indication for which it is
being studied. The sponsor of a new drug or biologic may request the FDA to designate the drug or biologic as a fast-track product at
any time during the clinical development of the product. With fast-track designation, the sponsor may be eligible for more frequent opportunities
to obtain the FDA's feedback. Another benefit of fast-track designation, for example, is that the FDA may consider for review sections
of the marketing application on a rolling basis before the complete application is submitted if certain conditions are satisfied, including
an agreement with the FDA on the proposed schedule for submission of portions of the application and the payment of applicable user fees
before the FDA may initiate a review. Even if a product candidate receives fast track designation, the designation can be rescinded and
provides no assurance that a product will be reviewed or approved more expeditiously than would otherwise have been the case, or that
the product will be approved at all.
Under
the FDA's breakthrough therapy program, a sponsor may seek FDA designation of its product candidate as a breakthrough therapy if
the product candidate is intended, alone or in combination with one or more other drugs or biologics, to treat a serious or life-threatening
disease or condition and preliminary clinical evidence indicates that it may demonstrate substantial improvement over existing therapies
on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. Breakthrough
therapy designation comes with all of the benefits of fast-track designation. The FDA may take other actions appropriate to expedite
the development and review of the product candidate, including holding meetings with the sponsor and providing timely advice to, and
interactive communication with, the sponsor regarding the development program. Even if one or more of our product candidates receives
breakthrough therapy designation, the designation can be rescinded and provides no assurance that a product will be reviewed or approved
more expeditiously than would otherwise have been the case, or that the product will be approved at all.
A
product candidate may be eligible for accelerated approval. Drug or biological products studied for their safety and effectiveness in
treating serious or life-threatening illnesses and that provide meaningful therapeutic benefit over existing treatments may receive accelerated
approval, which means that they may be approved on the basis of adequate and well-controlled clinical trials establishing that the product
has an effect on a surrogate endpoint that is reasonably likely to predict a clinical benefit, or on the basis of an effect on an intermediate
clinical endpoint other than survival or irreversible morbidity or mortality, that is reasonably likely to predict irreversible morbidity
or mortality or other clinical benefit, taking into account the severity, rarity, or prevalence of the condition and the availability
or lack of alternative treatments. As a condition of approval, the FDA generally requires that a sponsor of a drug or biological product
receiving accelerated approval perform adequate and well-controlled post-marketing clinical trials to verify the clinical benefit in
relationship to the surrogate endpoint or ultimate outcome in relationship to the clinical benefit. In addition, the FDA currently requires
as a condition for accelerated approval pre-approval of promotional materials, which could adversely impact the timing of the commercial
launch of the product. The FDA may withdraw approval of a drug or indication approved under accelerated approval if, for example, the
confirmatory trial fails to verify the predicted clinical benefit of the product.
The
FDA may grant priority review designation to a product candidate, which sets the user fee target date for FDA action on the application
at six months from FDA filing. Priority review may be granted where a product is intended to treat a serious or life-threatening disease
or condition and, if approved, has the potential to provide a safe and effective therapy where no satisfactory alternative therapy exists
or a significant improvement in safety or efficacy compared to available therapy. If criteria are not met for priority review, the standard
FDA review period is ten months from FDA filing. Priority review designation does not change the scientific/medical standard for approval
or the quality of evidence necessary to support approval.
Under
the 21st Century Cures Act, a drug is eligible for regenerative medicine advanced therapy ("RMAT") designation if (i) the
drug is a regenerative medicine therapy, which is defined by FDA to include cell therapy, therapeutic tissue engineering product, human
cell and tissue product, any combination product using such therapies or products, and certain human gene therapies and xenogeneic cell
products, except for human cells, tissues, and cellular and tissue-based products that are regulated solely under Section 361 of the
Public Health Service Act and part 1271 of Title 21, Code of Federal Regulations; (ii) the drug is intended to treat, modify, reverse,
or cure a serious or life-threatening disease or condition; and (iii) preliminary clinical evidence indicates that the drug has the potential
to address unmet medical needs for such disease or condition. An RMAT designation include all the benefits of the fast track and breakthrough
therapy designation programs, including early interactions with FDA, and the potential to support accelerated approval and address post-approval
requirements. An RMAT designation request should be submitted with the IND or after and, ideally, no later than the end-of-phase 2 meeting.
Even if a product candidate receives RMAT designation, the designation can be rescinded and provides no assurance that a product will
be reviewed or approved more expeditiously than would otherwise have been the case, or that the product will be approved at all.
Under
the centralized procedure in the EEA, the maximum timeframe for the evaluation of a marketing authorization application is 210 days (excluding
"clock stops," when additional written or oral information is to be provided by the applicant in response to questions asked
by the CHMP). Clock stops may extend the timeframe of evaluation of a marketing authorization application considerably beyond 210 days.
Accelerated
evaluation might be granted by CHMP in exceptional cases, when a medicinal product is expected to be of a major public health interest,
which should be justified and assessed on a case-by-case basis. In this circumstance, EMA ensures that the opinion of CHMP is given within
150 days (excluding clock stops).
Expanded
Access to an Investigational Drug for Treatment Use
Expanded
access, also called "compassionate use," is the use of investigational new drug products outside of clinical trials to treat
patients with serious or immediately life-threatening diseases or conditions when there are no comparable or satisfactory alternative
treatment options. The FDA regulations allow access to investigational drugs under an IND by the sponsor or the treating physician for
treatment purposes on a case -by-case basis for individual patients, intermediate-size patient populations, and larger populations for
use of the drug under a treatment protocol or Treatment IND Application.
62
The
suitability of treating a patient or a group of patients under expanded access is determined by the following: if patient(s) have a serious
or immediately life-threatening disease or condition, there is no comparable or satisfactory alternative therapy to diagnose, monitor,
or treat the disease or condition, the potential patient benefit justifies the potential risks of the treatment and the potential risks
are not unreasonable in the context or condition to be treated, and the expanded use of the investigational drug for the requested treatment
will not interfere with the initiation, conduct or completion of clinical investigations that could support marketing approval of the
product candidate or otherwise compromise the potential development of the product candidate.
Sponsors
of one or more investigational drugs for the treatment of a serious disease(s) or condition(s) make publicly available their policies
for evaluating and responding to requests for expanded access for individual patients. This provision requires drug companies to make
publicly available their policies for expanded access for individual patient access to products intended for serious diseases. Sponsors
are required to make such policies publicly available upon the earlier of initiation of a Phase 2 or Phase 3 study or 15 days after the
drug receives breakthrough therapy, fast track, or regenerative medicine advanced therapy designation. Additionally, in 2018 the Right
to Try Act, was signed into law. The law, among other things, provides a federal framework for certain patients to access certain investigational
new drug products that have completed a Phase 1 clinical trial and that are undergoing investigation for FDA approval. Under certain
circumstances, eligible patients can seek treatment without enrolling in clinical trials and without obtaining FDA permission under the
FDA expanded access program. There is no obligation for a drug manufacturer to make its drug products available to eligible patients
as a result of the Right to Try Act.
U.S.
market exclusivity
A
biological product can obtain pediatric market exclusivity in the U.S. Pediatric exclusivity, if granted, adds six months to existing
exclusivity periods, including some regulatory exclusivity periods tied to patent terms. This six-month exclusivity, which runs from
the end of other exclusivity protection or patent term, may be granted based on the voluntary completion of a pediatric study in accordance
with an FDA-issued "Written Request" for such a study.
The
Biologics Price Competition and Innovation Act of 2009 ("BPCIA"), created an abbreviated approval pathway for biological
products shown to be biosimilar to, or interchangeable with, an FDA-licensed reference biological product. This amendment to the PHSA
attempts to minimize duplicative testing. Biosimilarity, which requires that there be no clinically meaningful differences between the
biological product and the reference product in terms of safety, purity, and potency, can be shown through analytical studies, animal
studies, and a clinical trial or trials. Interchangeability requires that a product is biosimilar to the reference product and the product
must demonstrate that it can be expected to produce the same clinical results as the reference product and, for products administered
multiple times, the biologic and the reference biologic may be switched after one has been previously administered without increasing
safety risks or risks of diminished efficacy relative to exclusive use of the reference biologic. However, complexities associated with
the larger, and often more complex, structure of biological products, as well as the process by which such products are manufactured,
pose significant hurdles to implementation that are still being worked out by the FDA.
FDA
will not accept an application for a biosimilar or interchangeable product based on the reference biological product until four years
after the date of first licensure of the reference product, and FDA will not approve an application for a biosimilar or interchangeable
product based on the reference biological product until 12 years after the date of first licensure of the reference product. "First
licensure" typically means the initial date the particular product at issue was licensed in the U.S. Date of first licensure does
not include the date of licensure of (and a new period of exclusivity is not available for) a biological product if the licensure is
for a supplement for the biological product or for a subsequent application by the same sponsor or manufacturer of the biological product
(or licensor, predecessor in interest, or other related entity) for a change (not including a modification to the structure of the biological
product) that results in a new indication, route of administration, dosing schedule, dosage form, delivery system, delivery device or
strength, or for a modification to the structure of the biological product that does not result in a change in safety, purity, or potency.
The BPCIA is complex and continues to be interpreted and implemented by the FDA. In addition, government proposals have sought to reduce
the 12-year reference product exclusivity period. Other aspects of the BPCIA, some of which may impact the BPCIA exclusivity provisions,
have also been the subject of recent litigation. As a result, the ultimate implementation and impact of the BPCIA is subject to significant
uncertainty.
Post-approval
requirements
Rigorous
and extensive FDA regulation of biological products continues after approval, particularly with respect to cGMP requirements, as well
as requirements relating to record keeping, reporting of adverse experiences, periodic reporting, product sampling and distribution,
and advertising and promotion of the product. Manufacturers of products are required to comply with applicable requirements in the cGMP
regulations, including quality control and quality assurance and maintenance of records and documentation. Other post-approval requirements
applicable to biological products, include reporting of cGMP deviations that may affect the identity, potency, purity and overall safety
of a distributed product, record keeping requirements, reporting of adverse effects, reporting updated safety and efficacy information,
and complying with electronic record and signature requirements. After a BLA is approved, the product also may be subject to official
lot release. As part of the manufacturing process, the manufacturer is required to perform certain tests on each lot of the product before
it is released for distribution. If the product is subject to official release by the FDA, the manufacturer submits samples of each lot
of product to the FDA together with a release protocol showing a summary of the history of manufacture of the lot and the results of
all of the manufacturer's tests performed on the lot. The FDA also may perform certain confirmatory tests on lots of some products
before releasing the lots for distribution by the manufacturer. In addition, the FDA conducts laboratory research related to the regulatory
standards on the safety, purity, potency, and effectiveness of biological products.
As
a condition of BLA approval, the FDA may require post-marketing testing, including Phase 4 clinical trials, and surveillance to further
assess and monitor the product's safety and effectiveness after commercialization. Regulatory approval of oncology products often
requires that patients in clinical trials be followed for long periods to determine the overall survival benefit of the product. In addition,
as a holder of an approved BLA, a company would be required to report adverse reactions and production problems to the FDA, to provide
updated safety and efficacy information, and to comply with requirements concerning advertising and promotional labeling for any of its
products.
Manufacturers
must comply with the FDA's advertising and promotion requirements, such as those related to direct-to-consumer advertising, the
prohibition on promoting products for uses or in patient populations that are not described in the product's approved labeling
(known as "off-label use"), industry-sponsored scientific and educational activities, and promotional activities involving
the internet. Discovery of previously unknown problems with a product or failure to comply with applicable regulatory requirements after
approval may result in serious and extensive restrictions on a product or the manufacturer or holder of an approved BLA, as well as lead
to potential market disruptions. These restrictions may include suspension of product manufacturing until the FDA is assured that quality
standards can be met, continuing oversight of manufacturing by the FDA under a "consent decree," which frequently includes
the imposition of costs and continuing inspections over a period of many years, as well as possible withdrawal of the product from the
market. Other potential consequences include interruption of production, issuance of warning letters or other enforcement letters, refusal
to approve pending BLAs or supplements to approved BLAs, product seizure or detention, product recalls, fines, and injunctions or imposition
of civil and/or criminal penalties.
In
addition, changes to the manufacturing process are strictly regulated, and, depending on the significance of the change, may require
prior FDA approval before being implemented. FDA regulations also require investigation, correction, and reporting of any deviations
from cGMP and impose reporting and documentation requirements upon a company and any third-party manufacturers that a company may decide
to use. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain
compliance with cGMP and other aspects of regulatory compliance.
63
Biological
product manufacturers and other entities involved in the manufacture and distribution of approved biological products are required to
register their establishments with the FDA and certain state agencies and are subject to periodic unannounced inspections by the FDA
and certain state agencies for compliance with cGMP and other laws. Accordingly, manufacturers must continue to expend time, money, and
effort in the area of production and quality control to maintain cGMP compliance.
Newly
discovered or developed safety or effectiveness data may require changes to a product's approved labeling, including the addition
of new warnings and contraindications, and also may require the implementation of other risk management measures, such as additional
post-market clinical trials to assess new safety risks or distribution-related or other restrictions under a REMS. In addition, changes
to the manufacturing process or facility generally require prior FDA approval before being implemented and other types of changes to
the approved product, such as adding new indications and additional labeling claims, are also subject to further FDA review and approval.
Patent
Term Restoration and Extension
Depending
upon the timing, duration and specifics of the FDA approval of our product candidates, some of our U.S. patents may be eligible for limited
patent term extension. The provisions of the Drug Price Competition and Patent Term Restoration Act, informally known as the Hatch-Waxman
Act, permit a patent restoration term of up to five years as compensation for patent term lost during product development and the FDA
regulatory review process. However, patent term restoration cannot extend the remaining term of a patent beyond a total of 14 years from
the product's approval date. The patent term restoration period is generally one-half the time between the effective date of an
IND and the submission date of a BLA plus the time between the submission date of a BLA and the approval of that application. Only one
patent applicable to an approved product is eligible for the extension and the application for the extension must be submitted prior
to the expiration of the patent. The U.S. Patent and Trademark Office, in consultation with the FDA, reviews and approves the application
for any patent term extension or restoration. In the future, we may apply for restoration of patent term for one of our currently owned
or licensed patents to add patent life beyond its current expiration date, depending on the expected length of the clinical trials and
other factors involved in the filing of the relevant BLA.
Many
other countries also provide for patent term extensions or similar extensions of patent protection for biologic products. For example,
in Japan, it may be possible to extend the patent term for up to five years and in Europe, it may be possible to obtain a supplementary
patent certificate that would effectively extend patent protection for up to five years.
Health
Care Laws and Regulations
Health
care providers and third-party payors play a primary role in the recommendation and prescription of drug products that are granted marketing
approval. Arrangements with providers, consultants, third-party payors and customers are subject to broadly applicable fraud and abuse,
anti-kickback, false claims laws, patient privacy laws and regulations and other health care laws and regulations that may constrain
business and/or financial arrangements. Restrictions under applicable federal and state health care laws and regulations include the
following:
●
the
    federal Anti-Kickback Statute, which prohibits, among other things, persons and entities from knowingly and willfully soliciting,
    offering, paying, receiving or providing remuneration, directly or indirectly, in cash or in kind, to induce or reward either the
    referral of an individual for, or the purchase, order or recommendation of, any good or service, for which payment may be made, in
    whole or in part, under a federal health care program such as Medicare and Medicaid;
●
the
    federal civil and criminal false claims laws, including the civil False Claims Act, and civil monetary penalties laws, which prohibit
    individuals or entities from, among other things, knowingly presenting, or causing to be presented, directly or indirectly, to the
    federal government, claims for payment that are false, fictitious or fraudulent or knowingly making, using or causing to made or
    used a false record or statement to avoid, decrease or conceal an obligation to pay money to the federal government;
●
the
    federal Health Insurance Portability and Accountability Act of 1996 ("HIPAA"), which created additional federal criminal
    laws that prohibit, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud any health
    care benefit program or making false statements relating to health care matters;
●
HIPAA,
    as amended by the Health Information Technology for Economic and Clinical Health Act, and their respective implementing regulations,
    including the Final Omnibus Rule published in January 2013, which impose obligations, including mandatory contractual terms, with
    respect to safeguarding the privacy, security and transmission of individually identifiable health information;
●
the
    federal false statements statute, which prohibits knowingly and willfully falsifying, concealing or covering up a material fact or
    making any materially false statement in connection with the delivery of or payment for health care benefits, items or services;
●
the
    FCPA which prohibits companies and their intermediaries from making, or offering or promising to make improper payments to non-U.S.
    officials for the purpose of obtaining or retaining business or otherwise seeking favorable treatment;
●
the
    federal transparency requirements known as the federal Physician Payments Sunshine Act, under the PPACA, which requires certain manufacturers
    of drugs, devices, biologics and medical supplies to report annually to the Centers for Medicare & Medicaid Services within the
    U.S. Department of Health and Human Services, information related to payments and other transfers of value made by that entity to
    physicians and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members;
    and
●
analogous
    state and foreign laws and regulations, such as state anti-kickback and false claims laws, which may apply to health care items or
    services that are reimbursed by non-government third-party payors, including private insurers.
Further,
some state laws require pharmaceutical companies to comply with the pharmaceutical industry's voluntary compliance guidelines and
the relevant compliance guidance promulgated by the federal government in addition to requiring manufacturers to report information related
to payments to physicians and other health care providers or marketing expenditures. Additionally, some state and local laws require
the registration of pharmaceutical sales representatives in the jurisdiction. State and foreign laws also govern the privacy and security
of health information in some circumstances, many of which differ from each other in significant ways and often are not preempted by
HIPAA, thus complicating compliance efforts.
64
Pharmaceutical
Insurance Coverage and Health Care Reform
In
the U.S. and markets in other countries, patients who are prescribed treatments for their conditions and providers performing the prescribed
services generally rely on third-party payors to reimburse all or part of the associated health care costs. Significant uncertainty exists
as to the coverage and reimbursement status of drug products approved by the FDA and other government authorities. Thus, even if a product
candidate is approved, sales of such product will depend, in part, on the extent to which third-party payors, including government health
programs in the U.S. such as Medicare and Medicaid, commercial health insurers and managed care organizations, provide coverage and establish
adequate reimbursement levels for, the product. The process for determining whether a payor will provide coverage for a drug product
may be separate from the process for setting the price or reimbursement rate that the payor will pay for the drug product once coverage
is approved. Third-party payors are increasingly challenging the prices charged, examining the medical necessity and reviewing the cost-effectiveness
of medical products and services and imposing controls to manage costs. Third-party payors may limit coverage to specific products on
an approved list, also known as a formulary, which might not include all of the approved products for a particular indication.
In
order to secure coverage and reimbursement for any product candidate that might be approved for sale, a company may need to conduct expensive
pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of the product, in addition to the costs
required to obtain FDA or other comparable marketing approvals. Nonetheless, product candidates may not be considered medically necessary
or cost effective. A decision by a third-party payor not to cover a product candidate could reduce physician utilization once the product
candidate is approved. Additionally, a payor's decision to provide coverage for a drug product does not imply that an adequate
reimbursement rate will be approved. Further, one payor's determination to provide coverage for a product does not assure that
other payors will also provide coverage and reimbursement for the product, and the level of coverage and reimbursement can differ significantly
from payor to payor.
The
containment of health care costs also has become a priority of federal, state and foreign governments and the prices of products have
been a focus in this effort. Governments have shown significant interest in implementing cost-containment programs, including price controls,
restrictions on reimbursement and requirements for substitution of generic drug products. Adoption of price controls and cost-containment
measures, and adoption of more restrictive policies in jurisdictions with existing controls and measures, could further limit a company's
revenue generated from the sale of any approved drug products. Coverage policies and third-party reimbursement rates may change at any
time. Even if favorable coverage and reimbursement status is attained for one or more drug products for which a company or its collaborators
receive marketing approval, less favorable coverage policies and reimbursement rates may be implemented in the future.
There
have been a number of federal and state proposals during the last few years regarding the pricing of pharmaceutical and biopharmaceutical
products, limiting coverage and reimbursement for drugs and biologics and other medical products, government control and other changes
to the health care system in the U.S.
In
March 2010, the U.S. Congress enacted the PPACA, which, among other things, included changes to the coverage and payment for drug products
under government health care programs. The PPACA effected the following changes of importance to our potential product candidates:
●
established
    an annual, nondeductible fee on any entity that manufactures or imports specified branded prescription drugs and biologic agents,
    apportioned among these entities according to their market share in certain government healthcare programs;
●
expanded
    eligibility criteria for Medicaid programs by, among other things, allowing states to offer Medicaid coverage to certain individuals
    with income at or below 133% of the federal poverty level, thereby potentially increasing a manufacturer's Medicaid rebate
    liability;
●
expanded
    manufacturers' rebate liability under the Medicaid Drug Rebate Program by increasing the minimum rebate for both branded and
    generic drugs and revising the definition of "average manufacturer price" for calculating and reporting Medicaid drug
    rebates on outpatient prescription drug prices;
●
addressed
    a new methodology by which rebates owed by manufacturers under the Medicaid Drug Rebate Program are calculated for drugs that are
    inhaled, infused, instilled, implanted or injected;
●
expanded
    the types of entities eligible for the 340B drug discount program;
●
established
    the Medicare Part D coverage gap discount program by requiring manufacturers to provide a 70% point-of-sale discount off of the negotiated
    price of applicable brand drugs to eligible beneficiaries during their coverage gap period as a condition for the manufacturers'
    outpatient drugs to be covered under Medicare Part D; and
●
established
    a new Patient-Centered Outcomes Research Institute to oversee, identify priorities in, and conduct comparative clinical effectiveness
    research, along with funding for such research.
Other
legislative changes have been proposed and adopted in the U.S. since the PPACA was enacted. In August 2011, the Budget Control Act of
2011, among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction, tasked
with recommending a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021, was unable to reach required
goals, thereby triggering the legislation's automatic reduction to several government programs. This included aggregate reductions
of Medicare payments to providers up to 2% per fiscal year, which went into effect in April 2013 and, due to subsequent legislative amendments,
will remain in effect through 2027 unless additional congressional action is taken. In January 2013, President Obama signed into law
the American Taxpayer Relief Act of 2012, which, among other things, further reduced Medicare payments to several providers, including
hospitals, imaging centers and cancer treatment centers, and increased the statute of limitations period for the government to recover
overpayments to providers from three to five years.
Since
enactment of the PPACA, there have been numerous legal challenges and congressional actions to repeal and replace provisions of the law.
For example, with enactment of the TCJA, which was signed by the President on December 22, 2017, Congress repealed the "individual
mandate." The repeal of this provision, which requires most Americans to carry a minimal level of health insurance, will become
effective in 2019. According to the Congressional Budget Office, the repeal of the individual mandate will cause 13 million fewer Americans
to be insured in 2027 and premiums in insurance markets may rise. Additionally, on January 22, 2018, the President signed a continuing
resolution on appropriations for fiscal year 2018 that delayed the implementation of certain PPACA-mandated fees, including the so-called
"Cadillac" tax on certain high cost employer-sponsored insurance plans, the annual fee imposed on certain health insurance
providers based on market share, and the medical device excise tax on non-exempt medical devices. Further, the Bipartisan Budget Act
of 2018, among other things, amended the PPACA, effective January 1, 2019, to increase from 50% to 70% the point-of-sale discount that
is owed by pharmaceutical manufacturers who participate in Medicare Part D and to close the coverage gap in most Medicare drug plans,
commonly referred to as the "donut hole". Congress will likely consider other legislation to replace elements of the PPACA
during the next congressional session.
65
The
presidential administration has also taken executive actions to undermine or delay implementation of the PPACA. In January 2017, the
President signed an Executive Order directing federal agencies with authorities and responsibilities under the PPACA to waive, defer,
grant exemptions from, or delay the implementation of any provision of the PPACA that would impose a fiscal or regulatory burden on states,
individuals, healthcare providers, health insurers, or manufacturers of pharmaceuticals or medical devices. In October 2017, the President
signed a second Executive Order allowing for the use of association health plans and short-term health insurance, which may provide fewer
health benefits than the plans sold through the PPACA exchanges. At the same time, the presidential administration announced that it
will discontinue the payment of cost-sharing reduction ("CSR") payments to insurance companies until Congress approves the
appropriation of funds for such CSR payments. The loss of CSR payments is expected to increase premiums on certain policies issued by
qualified health plans under the PPACA. A bipartisan bill to appropriate funds for CSR payments was introduced in the Senate, but the
future of that bill is uncertain. In addition, the Centers for Medicare & Medicaid Services has recently proposed regulations that
would give states greater flexibility in setting benchmarks for insurers in the individual and small group marketplaces, which may have
the effect of relaxing the essential health benefits required under the PPACA for plans sold through such marketplaces.
Further,
there have been several recent U.S. congressional inquiries and proposed and enacted federal and state legislation designed to, among
other things, bring more transparency to drug pricing, review the relationship between pricing and manufacturer patient programs, reduce
the costs of drugs under Medicare and reform government program reimbursement methodologies for drug products. At the federal level,
the presidential administration's budget proposal for fiscal year 2019 contained further drug price control measures that could
be enacted during the 2019 budget process or in other future legislation, including, for example, measures to permit Medicare Part D
plans to negotiate the price of certain drugs under Medicare Part B, to allow some states to negotiate drug prices under Medicaid, and
to eliminate cost sharing for generic drugs for low-income patients. While any proposed measures will require authorization through additional
legislation to become effective, Congress and the presidential administration have each indicated that it will continue to seek new legislative
and/or administrative measures to control drug costs.
At
the state level, individual states are increasingly aggressive in passing legislation and implementing regulations designed to control
pharmaceutical and biological product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain
product access and marketing cost disclosure and transparency measures, and, in some cases, designed to encourage importation from other
countries and bulk purchasing. In addition, regional health care authorities and individual hospitals are increasingly using bidding
procedures to determine what pharmaceutical products and which suppliers will be included in their prescription drug and other health
care programs.
Review
and Approval of Medicinal Products in Europe
In
order to market any medicinal product outside of the U.S., a company must also comply with numerous and varying regulatory requirements
of other countries and jurisdictions regarding quality, safety and efficacy and governing, among other things, clinical trials, marketing
authorization, commercial sales and distribution of medicinal products. Whether or not it obtains FDA approval for a product candidate,
an applicant will need to obtain the necessary approvals by the comparable non-U.S. regulatory authorities before it can commence clinical
trials or marketing of the product in those countries or jurisdictions. Some countries outside of the U.S. have a similar process that
requires the submission of a CTA much like the IND prior to the commencement of human clinical trials. In the E.U., for example, a CTA
must be submitted to the national competent authorities of the E.U. Member States where the clinical trial is conducted and to an independent
ethics committee, much like the FDA and IRB, respectively. Once the CTA is approved in accordance with a country's requirements,
clinical trial development may proceed.
In
April 2014, the E.U. adopted a new Clinical Trials Regulation (E.U.) No 536/2014, which is set to replace the current Clinical Trials
Directive 2001/20/EC. It will overhaul the current system of approvals for clinical trials in the E.U. Specifically, the new regulation,
which will be directly applicable in all Member States (meaning that no national implementing legislation in each E.U.. Member State
is required), aims at simplifying and streamlining the approval of clinical trials in the E.U.. For instance, the new Clinical Trials
Regulation provides for a streamlined application procedure via a single-entry point and strictly defined deadlines for the assessment
of clinical trial applications. It is expected that the new Clinical Trials Regulation will come into effect following confirmation of
full functionality of the Clinical Trials Information System, the centralized E.U. portal and database for clinical trials foreseen by
the new Clinical Trials regulation, through an independent audit. In January 2022, the Clinical Trials Regulation entered into application
harmonizing the submission, assessment and supervision processes for clinical trials in the E.U.
Clinical
Trial Regulations in Italy
Under
the E.U. and E.U.-member country legislation, any application for marketing authorization must be accompanied by the results of clinical
trials conducted in accordance with applicable regulations. A unified regulation on clinical trial procedures has been approved (E.U.
Reg. 536/2014), but is not yet effective. The currently applicable rule is E.U. Directive 2001/20, as implemented in the various E.U.
member countries from time to time through national laws and regulations.
We
are currently conducting or planning Phase 1/2a clinical trials on Temferon in Italy, in accordance with the specific regulations applicable
to such early-phase trials. As discussed elsewhere in this report, we are currently conducting our TEM-GBM 001 study on UMGMT-GBM patients
and plan to start new ones on hepatic tumor (HCC and IHC) in the near future by means of appropriate application to the Italian Regulatory
Authority ("AIFA").
The
applicable Italian regulation is the Decree of April 27, 2015 of the Ministry of Health, providing a precise sequence of approvals for
the start of Phase I studies and subsequent amendments to the related protocols. According to such Decree, an initial request must be
submitted to AIFA seeking a technical-scientific opinion of Istituto Superiore di Sanità (ISS), acting on behalf of AIFA, on the
admissibility of the request. Upon the favorable opinion of ISS, AIFA issues an authorization to proceed with the planned study, and
the rules generally governing the conduct of clinical trials (Legislative Decree 211 of June 24, 2003, implementing in Italy E.U. Directive
2001/20, Decree of December 17, 2004 of the Ministry of Health for non-profit studies, plus procedural rules such as the Decree of December
21, 2007, so called "CTA decree", for the prescribed formats), are of application.
Based
on the AIFA approval, the Independent Ethics Committees ("IECs") of the research centers participating in the trial issue
their opinions on the conduct of the study, having evaluated the study protocol and all other relevant documentation such as the informed
consent form ("ICF"), the insurance policy underwritten by the sponsor, the information and consent form for data protection
purposes. The IEC of the Coordinating Center issues first its opinion – the so-called
Parere Unico
, lit. "sole opinion"
("PU") - and then the IECs of the other participating centers accept or refuse the PU in its entirety (they may seek amendment
to the ICF on the basis of local operating circumstances).
66
All
documents pertaining to each specific step of the procedure, in the right sequence, must be loaded on the online database of AIFA ("Osservatorio
sulle Sperimentazioni Cliniche", or "OsSC"); the OsSC system provides certain controls to make sure that e.g. no IEC
opinion can be loaded before the pertinent AIFA approval, or that the opinions of the participating sites cannot be loaded before the
PU is loaded. It may occur however that, due to calendar mismatches in the calendars of IEC meeting (usually held on a monthly basis),
an approval may precede by a few days a "prior" one (typically, the PU or the AIFA approval): in such cases the IEC approval
is issued under reservation ("
con riserva
") and can be loaded in advance accordingly, under the assumption that the
documents subjected to evaluation - protocol (updated) version, ICF and the rest – coincide exactly.
Marketing
Authorization Application for Biologic Medicinal Products
To
obtain regulatory approval to commercialize a new drug in the EEA (comprising the E.U. Member States plus Iceland, Liechtenstein and
Norway, we must submit a marketing authorization application.
In
the E.U., a marketing authorization for a medicinal product can be obtained through a centralized, mutual recognition, decentralized
procedure, or national procedure (single country). The centralized procedure is mandatory for certain medicinal products, including orphan
medicinal products, those produced by biotechnology, advanced therapy medicinal products (gene therapy, somatic cell therapy and tissue-engineered
products) and those with a new active substance indicated for the treatment of HIV, AIDS, cancer, neurodegenerative disorders, autoimmune
and other immune dysfunctions, viral diseases or diabetes, and is optional for certain other products, including medicinal products with
a new active substance for other indications, and products that are a significant therapeutic, scientific or technical innovation, or
whose authorization would be in the interest of public health.
Under
the centralized procedure, the applicant can submit a single application for marketing authorization to the EMA which will provide a
positive opinion regarding the application if it meets certain quality, safety, and efficacy requirements. Based on the opinion of the
EMA, the European Commission takes a final decision to grant a centralized marketing authorization which permits the marketing of a product
throughout the EEA. Under the centralized procedure, the maximum timeframe for the evaluation of a marketing authorization application
is 210 days (excluding clock stops, when additional written or oral information is to be provided by the applicant in response to questions
asked by the EMA Committee for Medicinal Products for Human Use ("CHMP")). Clock stops may extend the timeframe of evaluation
of a marketing authorization application considerably beyond 210 days. Where the CHMP gives a positive opinion, it provides the opinion
together with supporting documentation to the European Commission, who make the final decision to grant a marketing authorization, which
is issued within 67 days of receipt of the EMA's recommendation. Accelerated assessment might be granted by the CHMP in exceptional
cases, when a medicinal product is expected to be of major public health interest, particularly from the point of view of therapeutic
innovation. The timeframe for the evaluation of a marketing authorization application under the accelerated assessment procedure is 150
days, excluding clock stops, but it is possible that the CHMP may revert to the standard time limit for the centralized procedure if
it determines that it is no longer appropriate to conduct an accelerated assessment.
Now
that the United Kingdom (which comprises Great Britain and Northern Ireland) has left the E.U., Great Britain will no longer be covered
by centralized marketing authorizations (under the Northern Irish Protocol, centralized marketing authorizations will continue to be
recognized in Northern Ireland). All medicinal products with a current centralized marketing authorization were automatically converted
to Great Britain marketing authorizations on January 1, 2021. For a period of two years from January 1, 2021, the Medicines and Healthcare
products Regulatory Agency ("MHRA"), the United Kingdom medicines regulator, may rely on a decision taken by the European
Commission on the approval of a new marketing authorization in the centralized procedure, in order to more quickly grant a new Great
Britain marketing authorization. A separate application will, however, still be required.
For
other countries outside of the E.U., such as the United Kingdom and countries in Eastern Europe, Latin America or Asia, the requirements
governing the conduct of clinical trials, product licensing, pricing and reimbursement vary from country to country. Internationally,
clinical trials are generally required to be conducted in accordance with cGCPs, applicable regulatory requirements of each jurisdiction
and the medical ethics principles that have their origin in the Declaration of Helsinki. If we fail to comply with applicable foreign
regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product recalls,
seizure of products, operating restrictions and criminal prosecution.
Advertising,
Promotion and Compliance
In
the E.U., the advertising and promotion of our products will also be subject to E.U. laws and E.U. Member States' national laws
governing promotion of medicinal products, interactions with physicians, misleading and comparative advertising and unfair commercial
practices. These laws require that promotional materials and advertising in relation to medicinal products comply with the product's
Summary of Product Characteristics ("SmPC"), as approved by the competent authorities. The SmPC is the document that provides
information to physicians concerning the safe and effective use of the medicinal product. The SmPC forms an intrinsic and integral part
of the marketing authorization granted for the medicinal product. Promotion of a medicinal product that does not comply with the SmPC
is considered to constitute off -label promotion and is prohibited in the E.U. The applicable laws at the E.U. level and in the individual
E.U. Member States also prohibit the direct-to-consumer advertising of prescription-only medicinal products. Violations of the rules
governing the promotion of medicinal products in the E.U. could be penalized by administrative measures, fines and imprisonment. As the
United Kingdom medicinal products legislation is still largely based on E.U. legislation, the promotion of prescription-only medicines
to the public and promotion of medicinal products not in compliance with the SmPC are both also prohibited under United Kingdom law.
During
all phases of development (pre- and post-marketing), failure to comply with applicable regulatory requirements may result in administrative
or judicial sanctions. These penalties could include the imposition of a clinical hold on trials, refusal to approve pending applications,
withdrawal of an approval, warning letters, product recalls, product seizures, total or partial suspension of production or distribution,
product detention or refusal to permit the import or export of products, injunctions, fines, civil penalties, or criminal prosecution.
Any agency or judicial enforcement action could have a material adverse effect on us.
Regulatory
Data Protection in the EEA
In
the EEA, innovative medicinal products approved on the basis of a complete independent data package qualify for eight years of data exclusivity
upon marketing authorization and an additional two years of market exclusivity pursuant to Directive 2001/83/EC. Regulation (EC) No 726/2004
repeats this entitlement for medicinal products authorized in accordance the centralized authorization procedure. Data exclusivity prevents
applicants for authorization of generics or biosimilars of these innovative products from referencing the innovator's data when
applying for a generic or biosimilar marketing authorization for a period of eight years from the date on which the innovator's
product was first authorized in the EEA. During an additional two-year period of market exclusivity, a generic or biosimilar marketing
authorization can be submitted and authorized, and the innovator's data may be referenced, but no generic or biosimilar medicinal
product can be placed on the E.U. market until the expiration of the market exclusivity. The overall 10-year period will be extended
to a maximum of 11 years if, during the first eight years of those 10 years, the marketing authorization holder obtains an authorization
for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization, are held to bring a
significant clinical benefit in comparison with existing therapies. Even if an innovative medicinal product gains the prescribed period
of data exclusivity, another company may market another version of the product if such company obtained a marketing authorization based
on a marketing authorization application with a complete independent data package of pharmaceutical tests, preclinical tests and clinical
trials.
67
Periods
of Authorization and Renewals
A
marketing authorization has an initial validity for five years in principle. The marketing authorization may be renewed after five years
on the basis of a re-evaluation of the risk-benefit balance by the EMA or by the competent authority of the relevant Member State. To
this end, the marketing authorization holder must provide the EMA or the competent authority with a consolidated version of the file
in respect of quality, safety, and efficacy, including all variations introduced since the marketing authorization was granted, at least
six months before the marketing authorization ceases to be valid. The European Commission or the competent authorities of the EEA Member
States may decide on justified grounds relating to pharmacovigilance, to proceed with one further five-year period of marketing authorization.
Once subsequently definitively renewed, the marketing authorization shall be valid for an unlimited period. Any authorization which is
not followed by the actual placing of the medicinal product on the EEA market (in case of centralized procedure) or on the market of
the authorizing EEA Member State within three years after authorization ceases to be valid (the so-called sunset clause).
Pediatric
Studies and Exclusivity
Prior
to obtaining a marketing authorization in the EEA, applicants must demonstrate compliance with all measures included in an EMA-approved
PIP covering all subsets of the pediatric population, unless the EMA has granted a product-specific waiver, a class waiver, or a deferral
for one or more of the measures included in the PIP. The respective requirements for all marketing authorization procedures are laid
down in Regulation (EC) No 1901/2006, commonly referred to as the Pediatric Regulation. This requirement also applies when a company
wants to add a new indication, pharmaceutical form or route of administration for a medicine that is already authorized. The Pediatric
Committee of the EMA ("PDCO") may grant deferrals for some medicines, allowing a company to delay development of the medicine
for children until there is enough information to demonstrate its effectiveness and safety in adults. The PDCO may also grant waivers
when development of a medicine for children is not needed or is not appropriate, such as for diseases that only affect an adult population.
Before a marketing authorization application can be filed, or an existing marketing authorization can be amended, the EMA must determine
that a company actually complied with the agreed studies and measures listed in each relevant PIP, unless the EMA has granted: (i) a
product-specific waiver, (ii) a class waiver or (iii) a deferral for one or more of the measures included in the PIP. If an applicant
obtains a marketing authorization in all EEA Member States, or a marketing authorization granted in the centralized procedure by the
European Commission, and the study results of the pediatric clinical trials conducted in accordance with the PIP are included in the
drug product information, even when negative, the medicine is then eligible for an additional six-month period of qualifying patent protection
through extension of the term of the Supplementary Protection Certificate. In the case of orphan medicinal products, a two-year extension
of the orphan market exclusivity may be available. This pediatric reward is subject to specific conditions and is not automatically available
when data in compliance with the PIP are developed and submitted.
Regulatory
Requirements after a Marketing Authorization has been Obtained
In
case an authorization for a medicinal product in the EEA is obtained, the holder of the marketing authorization is required to comply
with a range of requirements applicable to the manufacturing, marketing, promotion and sale of medicinal products. These include:
●
Compliance
    with the E.U.'s stringent pharmacovigilance or safety reporting rules must be ensured. These rules can impose post-authorization
    studies and additional monitoring obligations.
●
The
    manufacturing of authorized medicinal products, for which a separate manufacturer's license is mandatory, must also be conducted
    in strict compliance with the applicable E.U. laws, regulations and guidance, including Directive 2001/83/EC, Directive 2003/94/EC,
    Regulation (EC) No 726/2004 and the European Commission Guidelines for Good Manufacturing Practice ("E.U. cGMP"). These
    requirements include compliance with E.U. cGMP standards when manufacturing medicinal products and APIs, including the manufacture
    of API outside of the E.U. with the intention to import the API into the E.U..
●
The
    marketing and promotion of authorized drugs, including industry-sponsored continuing medical education and advertising directed toward
    the prescribers of drugs and/or the general public, are strictly regulated in the E.U. notably under Directive 2001/83EC, as amended,
    and E. Member State laws. Direct-to-consumer advertising of prescription medicines is prohibited across the E.U..
Brexit
and the Regulatory Framework in the United Kingdom
On
June 23, 2016, the electorate in the United Kingdom voted in favor of Brexit. Thereafter, on March 29, 2017, the country formally notified
the E.U. of its intention to withdraw pursuant to Article 50 of the Lisbon Treaty. The withdrawal of the United Kingdom from the E.U.
took effect on January 31, 2020, however, there was a transition period until December 31, 2020 during which E.U. laws, including in
respect of medicinal products, continued to be applicable in the United Kingdom. Since the regulatory framework for pharmaceutical products
in the United Kingdom covering quality, safety and efficacy of pharmaceutical products, clinical trials, marketing authorization, commercial
sales and distribution of pharmaceutical products is derived from E.U. Directives and Regulations, Brexit could materially impact the
future regulatory regime which applies to drug products and the approval of product candidates in the United Kingdom, now that the United
Kingdom legislation has the potential to diverge from E.U. legislation. It remains to be seen how Brexit will impact regulatory requirements
for product candidates and approved drug products in the United Kingdom in the long term. The MHRA, the United Kingdom's medicines
and medical devices regulator, has recently published detailed guidance for industry and organizations to follow from January 1, 2021,
now the transition period is over, which will be updated as the United Kingdom's regulatory position on medicinal products evolves
over time.
General
Data Protection Regulation
The
collection, use, disclosure, transfer or other processing of personal data of individuals in the E.U., including personal health data,
is governed by the GDPR, which became effective on May 25, 2018. After effectiveness of GDPR, the European data protection law background
has been constantly implemented through the activity of the European Data Protection Board (EDPB) concerning the correct interpretation
and application of GDPR, as well as through the ruling of the Court of Justice of the E.U. (CJEU). The GDPR and E.U. Member States national
data protection legislation, including Italy, are wide-ranging in scope and impose numerous requirements on companies that process personal
data, including requirements relating to processing health and other sensitive data, obtaining consent of the individuals to whom the
personal data relates, providing notice to individuals regarding data processing activities, implementing safeguards to protect the security
and confidentiality of personal data, providing notification of data breaches, and taking certain measures when engaging third party
processors. The GDPR also imposes strict rules on the transfer of personal data to countries outside the E.U., including the U.S. and
now – after Brexit – the United Kingdom, and permits data protection authorities to impose large penalties for violations
of the GDPR, including potential fines of up to € 20 million or 4% of annual global revenues, whichever is greater. Concerning the
transfer of (pseudonymized) personal data to the U.S., the recent CJEU case C-3111/18, also known as Schremes II, invalidated the European
Commission's adequacy decision for the E.U.-U.S. Privacy Shield Framework, on which the majority of U.S. companies relied to conduct
trans-Atlantic trade in compliance with E.U. data protection rules. The decision reinforced the importance of data protection to global
commerce and imposed E.U. companies trading with U.S. companies or organizations to rely the transfer of personal data on other legal
basis or appropriate safeguards provided for in the GDPR, such as Standard Contractual Clauses (SCC), Binding Corporate Rules (BCR) or
derogations for specific situations. In June 2021, the E.U. Commission adopted decisions on the United Kingdom's adequacy under
the E.U.'s GDPR and Law Enforcement Directive (LED). In both cases, the European Commission found the United Kingdom to be adequate.
This means that most data can continue to flow from the E.U. and the EEA without the need for additional safeguards.
68
The
GDPR also confers a private right of action on data subjects and consumer associations to lodge complaints with supervisory authorities,
seek judicial remedies and obtain compensation for damages.
Compliance
with the GDPR and all relevant E.U. data protection rules will be a rigorous and time-intensive process that may increase our cost of
doing business.
Pricing
Decisions for Approved Drug Products
In
the E.U., pricing and reimbursement schemes vary widely from country to country. Some countries provide that drug products may be marketed
only after a reimbursement price has been agreed. Some countries may require the completion of additional studies that compare the cost-effectiveness
of a particular product candidate to currently available therapies or so-called health technology assessments, in order to obtain reimbursement
or pricing approval. For example, the E.U. provides options for the E.U. Member States to restrict the range of drug products for which
their national health insurance systems provide reimbursement and to control the prices of medicinal products for human use. E.U. Member
States may approve a specific price for a product or it may instead adopt a system of direct or indirect controls on the profitability
of the company placing the product on the market. Other E.U. Member States allow companies to fix their own prices for drug products,
but monitor and control prescription volumes and issue guidance to physicians to limit prescriptions. Recently, many countries in the
E.U. have increased the amount of discounts required on pharmaceuticals and these efforts could continue as countries attempt to manage
health care expenditures, especially in light of the severe fiscal and debt crises experienced by many countries in the E.U. The downward
pressure on health care costs in general, particularly with respect to prescription products, has become intense. As a result, increasingly
high barriers are being erected to the entry of new drug products. Political, economic and regulatory developments may further complicate
pricing negotiations, and pricing negotiations may continue after reimbursement has been obtained. Reference pricing used by various
E.U. Member States, and parallel trade, i.e., arbitrage between low-priced and high-priced E.U. Member States, can further reduce prices.
There can be no assurance that any country that has price controls or reimbursement limitations for pharmaceutical products will allow
favorable reimbursement and pricing arrangements for any drug products, if approved in those countries.
Intellectual
Property Rights
Our
goal is to obtain, maintain and enforce patent protection for our product candidates, formulations, processes, methods and any other
proprietary technologies, preserve our trade secrets, and operate without infringing on the proprietary rights of other parties, both
in the U.S. and in other countries. Our policy is to actively seek to obtain, where appropriate, the broadest intellectual property protection
possible for our current product candidates and any future product candidates, proprietary information and proprietary technology through
a combination of contractual arrangements and patents, both in the U.S. and abroad. However, patent protection may not afford us with
complete protection against competitors who seek to circumvent our patents.
We
also depend upon the skills, knowledge, experience and know-how of our management and research and development personnel, as well as
that of our advisors, consultants and other contractors. To help protect our proprietary know-how, which is not patentable, and for inventions
for which patents may be difficult to enforce, we currently rely and will in the future rely on trade secret protection and confidentiality
agreements to protect our interests. To this end, we require all of our employees, consultants, advisors and other contractors to enter
into confidentiality agreements that prohibit the disclosure of confidential information and, where applicable, require disclosure and
assignment to us of the ideas, developments, discoveries and inventions important to our business.
Temferon
Temferon
is protected by the following patents families that contain both issued and/or pending patent applications. While the following patent
families are jointly owned by OSR and Fondazione Telethon (Telethon), as set forth in our December 15, 2014 license agreement with OSR
(described below), Telethon granted OSR a worldwide exclusive license, with the right to sublicense, its rights in the patent families
pursuant to a separate cooperation agreement between OSR and Telethon. As described below, we have a worldwide exclusive license, from
OSR, to the following patent families (including the U.S. and European family members indicated) in the fields of: GBM, solid liver cancer
(LC) and any lympho-hematopoietic indication:
Focus
    / Family
U.S.
E.U.
Expiration
Gene
    Vector comprising mi-RNA
USP
    10,000,757*
EP
    2002003 B1
5/26/2026*
(composition
    and method of treatment claims)
USP
    9,556,438
PCT/IB2006/002266
    (WO 2007/000668).
USSN
    16/004,394
(pending)
Gene
    Vector comprising mi-RNA
USP
    10,287,579
EP
    2424571 B1
4/30/2030
(composition
    and method of treatment claims)
USP
    9,951,328
EP
    20167404.1
PCT/IB2010/001166
    (WO / 2010/125471)
USSN
    16/384,571
(pending)
(pending)
Monocyte
    Cell (Tie-2) activation process
(composition
claims)
USP
    7,833,789
-
10/5/2027
USP
    7,833,789
Methods
    for Genetic Modification of Stem Cells
USP
    10,617,721*
EP
    3060670 B1
10/24/2034*
(method
    of treatment claims)
USSN
    16/827,708
EP
    19185334
PCT/IB2014/065594
    (WO 2015/059674)
(pending)
(pending)
Vector
    Production
USP
    10,912,824
EP
    3169788
7/13/2035
(composition
    and method of treatment claims)
17/143,953
(pending)
PCT/IB2015/055286
    (WO 2016/009326)
(pending)
Type
    1 Interferon Gene Therapy
USSN
    16/604,484
EP
    18724470.2
4/20/2038**
(method
    of treatment claims)
(pending)
(pending)
PCT/EP2018/060238
    (WO 2018/193119)
*
Later expiration for certain U.S. patents pursuant to patent term adjustment (35 U.S.C. §154(b)).
**
Application pending, anticipated expiration based on 20-year patent term.
69
Our
technology incorporates the use of a lentiviral vector ("LVV") that combines a therapeutic transgene sequence, or payload,
with our proprietary platform. Our proprietary platform consists of (i) the Tie-2 promoter, that drives transgene sequence transcription
specifically in TEMs, and (ii) miRNA-126 target sequences to downregulate transgene expression post-transcription in those cells where
the Tie-2 promoter is active and the miRNA-126 is present. Intellectual property protection for our proprietary platform includes an
exclusive license to all issued patents and pending applications (if any) in the PCT/IB2006/002266 (WO 2007/000668) and PCT/IB2010/001166
(WO / 2010/125471) families, as well as trade secrets. As discussed below, we have the option to license exclusively USP 7,833,789 and
issued patents and pending applications (in the PCT/IB2014/065594 and PCT/IB2015/055286 patent families we have not yet exercised the
option rights), and improvements, for other indications (fields of use) and other product candidates.
In
addition to patents and patent applications that we have been granted licenses to, we may also rely on unpatented trade secrets, know-how,
and continuing technological innovation to develop and maintain our competitive position. We seek to protect know-how and trade secrets
through an active program of legal mechanism including invention assignments, confidentiality agreements, material transfer agreements,
research collaborations and licenses to protect our product candidates. These agreements may be breached, and we may not have adequate
remedies for any breach. In addition, trade secrets may otherwise become known or be independently discovered by competitors. To the
extent that our employees, consultants, scientific advisors or other contractors use intellectual property owned by others in their work
for us, disputes may arise as to the rights in related or resulting know-how and inventions. For a more comprehensive discussion of the
risks related to our intellectual property, please see "Risk Factors — Risks Related to Our Intellectual Property."
Collaboration
/ Licensing
Amended
and Restated License Agreement with Ospedale San Raffaele
We
entered into an amended and restated license agreement (the "ARLA") with OSR in March 2023. The ARLA replaced the Company's
original license agreement originally entered into with OSR on December 15, 2014, as subsequently amended on March 16, 2017, February
1, 2019, December 23, 2020, September 28, 2021, January 22, 2022, September 29, 2022 and December 22, 2022 (the "Original OSR License
Agreement").
The
effectiveness of the ARLA was subject to Italy's Law Decree No. 21 of March 15, 2012 (i.e., the Italian
Golden Power
regulations),
as subsequently amended and supplemented, and would not become effective until the applicable Italian governmental authority consented
to the ARLA. On April 20, 2023, such consent was received and the ARLA became effective.
Pursuant
to the terms of the ARLA, OSR has granted us an exclusive, royalty-bearing, non-transferrable (except with the prior written consent
of OSR), sublicensable, worldwide license, subject to certain retained rights, to: (1) certain patents, patent applications and existing
know-how for the use in the field(s) of Interferon ("IFN") gene therapy by lentiviral based- HSPC gene transfer with respect
to (a) any solid cancer indication (including glioblastoma and solid liver cancer) and/or (b) any lympho-hematopoietic indication for
which we exercise an option (described below); and (2) certain gene therapy products (subject to certain specified exceptions related
to replication competent viruses) developed during the license term for use in the aforementioned field(s) consisting of any lentivirals
or other viral vectors regulated by miR126 and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic
cells for the expression of IFN under the control of a Tie2 promoter. Lympho-hematopoietic indication means any indication related to
lympho-hematopoietic malignancies and solid cancer indication means any solid cancer indication (e.g., without limitation, breast, pancreas,
colon cancer), with each affected human organ counting as a specific solid cancer indication.
The
rights retained by OSR, and extending to its affiliates, include the right to use the licensed technology for internal research within
the field(s) of use, the right to use the licensed technology within the field(s) of use other than in relation to the licensed products,
and the right to use the licensed technology for any use outside the field(s) of use, but subject to the options described below. In
addition, we granted OSR a perpetual, worldwide, royalty-free, non-exclusive license to any improvement generated by us with respect
to the licensed technology, to conduct internal research within the field(s) of use directly, or in or with the collaboration third parties;
and, for any use outside the field(s) of use, in which case the license is sublicensable by OSR. Finally, the world-wide rights for the
field(s) of use granted to us regarding the Lentigen know-how are non-exclusive and cannot be sublicensed due to a pre-existing nonexclusive
sublicense to these rights between OSR and GlaxoSmithKline Intellectual Property Development Limited.
Pursuant
to the ARLA, we have an exclusive option exercisable until April 20, 2026 to any OSR product improvements at no additional cost, which
could be useful for the development and/or commercialization of licensed products in the field of use. We also have an exclusive option
exercisable until April 20, 2026 (the "LHI Option Period") to any lympho-hematopoietic indication(s) to be included as part
of the field of use, on an indication-by-indication basis, subject to the payment of specified option fees and milestone payments:
●
€1.0 million for the
  first lympho-hematopoietic indication;
●
€0.5 million for the
  second lympho-hematopoietic indication; and
●
€0.3 million for the
  third lympho-hematopoietic indication.
No
option fee is due for the fourth lympho-hematopoietic indication and any subsequent lympho-hematopoietic indications.
70
We
have the right to extend the LHI Option Period twice for additional 12-month periods, subject to the payment of specified extension
fees.
Prior
to the effective date of the ARLA, we paid OSR an upfront fee in amount equal to €250,000 pursuant to the Original OSR License Agreement.
Pursuant
to the ARLA, as consideration, we agreed to pay OSR additional license fees equal to up to €875,000 in total, which are payable
on April 20, 2023, December 31, 2023, and upon our entering into a sublicense agreement with a third party sublicensee (pursuant to which
we are entitled to receive an upfront payment in an amount exceeding a specified threshold from such sublicensee) during the period between
September 30, 2022 and April 20, 2028 (with most of these additional license fees being triggered upon our entering into such a sublicense
agreement). In addition, we have agreed to pay OSR royalties on a single digit percentage of the net sales of each licensed product.
The royalty may be reduced upon the introduction of generic competition or patent stacking, but in no event would the royalty be less
than half of what it would have otherwise been, but for the generic competition or patent stacking. We also agreed to pay OSR a royalty
of our net sublicensing income for each licensed product and to pay OSR certain milestone payments upon the achievement of certain milestone
events, such as the initiation of different phases of clinical trials of a licensed product, MAA approval by a major market country,
MAA approval in the U.S., the first commercial sale of a licensed product in the U.S. and certain E.U. countries, and achievement of
certain net sales levels.
As
part of the ARLA, we have agreed to use reasonable efforts to involve OSR in Phase I clinical trials for licensed products in the field
of use, subject to OSR maintaining any required quality standards and providing its services on customary and reasonable terms and consistent
with then-applicable market standards. We are also obligated to carry out our development activities using qualified and experienced
professionals and sufficient level of resources. In particular, consistent with the terms of the Original OSR License Agreement, the
ARLA continues to require us to invest (a) at least €5,425,000 with respect to the development of the licensed products, and (b)
at least €2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments).
OSR
maintains control of the preparation, prosecution and maintenance of the patents licensed. We are obligated to pay those costs unless
additional licensees benefit from these rights, in which case the cost will be shared
pro rata
. OSR controls enforcement of the
patents and know-how rights, at its own expense. In the event that OSR fails to file suit to enforce such rights after notice from us,
we have the right to enforce the licensed technology within the field of use. Both we and OSR must consent to settlement of any such
litigation, and all monies recovered will be shared, after reimbursement for costs, in relation to the damages suffered by each party,
or failing a bona fide agreement between us and OSR, on a 50% - 50% basis.
The
ARLA expires upon the expiry of the "Royalty Term" for all licensed products and all countries, unless terminated earlier.
The Royalty Term begins on the first commercial sale of a licensed product in each country, on a country by country basis, and ends upon
the later of the (a) expiration of the commercial exclusivity for such product in that country (wherein the commercial exclusivity refers
to any remaining valid licensed patent claims covering such licensed product, any remaining regulatory exclusivity to market and sell
such licensed product or any remaining regulatory data exclusivity for such licensed product), and (b) 10 years from the first commercial
sale of such licensed product in such country.
The
parties may terminate the agreement in the event the other party breaches its obligations therein, which termination shall become effective
60 business days following written notice thereof to the breaching party. The breaching party shall have the right to cure such breach
or default during such 60 business days. OSR may terminate the agreement for failure to pay in the event that we fail to pay any of the
upfront payment, additional license fees, sublicensing income or milestone payments within 30 days of due dates for each. In addition,
OSR may terminate (with a 60-business-day prior written notice) our rights as to certain fields of use for our failure to achieve certain
development milestones for specified licensed products within certain time periods, which may be subject to extension. In addition, OSR
may terminate the agreement in the event that commercialization of a licensed product is not started within 24 months from the grant
of both (i) the MAA approval and (ii) the pricing approval of such licensed product, provided that such termination will relate solely
to such licensed product and to such country or region to which both such MAA approval and pricing approval were granted.
On
September 28, 2023, we entered into an amendment to the ARLA, whereby we and OSR agreed that we had fulfilled the obligations as set
forth in the ARLA specific to Candidate Products 1 pursuant to the CP1 SRA (as defined below). Furthermore, the amendment provides that
we and OSR have no further obligations to negotiate and execute a sponsored research agreement for the performance of feasibility studies
related to certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130 and/or other miRs with
the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of cytokines and their variants (other than
IFN or in addition to IFN) under the control of a Tie2 promoter, either alone or in combination with any immunotherapy ("Candidate
Products 2"). Notwithstanding the removal of the obligation to enter into a sponsor research agreement with regards to Candidate
Products 2, OSR granted us an exclusive option, to be exercised by sending written notice to OSR on or before September 30, 2025, to
include certain intellectual property related to Candidate Products 2 and Candidate Products 2 as part of the licensed patents and licensed
products under the ARLA. The option fee and our fee to extend the option period, if necessary, remain consistent with the prior fees
to those costs reflected in the ARLA specific to Candidate Products 2. OSR will also have the right to prepare, file and prosecute patents
and patent applications with respect to the results of Candidate Products 2. The amendment provides that the costs of the foregoing activities
will be borne by us.
Sponsored
Research Agreement
On
August 1, 2023, we entered into a Sponsored Research Agreement ("CP1 SRA"), which was contemplated under the ARLA, pursuant
to which we will fund feasibility studies for certain gene therapy products consisting of any lentiviral vectors regulated by miR126
and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN
under the control of a Tie2 promoter, in combination with any immunotherapy ("Candidate Products 1"), along with three additional
research projects, to be conducted at OSR. If OSR determines that additional funds are needed, OSR will inform us and provide an estimate
for completing the research. As of December 31, 2023, we have recorded and paid €250,000 for the CP1 SRA studies to date.
During
the period from the date of execution from the CP1 SRA until six months from the last report delivered to us under the CP1 SRA (the "CP1
Option Period"), we have the exclusive option to include certain intellectual property related to Candidate Products 1 and Candidate
Products 1 as part of the licensed patents and licensed products under the ARLA. To exercise this option, we must pay an option exercise
fee. We also have the right to extend the CP1 Option Period twice for additional 24-month periods. The extension requires payment of
an extension fee for each 24-month extension.
71
Know-How
License Agreement with Fondazione Telethon
In
February 2016, we entered into a Know-How License Agreement with Telethon (Telethon License Agreement). Telethon granted us a non-exclusive,
perpetual, sublicensable (through multiple tiers), royalty-bearing, worldwide license to use its manufacturing know-how in the research
and development, sale and export of any product, which is defined therein as any lentiviral vector regulated by miRNA 126 and/or miRNA
130 and/or other miRNAs with the same expression pattern as miRNA 126 and/or miRNA 130 in hematopoietic cells for the expression of any
anticancer protein under the control of a Tie2 promoter or INF under the control of any promoter other than Tie2 for any cancer indication.
As consideration for the license, we agreed to pay Telethon a royalty equal to a low single digit percentage of any actual payments (excluding
taxes) to any CMO for the manufacturing of any product using the licensed know-how. The royalty payments must be made for eight (8) years
from the effective date, or until February 2, 2024. The parties may terminate the agreement in the event the other party breaches its
obligations therein, which termination shall become effective sixty (60) business days following written notice thereof to the breaching
party.
Legal
Proceedings
From
time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not
currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our
business and have not been notified of any claims in respect thereof.
C.
Organizational Structure
Genenta
Science S.p.A. owns 100% of Genenta Science, Inc.
D.
Plants, Property and Equipment
Our
corporate headquarters is located in Milan, Via Olgettina 58 within OSR - San Raffaele Hospital, Italy, where we lease approximately
51 square meters of office space (three (3) offices). The lease commenced in January 2020 and has a six (6) year initial term. It will
expire on December 1
st
, 2025, and may be renewed for an additional six (6) years. We also have an office in a co-working space
located in Alexandria Center - LaunchLabs, 430 East 29
th
Street, New York, NY. We believe that our existing facilities are
adequate for our near-term needs, and we believe that suitable additional or alternative office will be available as required in the
future on commercially reasonable terms.
ITEM
4A. UNRESOLVED STAFF COMMENTS
None.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated
financial statements and related notes included in this Annual Report beginning on page F-1. The following discussion and analysis contain
forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially
from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk
Factors" and elsewhere in this Annual Report.
A.
Operating Results
Overview
We
are a clinical-stage biotechnology company engaged in the development of hematopoietic stem cell gene therapies for the treatment of
solid tumors. We have developed a novel biologic platform which involves the
ex-vivo
gene transfer of a therapeutic candidate
into autologous hematopoietic stem/progenitor cells (HSPCs) to deliver immunomodulatory molecules directly to the tumor by infiltrating
monocytes/macrophages (Tie2 Expressing Monocytes - TEMs). Our technology is designed to turn TEMs, which normally have an affinity for
and travel to tumors, into a "Trojan Horse" to counteract cancer progression and prevent tumor relapse. Because our technology
is not target dependent, we believe it can be used for treatment across a broad variety of cancers.
Since
our inception in 2014, we have devoted substantially all our resources to organizing and staffing our company, business planning, raising
capital, acquiring or discovering product candidates and securing related intellectual property rights, conducting discovery, research
and development activities for our programs and planning for eventual commercialization. We do not have any products approved for sale
and have not generated any revenue from product sales. To date, we have funded our operations with proceeds from the sales of equity
securities, which through December 31, 2023, aggregated gross cash proceeds of approximately €67 million.
72
We
do not have any products approved for sale, have not generated any revenue from commercial sales of our product candidates, and have
incurred net losses each year since our inception. Our ability to generate product revenue sufficient to achieve profitability will depend
heavily on the successful development and eventual commercialization of one or more of our current or future product candidates and programs.
Our net losses for the years ended December 31, 2023, 2022 and 2021 were approximately €11.6, €8.5, and €5.5 million,
respectively. At December 31, 2023, we had an accumulated deficit of approximately €46.9 million. Substantially all our operating
losses resulted from costs incurred in connection with our research and development activities, including preclinical and clinical development
of our gene therapy product candidates, namely our leading product candidate Temferon, and from general and administrative costs associated
with our operations.
We
expect to continue to incur significant expenses for at least the next several years as we advance our product candidates from discovery
through preclinical development and clinical trials and seek regulatory approval of our product candidates. In addition, if we obtain
marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing,
marketing, sales, and distribution. We may also incur expenses in connection with the in-licensing or acquisition of additional product
candidates. Furthermore, we expect to continue incurring additional costs associated with operating as a public company, including significant
legal, accounting, investor relations, compliance, and other expenses.
As
a result, for our long-term strategy, we will need substantial additional funding to support our continuing operations and pursue our
growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations
with proceeds from outside sources, with most of such proceeds to be derived from sales of equity securities, including the net proceeds
from our IPO and follow-on offerings. We also plan to pursue additional funding from outside sources, including but not limited to our
entry into or expansion of new borrowing arrangements; research and development incentive payments, government grants, pharmaceutical
companies, and other corporate sources; and our entry into potential future collaboration agreements with pharmaceutical companies or
other third parties for one or more of our programs. We may be unable to raise additional funds or enter into such other agreements or
arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as, and when, needed,
we may have to significantly delay, scale back or discontinue the development and eventual commercialization of one or more of our product
candidates or delay our pursuit of potential in-licenses or acquisitions.
We
are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability,
mainly due to the numerous risks and uncertainties associated with product development and related regulatory filings, which we expect
to make in multiple jurisdictions. When we are eventually able to generate product sales, those sales may not be sufficient to become
profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, we may be unable to continue
our operations at planned levels and be forced to reduce or terminate our operations.
As
of December 31, 2023, we had cash and cash equivalents and marketable securities of approximately €18.8 million. We believe that
our existing cash and cash equivalents as of December 31, 2023, will enable us to fund our operating expenses and capital expenditure
requirements for more than the next twelve months. We have based this estimate on assumptions that may prove to be wrong, and we could
exhaust our available capital resources sooner than we expect. See "—Liquidity and Capital Resources." To finance our
continuing operations, we will need to raise additional capital, which cannot be assured.
COVID-19
Update
The
global healthcare community continues to monitor and respond to the coronavirus (COVID-19) outbreak, including its ongoing variants.
In February 2020, the COVID-19 pandemic commenced in Italy. Regulatory guidance was issued in March 2020 and updated in April 2020 relating
to the management of clinical trials during the pandemic. In May 2023, the World Health Organization determined that COVID-19 no longer
fit the definition of a public health emergency and the pandemic was officially over; however, as the global healthcare community continues
to respond to COVID-19 and its variants, COVID-19 remains a public health priority We have not experienced significant interruptions
related to COVID-19. In the future, we may find it difficult to enroll patients in our clinical trials, which could delay or prevent
us from proceeding with the clinical trials of our product candidates. We continue to monitor this evolving situation and the potential
impact on us.
Components
of Operating Results
Revenue
We
have not generated any revenue since inception and do not expect to generate any revenue from the sale of products in the near term until
we obtain regulatory approval of, and commercialize, our product candidates.
Operating
Expenses
Our
current operating expenses consist of two components – research and development expenses, and general and administrative expenses.
Research
and Development Expenses
We
expense research and development costs as incurred. These expenses consist of costs incurred in connection with the development of our
product candidates, including:
●
license
    fees and milestone payments incurred in connection with our license agreements;
●
expenses
    incurred under agreements with contract research organizations ("CROs"), contract manufacturing organizations ("CMOs"),
    as well as investigative sites and consultants that conduct or support our clinical trials, preclinical studies and other scientific
    development services;
●
manufacturing
    scale-up expenses and the cost of acquiring and manufacturing preclinical and clinical trial materials and (in due course) commercial
    materials, including manufacturing validation batches;
●
employee-related
    expenses, including salaries, social security charges, related benefits, severance indemnity in case of termination of employees'
    relationships, travel and share-based compensation expense for employees engaged in research and development functions and consulting
    fees;
73
●
costs
    related to compliance with regulatory requirements; and
●
facilities
    costs, depreciation, and other expenses, which include rent and utilities.
Our
research and development expenses are tracked on a program-by-program basis for our product candidates and consist primarily of external
costs, such as fees paid to outside consultants, CROs, CMOs, and central laboratories in connection with our preclinical development,
process development, manufacturing, and clinical development activities. Our research and development expenses by program also include
fees incurred under license agreements, as well as option agreements with respect to licensing rights. We do not allocate employee costs
or facility expenses, including depreciation or other indirect costs, to specific programs because these costs are deployed across multiple
programs and, as such, are not separately classified. We primarily use internal resources to oversee research and discovery activities
as well as for managing our preclinical development, process development, manufacturing, and clinical development activities. These employees
work across programs, and therefore, we do not track their costs by program. We elected to present the research and development expenditure
net of research and development tax credit on the statements of operations and comprehensive loss. However, not all our research and
development expenses are allocated by program:
Year Ended December 31,
2023
2022
2021
(in Euros)
Direct research and development expenses by program:
TEM-GBM
€
1,331,166
€
984,458
€
879,005
TEM-MM
—
1,331
5,800
Unallocated costs:
Personnel (including share-based compensation)
1,113,489
992,281
499,849
Consultants and other third party
305,289
544,634
772,815
Materials & supplies
3,639,920
2,790,982
1,231,019
Travel & entertainment
44,242
—
596
Other
40,335
25,276
1,593
Total research and development expenses
€
6,474,441
€
5,338,962
€
3,390,677
Research
and development activities are central to our business model. Product candidates in later stages of clinical development generally
have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration
of later-stage clinical trials; however, manufacturing costs in earlier-stage clinical trials tend to be higher due to the high cost
associated with scaling up the manufacturing process and the smaller number of patients over
which to spread those costs. We expect that our research and development expenses, which includes our clinical costs, will increase
substantially over the next several years, particularly as we increase the number of patients treated in our clinical trials, as
well as due to increases in personnel costs, including share-based compensation, contractor costs and facilities costs, as we
continue to advance the development of our product candidates. We also expect to incur additional expenses related to milestone and
royalty payments payable to third parties with whom we have entered into license agreements to acquire the rights to our product
candidates.
The
successful development and commercialization of our product candidates is highly uncertain. At this time, we cannot reasonably estimate
or know the nature, timing and costs of the efforts that will be necessary to complete the preclinical and clinical development of any
of our product candidates or when, if ever, material net cash inflows may commence from any of our product candidates. This uncertainty
is due to the numerous risks and uncertainties associated with product development and commercialization, including the uncertainty of:
●
the
    scope, progress, outcome, and costs of our preclinical development activities, clinical trials and other research and development
    activities;
●
any
    lingering impact from the COVID-19 pandemic on our preclinical development activities, clinical trials and other research and development
    activities;
●
establishing
    an appropriate safety profile with IND-enabling studies;
●
successful
    patient enrollment in, and the design, initiation and completion of, clinical trials;
●
the
    timing, receipt and terms of any marketing approvals from applicable regulatory authorities;
●
establishing
    and maintaining clinical and commercial manufacturing capabilities or making arrangements with third party manufacturers;
●
development
    and timely delivery of commercial-grade drug formulations that can be used in our clinical trials and for commercial launch;
●
obtaining,
    maintaining, defending and enforcing patent claims and other intellectual property rights;
●
significant
    and changing government regulations;
●
qualifying
    for, and maintaining, adequate coverage and reimbursement by the government and other payors for any product candidate for which
    we obtain marketing approval;
●
launching
    commercial sales of our product candidates, if and when approved, whether alone or in collaboration with others;
●
addressing
    any competing technological and market developments; and
●
maintaining
    a continued acceptable safety profile of the product candidates following approval.
74
We
may never succeed in achieving regulatory approval for any of our product candidates. We may obtain unexpected results from our clinical
trials. We may elect, or be forced by regulatory authorities, to discontinue, delay or modify clinical trials of some product candidates
or focus on others. Any changes in the outcome of any of these variables with respect to the development of our product candidates in
preclinical and clinical development could mean a significant change in the costs and timing associated with the development of these
product candidates. For example, if AIFA, EMA, FDA, or another regulatory authority were to delay our planned start of clinical trials
or require us to conduct clinical trials or other testing beyond those that we currently expect, or if we experience significant delays
in enrollment in or treatment as part of any of our ongoing and planned clinical trials for any reason, we could be required to expend
significant additional financial resources and time on the completion of clinical development of that product candidate. Identifying
potential product candidates and conducting preclinical testing and clinical trials is a time-consuming, expensive, and uncertain process
that takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve
product sales. In addition, our product candidates, if approved, may not achieve commercial success.
General
and Administrative Expenses
General
and administrative expenses consist primarily of salaries and consulting fees, related benefits, travel, and share-based compensation
expense for personnel in executive, finance, and administrative functions. General and administrative expenses also include professional
fees for legal, consulting, accounting, and audit services.
We
anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued
research activities and development of our product candidates. We also anticipate that we will continue to incur additional accounting,
audit, legal, regulatory, compliance, director and officer insurance costs, as well as legal, investor and public relations expenses
associated with being a public company. Additionally, if we believe a regulatory approval of a product candidate appears likely, we anticipate
an increase in payroll and other expense in order to perpare for commercial operations, especially as it relates to the sales and marketing
of our product candidate.
Other
Income (Expense)
Other
income (expense) consists primarily of interest income/(expense), foreign exchange income/(loss). For the year ended December 31, 2023,
the net balance of other income/(expense) amounted to approximately €87,000 and mainly related to net financial interest income
of approximately € 309,000, net unrealized foreign exchange losses of approximately € (257,000), and net realized foreign exchange
gain of approximately €40,000.
For
the year ended December 31, 2022, other income (expense) consisted primarily of a tax benefit approved by the Italian Tax Agency of €180,000
related to the allowance for corporate equity ("ACE"), and financial fees reimbursement of approximately €28,000.
For
the year ended December 31, 2021, we accrued an award of €150,000 given to the Company by international institutions for the successful
results achieved in clinical trials.
Income
taxes
We
are subject to taxation in Italy and the U.S. Taxes are recorded on an accrual basis. These taxes therefore represent the allowances
for taxes paid or to be paid for the year, calculated according to the current enacted rates and applicable laws. Due to the tax loss
position reported, no income taxes were due for the years ended December 31, 2023, 2022 and 2021.
As
of each reporting date, we consider existing evidence, both positive and negative, that could impact our view regarding to future realization
of deferred tax assets. We believe that it is more likely than not that the benefit for deferred tax assets will not be realized. In
recognition of this uncertainty, a full valuation allowance was applied to the deferred tax assets. Future realization depends on our
future earnings, if any, the timing, and amount of which are uncertain as of December 31, 2023. In the future, should management conclude
that it is more likely than not that the deferred tax assets are partially or fully realizable, the valuation allowance would be reduced
to the extent of such expected realization and the amount would be recognized as a deferred income tax benefit in our Consolidated Statements
of Operations and Comprehensive Loss .
There
are open statutes of limitations for Italian tax authorities to audit our tax returns. There have been no material income tax-related
interests or penalties assessed or recorded.
There
is no liability related to uncertain tax positions reported in our consolidated financial statements.
In
line with the legislation in force, as updated by the Italian Budget Law 2022, companies in Italy that invested in eligible research
and development activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit up
to 10% of the increase of annual research and development expenses incurred, up to a maximum of €5.0 million, which can be used
as compensation in order to reduce most taxes payable, including income tax or regional tax on productive activities, as well as of social
security contributions.
The
Italian Budget Law also established that the actual support of eligible expenses and its correspondence with the accounting documents
must result from a specific certification issued by the person responsible for the legal audit and, in addition to the audit report,
a technical report is also required. In addition, the tax credit due can only be used as compensation in three equal annual instalments.
The measure is provided up to the tax period ending December 31, 2031; however, starting with the fiscal year 2023, and in respect subsequent
fiscal periods, the tax credit rate was decreased from 20% to 10% of the eligible expenses, and the annual ceiling of the credit was
increased from €4.0 million to €5.0 million.
For
the years ended December 31, 2023, 2022 and 2021, we recorded research and development tax benefits of approximately €428,000, €890,000,
and €829,000, respectively.
75
Results
of Operations
Comparison
of Year Ended December 31, 2023 to Year Ended December 31, 2022
The
following table summarizes our results of operations for the years ended December 31, 2023, and 2022:
Year Ended December 31,
2023
2022
(in Euros)
Operating expenses
Research and development
€
6,474,441
€
5,338,962
General and administrative
5,258,501
5,705,030
Total operating expenses
11,732,942
11,043,992
Loss from operations
(11,732,942
)
(11,043,992
)
Other income (expense)
Others income (expense)
(4,875
)
242,554
Finance income (expense)
309,253
36,985
Net exchange rate gain (loss)
(216,891
)
2,286,690
Awards and subsidies
-
-
Total other income (expense), net
87,487
2,566,229
Loss before income taxes
(11,645,455
)
(8,477,763
)
Income tax benefit (expense)
-
-
Net loss
€
(11,645,455
)
€
(8,477,763
)
Net loss per share - basic and diluted
€
(0.64
)
€
(0.47
)
Weighted average number of shares outstanding - basic and diluted
18,216,907
18,216,858
Other comprehensive income/(loss)
Change in fair value of marketable debt securities fair value measurement
214,984
-
Change in foreign currency translation
(15,853
)
-
Total other comprehensive income
199,131
Comprehensive loss
€
(11,446,324
)
€
(8,477,763
)
76
We
have presented basic and diluted loss per share at December 31, 2023, which consists of our historical loss divided by the basic and
diluted weighted average number of ordinary shares outstanding at December 31, 2023. There was no dilutive impact due to our net loss
position.
Research
and Development Expenses
Research
and development expenses were approximately €6.5 million for the year ended December 31, 2023, as compared to approximately €5.3
million for the year ended December 31, 2022. The increase of approximately €1.2 million was mainly due to LVV (lentiviral vector
for gene therapy) production activities. The increase in production activities related to the increase in the number of patients enrolled,
the preparation of Phase II involving plasmid, cell banks production, and the cost of the manufacturing site transfer to a new location
in Italy.
During
the year ended December 31, 2023, we utilized approximately €0.7 million of research and development tax credit to offset certain
social contributions and taxes payable, while we utilized approximately €0.6 million for such purpose during 2022. The benefit recorded
for the years ended December 31, 2023 and 2022 to offset research and development expenses was approximately €0.4 million and €0.7
million, respectively. The decrease in the benefit recorded for the year ended December 31, 2023, compared to the year ended December
31, 2022, was primarily due to the R&D tax rate reduction from 20% to 10% of the eligible expenses, starting from January 2023, as
provided by the 2022 Italian Budget Law.
We
reclassified to other non-current assets a portion of the receivable, which is expected to be realized beyond 12 months.
General
and Administrative Expenses
General
and administrative expenses were approximately €5.3 million for the year ended December 31, 2023, as compared to approximately €5.7
million for the year ended December 31, 2022. The decrease was primarily due to a decrease in our insurance cost, as we were able to
significantly reduce the cost of our directors and officers insurance without reducing coverage.
Other
income (expense)
Other
income (expense) was not material for the year ended December 31, 2023, as compared to approximately €243,000 for the year ended
December 31, 2022, which was mainly due to a tax benefit to help the Company's economic growth "ACE" (i.e., allowance
for corporate equity) and a reimbursement for bank fees and commissions both accrued in 2022.
Our
net financial income was approximately €309,000 for the year ended December 31, 2023, compared to a net financial loss of approximately
€37,000 for the year ended December 31, 2022. The change was mainly related to financial interest income on financial investments
made in 2023 in U.S. Treasury bills and Italian government bonds.
Net
exchange rate gain (loss)
The
net exchange loss was approximately €(217,000) for the year ended December 31, 2023 compared to approximately €2.3 million
for the year ended December 31, 2022. The change in respect of the preceding year was due to the fluctuation of the USD versus Euro exchange
rate.
For
the year ended December 31, 2023, the net exchange loss was due to a net unrealized foreign exchange loss of approximately € (257,000),
and a net realized foreign exchange gain of approximately €40,000.
For
the year ended December 31, 2022, the net exchange rate gain was mainly due to an approximately €1.6 million of net exchange rate
gain realized on the conversion of $12.0 million of IPO proceeds collected in December 2021 to Euros, an approximately €0.4 million
net exchange rate gain realized on USD trade payables and an approximately €0.3 million net exchange rate gain unrealized on USD
bank deposits.
Net
Loss
As
a result of the foregoing, our net loss was approximately €11.6 million for the year ended December 31, 2023, as compared to approximately
€8.5 million for the year ended December 31, 2022. The increase in our loss of approximately €3.2 million was primarily due
to the net exchange rate loss compared to the net exchange rate gain in the prior year, the increase in our overall research and development
spending, and the decrease in tax benefits recorded.
77
Comparison
of Year Ended December 31, 2022 to Year Ended December 31, 2021
The
following table summarizes our results of operations for the years ended December 31, 2022, and 2021:
Year Ended December 31,
2022
2021
(in Euros)
Operating expenses
Research and development
€
5,338,962
€
3,390,677
General and administrative
5,705,030
2,296,596
Total operating expenses
11,043,992
5,687,273
Loss from operations
(11,043,992
)
(5,687,273
)
Other income (expense)
Awards and subsidies
-
150,000
Other income
242,554
19,657
Financial (income) expense
36,985
(11,716
)
Net exchange rate gain (loss)
2,286,690
-
Total other income (expense), net
2,566,229
157,941
Loss before income taxes
(8,477,763
)
(5,529,332
)
Income tax benefit (expense)
-
-
Net loss
(8,477,763
)
(5,529,332
)
Net loss and comprehensive loss
€
(8,477,763
)
€
(5,529,332
)
Pro forma information:
Pro forma net loss
€
(8,477,763
)
€
(5,529,332
)
Pro forma net loss per share - basic and diluted
€
(0.47
)
€
(0.37
)
Weighted average pro forma number of shares outstanding - basic and diluted
18,216,858
15,083,825
We
have presented basic and diluted loss per share at December 31, 2022, which consists of our historical loss divided by the basic and
diluted weighted average number of ordinary shares outstanding at December 31, 2022. There was no dilutive impact due to our net loss
position.
We
have presented pro forma basic and diluted loss per share at December 31, 2021, which consists of our historical loss divided by the
pro forma basic and diluted weighted average number of ordinary shares outstanding at December 31, 2021 since we were an S.r.l. with
classes of quota (similar to membership interests in a limited liability company in the U.S.) rather than shares, until June 18, 2021,
the date of our conversion to an S.p.A. (similar to a C-corporation in the U.S.). (See our disclosures in Note 2 - Summary of significant
accounting policies -
Net loss per share -
to our consolidated financial statements for additional information regarding the method
used to calculate the pro forma basic and diluted loss per ordinary share and Note 11 – Quotaholders' and shareholders'
equity – for the pro forma weighted average number of ordinary shares used in the computation of the per share amounts).
Research
and Development Expenses
Research
and development expenses were approximately €5.3 million for the year ended December 31, 2022, as compared to approximately €3.4
million for the year ended December 31, 2021. The increase of approximately €1.9 million was primarily due to the increase in research
and development compensation and an increase in manufacturing activity.
During
the year ended December 31, 2022, we utilized approximately €0.6 million of research and development tax credit to offset certain
social contributions and taxes payable, while we utilized approximately €0.5 million for such purpose during 2021. The benefit recorded
for the years ended December 31, 2022 and 2021 to offset research and development expenses was approximately €0.7 million and €1.2
million, respectively. The decrease in the benefit recorded for the year ended December 31, 2022, compared to the year ended December
31, 2021, is due to the increase in the utilization rate of the research and development credit, since the effects of the optimization
of the organizational structure will have more impact over the next several years. We consider this estimate reasonable and prudent based
on the actual research and development tax credit utilization rate.
78
We
reclassified to other non-current assets a portion of the receivable, which is expected to be realized beyond 12 months.
General
and Administrative Expenses
General
and administrative expenses were approximately €5.7 million for the year ended December 31, 2022, as compared to approximately €2.3
million for the year ended December 31, 2021. The general and administrative expense increase was essentially due to the increase in
general and administrative board and management compensation, including but not limited to share-based compensation, to the increase
in the directors and officers ("D&O") liability insurance policy premium payments, and to the increase in legal advisors
and auditor fees.
Other
administrative expenses also increased due mainly to corporate website maintenance and other investor and corporate communication costs
related to business development activities that has required additional efforts since our listing on Nasdaq.
Other
Income (Expense)
Other
income was approximately €243,000 for the year ended December 31, 2022, as compared to approximately €19,600 for the year ended
December 31, 2021. The increase primarily due to a tax benefit received to help the Company's economic growth "ACE"
(i.e., allowance for corporate equity) of approximately €180.000 and to a reimbursement for bank fees and commissions of approximately
€28,000.
Our
net financial income was approximately €37,000 for the year ended December 31, 2022, compared to a net financial loss of approximately
€(11,700) for the year ended December 31, 2021. The change from net financial loss to net financial income was mainly due to financial
interest income on time deposits in U.S. Dollars.
Net
Exchange Rate Gain
The
net exchange rate gain was approximately €2.3 million for the year ended December 31, 2022 and was mainly due to: (i) an approximately
€1.6 million net exchange rate gain realized on the conversion to Euro of $12.0 million of IPO proceeds collected in December 2021;
(ii) an approximately €0.4 million net exchange rate gain realized on USD$ trade payables; and (iii) an approximately €0.3
million net exchange gain unrealized on USD$ time deposits. In the year ended December 31, 2021, the net exchange loss was approximately
€(7,000), which was considered immaterial. The amount was low compared to 2022, mainly due to maintaining our cash and cash equivalents
in Euros in 2021 with minimal activity in our U.S. subsidiary.
Net
Loss
Our
net loss was approximately €8.5 million for the year ended December 31, 2022, as compared to approximately €5.5 million for
the year ended December 31, 2021. The increase in our net loss was primarily due to the increase in our operating expenses of approximately
€5.4 million, offset by approximately €2.4 million of other income, primarily from the net exchange rate gain in 2022, as described
above.
Critical
Accounting Policies
Our
consolidated financial statements are prepared in accordance with generally accepted accounting principles in the U.S. The preparation
of our consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported
amounts of assets, liabilities, costs, and expenses, and the disclosure of contingent assets and liabilities in our consolidated financial
statements. We base our estimates on historical experience, known trends, and events and various other factors that we believe are reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may
differ from these estimates under different assumptions or conditions.
We
believe that the accounting policies described below are critical to understand the judgements and estimates used in the consolidated
financial statements and to fully understand and evaluate our financial condition and results of operations.
Accrued
Research and Development Expenses
As
part of the process of preparing our consolidated financial statements, we are required to estimate our accrued research and development
expenses. This process involves reviewing open contracts and purchase orders, communicating with our personnel to identify services that
have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when
we have not yet been invoiced or otherwise notified of actual costs. Many of our service providers invoice us in arrears for services
performed, on a pre-determined schedule or when contractual milestones are met; however, some require advanced payments. We attempt to
obtain estimates directly from vendors on work performed, if possible. If we are unable to obtain estimates from vendors, we estimate
our accrued expenses as of each balance sheet date in the consolidated financial statements based on facts and circumstances known to
us at that time. We periodically confirm the accuracy of these estimates with the service providers and make adjustments, if necessary.
Examples of estimated accrued research and development expenses include fees paid to:
●
vendors,
    including central laboratories, in connection with preclinical development activities, especially, OSR, a co-founding stockholder,
    significant related party vendor and a leading center for ex-vivo gene therapy for inherited diseases;
●
CROs
    and investigative sites in connection with preclinical and clinical studies; and,
●
CMOs
    in connection with drug substance and drug product formulation of preclinical and clinical trial materials.
79
We
base our expenses related to preclinical studies and clinical trials on our estimates of the services received and efforts expended pursuant
to quotes and contracts with multiple research institutions and CROs that conduct and manage preclinical studies and clinical trials
on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven
payment flows. There may be instances in which payments made to our vendors will exceed the level of services provided and result in
a prepayment of the expense. Payments under some of these contracts depend on factors such as the successful enrollment of patients and
the completion of clinical trial milestones. In accruing service fees, we estimate the time over which services will be performed and
the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies
from the estimate, we adjust the accrual or the amount of prepaid expenses accordingly. Although we do not expect our estimates to be
materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the
actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any period.
To date, there have not been any material adjustments to our prior estimates of accrued research and development expenses.
Share-based
compensation
Our
board of directors has implemented a new stock option plan (the "2021–2025 Equity Incentive Plan") based on a maximum
of 2.7 million of new ordinary shares (i.e., common stock) or 10% of the number of shares outstanding after the IPO (approximately 1.8
million). The 2021–2025 Equity Incentive Plan is administered by our board of directors, in consultation with the Compensation,
Nomination and Governance Committee.
On
May 20, 2021, our board of directors approved the general terms (e.g., regulation) of our 2021 – 2025 Equity Incentive Plan. Under
Italian law, we do not need to obtain the approval of the specific terms of our equity incentive plans from our shareholders.
In
April 2022, our board of directors, as administrator of the 2021–2025 Equity Incentive Plan, awarded nonqualified stock options
("NSOs") on 147,783 shares to its (former) chairman according to the terms of a sub-plan called "2021-2025 Chairman
Sub-Plan" (the "Sub-Plan") attached to the 2021–2025 Equity Incentive Plan.
In
July 2022, our board of directors, as administrator of the 2021–2025 Equity Incentive Plan, awarded NSOs on 392,740 shares to certain
of our directors and employees.
In
March 2023, our board of directors, as administrator of the 2021–2025 Equity Incentive Plan, awarded NSOs on 46,400 shares to certain
of our directors.
In
June 2023, our shareholders modified the 2021–2025 Equity Incentive Plan to extend the final deadline for the issuance of the ordinary
shares until December 31, 2035, in order to allow that all stock options granted during the term of the Plan could provide for an exercise
period of 10 years starting from the date of grant.
At
December 31, 2023, there were 586,923 options granted and 1,234,772 options available for grant.
We
measure share-based awards granted to employees and directors based on the fair value on the date of the grant and recognize compensation
expense for those awards over the requisite service period, which is the vesting period of the respective award. Forfeitures are accounted
for as they occur. The measurement date for option awards is the date of the grant. We classify share-based compensation expense in our
statements of operations and comprehensive loss in the same way the award recipient's payroll costs are classified or in which
the award recipient's service payments are classified.
With
the adoption of Accounting Standards Update ("ASU") No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements
to Nonemployee Share-Based Payment Accounting on January 1, 2019, the measurement date for non-employee awards is the date of the grant.
The compensation expense for non-employees is recognized, without changes in the fair value of the award, over the requisite service
period, which is the vesting period of the respective award.
Research
and Development Tax Credit Receivable
We
account for our research and development tax credit receivable in accordance with IAS 20
Accounting for Government Grants and Disclosure
of Government Assistance
. The receivable is recognized when there is reasonable assurance that: (1) the recipient will comply with
the relevant conditions and (2) the grant will be received. We elected to present the credit net of the related expenditure on the statements
of operations and comprehensive loss. While these tax credits can be carried forward indefinitely, we recognized an amount which reflects
management's best estimate of the amount that is reasonably assured to be realized or utilized in the foreseeable future based
on historical benefits realized, adjusted for expected changes, as applicable.
Emerging
Growth Company Status
We
are an "emerging growth company." Under the Jumpstart Our Business Startups Act ("JOBS Act"), an emerging growth
company can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as
those standards apply to private companies. We have irrevocably elected to avail ourselves of this exemption from new or revised accounting
standards, and, therefore, will not be subject to the same new or revised accounting standards as public companies that are not emerging
growth companies.
80
Off-Balance
Sheet Arrangements
We
have not engaged in any off-balance sheet arrangements, such as the use of unconsolidated subsidiaries, structured finance, special purpose
entities, or variable interest entities.
We
do not believe that any future off-balance sheet arrangements and commitments 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 is material to investors.
Quantitative
and Qualitative Disclosure About Market Risk
We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our current investment policy is to invest available cash in bank
deposits with banks that have a credit rating of at least A-. Accordingly, a substantial majority of our cash and cash equivalents, or
marketable securities, is held in deposits that bear interest. Given the current rates of interest we receive, we will not be adversely
affected if such rates are reduced. Our market risk exposure is primarily a result of foreign currency exchange rates, which is discussed
in detail in the following paragraph.
Foreign
Currency Exchange Risk
Our
results of operations and cash flow are subject to significant fluctuations due to changes in foreign currency exchange rates. Our liquid
assets and our expenses are denominated in EUR and USD.
As
we continue to grow our business, our results of operations, and our cash flows might be subject to fluctuations due to changes in foreign
currency exchange rates, which could adversely impact our results of operations.
A
hypothetical movement of 10% in USD to the EUR exchange rate would have had an impact of approximately €0.3 million on our net result
for the year ended December 31, 2023.
Currently,
we do not hedge our foreign currency exchange risk. In the future, we may enter formal currency hedging transactions to decrease the
risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures, however, may
not adequately protect us from the material adverse effects of such fluctuations.
B.
Liquidity and Capital Resources
Overview
Since
inception, we have not generated any revenue and have incurred significant operating losses and negative cash flows from our operations.
We have funded our operations to date primarily with proceeds from the sales of quotas, in prior years as an S.r.l., and through our
IPO of our shares as an S.p.A. We received gross cash proceeds of approximately €33.6 million from sales of quotas (pre-IPO) and
approximately €32.7 million of gross proceeds from the IPO in December 2021. As of December 31, 2023, the Company had approximately
€18.8 million in cash and cash equivalents and marketable securities.
The
table below presents our cash flows for the periods indicated:
(in Euros)
For
    the Year Ended December 31,
2023
2022
2021
(in
                                            Euros)
Net cash used in operating activities
€
(11,205,023
)
€
(7,418,236
)
€
(6,958,174
)
Net cash used in investing activities
(14,892,666
)
(27,070
)
(9,009
)
Net cash provided by
    financing activities
531
-
28,742,102
Effect of exchange rate changes
(6,278
)
-
-
Net (decrease) increase in cash and cash equivalents
€
(26,103,436
)
€
(7,445,306
)
€
21,774,919
Cash and cash equivalents
    at beginning of year
29,794,856
37,240,162
15,465,243
Cash
    and cash equivalents at end of year
€
3,691,420
€
29,794,856
€
37,240,162
Operating
Activities
During
the year ended December 31, 2023, operating activities used approximately €11.0 million of cash and cash equivalents, resulting
from our net loss of approximately €11.6 million, partially offset by non-cash charges of approximately €1.1 million and the
cash generated by our operating assets and liabilities of approximately €0.4 million. The non-cash charges primarily included approximately
€0.7 million of share-based compensation expense, approximately €0.2 million of unrealized gain on purchase of marketable securities,
and other minor amounts of depreciation, retirement benefit obligation expense and cumulative translation adjustment. The net changes
in our operating assets and liabilities were primarily due to a decrease in accounts payable. The decrease in accounts payable compared
to the prior period, was mainly due to bills from certain suppliers, advisors, and legal consultants received in December 2022 but that
became due and were paid in 2023.
81
During
the year ended December 31, 2022, operating activities used approximately €7.4 million of cash and cash equivalents, resulting from
our net loss of approximately €8.5 million, partially offset by non-cash charges of approximately €0.8 million and the cash
generated by our operating assets and liabilities of approximately €0.2 million. The non-cash charges primarily included approximately
€0.7 million of share-based compensation expense, and other minor amounts of depreciation, retirement benefit obligation expense
and cumulative translation adjustment. The net changes in our operating assets and liabilities were primarily due to an increase in account
payable and accrued expenses, as well as an increase in other current liabilities. The increase in account payable was mainly due to
bills from certain suppliers, advisors and legal consultants received in December 2022 becoming due and were paid in January 2023, as
well as an increase in account payables to OSR, a related party. The increase in accrued expenses was mainly due to an increase in related
parties accrued expenses for invoices to be received from OSR and for senior management bonuses accrued at year end.
During
the year ended December 31, 2021, operating activities used approximately €7.0 million of cash and cash equivalents, resulting from
our net loss of approximately €5.5 million and by cash used for changes in our operating assets and liabilities of approximately
€1.9 million and partially offset non-cash charges of approximately €0.5 million. The net changes in our operating assets and
liabilities were primarily due to an increase in payment of related party research and clinical accrued expenses, as well as an increase
of prepaid and other current assets mainly related to a VAT (value added tax) receivable. The non-cash charges primarily included approximately
€0.5 million of share-based compensation expense and a de minimis amount of depreciation and retirement benefit obligation expense.
Investing
Activities
During
the year ended December 31, 2023, investing activities used approximately €5.9 million to purchase marketable securities (U.S. treasury
bills and Italian government bonds), in order to deploy the liquidity available and not used in current operations more profitably, while
respecting the principle of selecting low-risk profile assets. In addition, approximately €13,000 of our cash and cash equivalents
were used to primarily purchase laptops and other work tools for new employees hired during the fiscal year ending on December 31, 2023.
During
the year ended December 31, 2022, investing activities used €27,070 of our cash and cash equivalents to both improve our cyber security
and support the implementation of our new ERP system.
During
the year ended December 31, 2021, investing activities used €9,009 of our cash and cash equivalents to invest in our fixed assets,
such as, laptops, smartphones, and other information technology equipment.
Financing
Activities
During
the year ended December 31, 2023, there was no cash provided by financing activities.
During
the year ended December 31, 2022, there was no cash provided by financing activities.
During
the year ended December 31, 2021, net cash provided by financing activities was approximately €28.7 million, primarily consisting
of net cash proceeds from our IPO.
Current
Outlook
To
date, we have not generated revenue and do not expect to generate revenues from the sale of any product candidate in the near term.
As
of December 31, 2023, our cash and cash equivalents, and marketable securities, were approximately €18.8 million. Our primary cash
obligations relate to payments to OSR pursuant to the ARLA and other providers of clinical trial related services and manufacturing activities.
Based
on our existing cash, we estimate that such funds will be sufficient to fund our operations and capital expenditure requirements into
the second quarter of 2025. We have based this estimate on assumptions that may prove to be wrong, and we could use our available capital
resources sooner than we currently expect.
In
addition, our operating plans may change because of many factors that may currently be unknown to us, and we may need to seek additional
funds sooner than planned. Our future capital requirements will depend on many factors, including:
●
the
    remnants of the COVID-19 pandemic and its impact on our planned clinical trials, operations and financial condition;
●
the
    progress and costs of our preclinical studies, clinical trials and other research and development activities;
●
the
    scope, prioritization and number of our clinical trials and other research and development programs;
●
any
    cost that we may incur under in- and out-licensing arrangements relating to our product candidate that we may enter into in the future;
●
the
    costs and timing of obtaining regulatory approval for our product candidates;
●
the
    costs of filing, prosecuting, enforcing, and defending patent claims and other intellectual property rights;
82
●
the
    costs of, and timing for, amending current manufacturing agreements for production of sufficient clinical and (eventually) commercial
    quantities of our product candidates, or entering into new agreement with existing or new CMOs;
●
the
    potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities
    internally; and
●
the
    costs of acquiring or undertaking the development and commercialization efforts for additional, future therapeutic applications of
    our product candidates and the magnitude of our general and administrative expenses.
Until
we can generate significant revenues, if ever, we expect to satisfy our future cash needs through our existing cash, cash equivalents
and short-term deposits as well as through additional financings, which we may seek through a combination of private and public equity
offerings, debt financings and collaboration, in-licensing arrangements, joint ventures, strategic alliances or partnerships. For example,
on May 12, 2023, we filed with the SEC a shelf registration statement, which was declared effective by the SEC on May 24, 2023 and permits
us to sell from time to time additional ordinary shares, ordinary shares represented by ADSs or rights exercisable for ordinary shares
or ADSs in one or more offerings in amounts, at prices and on the terms that we will determine at the time of offering for aggregate
gross sales proceeds of up to $100.0 million.
We
cannot be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available, we may
be required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect
to, one or more applications of our product candidates.
This
expected use of cash and cash equivalents represents our intentions based upon our current plans and business conditions, which could
change in the future as our plans and business conditions evolve. We may also use a portion of the available cash and cash equivalents,
and marketable securities, to in-license, acquire, or invest in additional businesses, technologies, products, or assets.
Termination
of ATM Offering Sales Agreement
On
March 28, 2024, we mutually agreed with Cantor Fitzgerald & Co. (
"
Cantor")
to terminate the
Controlled Equity Offering Sales Agreement (the "Sales Agreement"),
dated May 12, 2023, pursuant to which we could offer and sell up to $30.0 million ordinary shares represented by ADSs from time to time
through Cantor, as agent, subject to the terms and conditions described in the Sales Agreement and SEC rules and regulations (the "ATM
Offering"). Prior to termination, we issued and sold 100 ADSs through the ATM Offering for gross proceeds of approximately $639.
The
foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of the Sales
Agreement, a copy of which was filed as Exhibit 1.2 to our Registration Statement of Form F-3 (File No. 333-271901) filed with the SEC
on May 12, 2023 and incorporated here by reference.
C.
Research and Development
See
"Item 4. Information on the Company—B. Business Overview—Intellectual Property Rights."
D.
Trend Information
Other
than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events for
the fiscal year ended December 31, 2023 that are reasonably likely to have a material and adverse effect on our net revenues, income,
profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative
of future results of operations or financial conditions.
E.
Critical Accounting Estimates
For
our critical accounting estimates, see "Item 5. Operating and Financial Review and Prospects—A. Operating Results—Critical
Accounting Policies."
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
The
following table sets forth the name, age as of March 26, 2024, and position of the individuals who serve as our directors and executive
officers. The following also includes certain information regarding the individual experience, qualifications, attributes and skills
of our directors and executive officers as well as brief statements of those aspects of our directors' backgrounds that led us
to conclude that they are qualified to serve as directors:
Year
    elected
Name
Age
Position
or
    appointed
Mark
    Alan Sirgo, Ph.D.
70
Chairman
    of the Board of Directors (1)(2)
2022
Pierluigi
    Paracchi
50
Chief
    Executive Officer, Vice Chairman of the Board of Directors and
2014
General
    Manager
Richard
    B. Slansky
66
Chief
    Financial Officer
2021
Carlo
    Russo, M.D.
71
Chief
    Medical Officer, Head of Development
2021
Roger
    Abravanel
77
Director(1)(2)
2017
Guido
    Guidi
71
Director(1)(2)
2017
Anthony
    Marucci
61
Director(1)
2021
Barbara
    Regonini
51
Finance
    Director
2021
Stefania
    Mazzoleni, Ph.D.
41
Scientific
    Project Manager and Communications Officer
2016
(1)
Independent Director (as
  defined under Nasdaq Stock Market rules)
(2)
Member of the Compensation,
  Nomination and Governance Committee
83
The
directors above were elected at the Company's general shareholders' meeting held on May 20, 2021, for a three-year term.
The board of directors (the "Board") consists of five (5) members.
The
directors' terms will expire with the Company's general shareholders' meeting called to approve the financial statements
for the year ending December 31, 2023 to be held in 2024, or earlier upon resignation.
Pierluigi
Paracchi, Chief Executive Officer, Vice Chairman of the Board of Directors, and General Manager
Mr.
Paracchi has over 15 years of combined experience as an investor and director of life science companies, including as Founder and CEO
of Quantica SGR and in senior roles at Axòn Capital, Sofinnova Partners, and AurorA Science. He was also a board member and investor
in Ethical Oncology Science, which was acquired in 2013 for a total deal of $470 million. Mr. Paracchi is a member of the Assobiotec
Steering Committee, the Italian Association for the development of biotechnology. He also serves on the board of directors of the autoimmune
disease and cancer company Altheia Science, as non-executive Chairman, at a medical device company, Lipogems International, and is a
venture partner with AurorA Science, an independent biotech investment vehicle.
Richard
B. Slansky, Chief Financial Officer
Mr.
Slansky is a senior financial executive with more than 30 years of experience as Chief Financial Officer in various biopharmaceutical,
diagnostic and life science companies, including Biological Dynamics, OncoSec Medical, GenMark Diagnostics and C-N Biosciences, now a
part of Millipore Sigma, a division of Merck KGaA. His experience spans across public and private healthcare and technology companies
at various stages of growth, pre-revenue to commercial. He has been responsible for strategic vision and oversight of financial and operational
teams, organizational leadership, creating maximum stakeholder value, financial and governmental compliance, among other activities.
He also serves on the board of directors of several private companies in the life science, aerospace and real estate market segments.
Carlo
Russo, M.D., Chief Medical Officer & Head of Development
Dr.
Russo has extensive experience as a biotech executive focused on medical affairs, research and development, and clinical studies. He
has served as Head of Development of GSK's R&D Biopharm and Rare Disease Units and the Cardiovascular Metabolic Center. Previously,
Dr. Russo served as an Executive VP and CMO of Adverum, CMO & Head of Research & Development of Annapurna, and President and
CEO of VaxInnate Corporation, among other senior roles. Dr. Russo holds several senior positions at research institutions, including
Cornell University Medical College, Columbia University, and Scripps Research Institute. He holds his MD and Board Certification in Hematology
from the University of Genoa Medical School, and is the author of more than 70 scientific publications.
Barbara
Regonini, Finance Director
Ms.
Regonini is an experienced financial executive with skills in strategic finance, restructuring and reorganization processes, internal
controls, and corporate governance systems implementation. Prior to joining Genenta, she was Head of Finance at OAM – Financial
Supervisory Authority. She previously held CFO roles and was part of the Supervisory Body of a public company in the renewable energy
field. Former senior manager at PriceWaterhouseCoopers, she has a significant finance background in the industrial and service field.
She has a Master's degree at the University of Nicosia in Science of Digital Currency, a degree as Strategic CFO at Harvard Business
School, a Master's degree in Business and Administration at the University of Parma, and she is a Chartered Public Accountant and
Auditor.
Stefania
Mazzoleni, Ph.D., Scientific Project Manager and Communications Officer
Dr.
Mazzoleni manages and oversees the scientific development of parallel immuno-gene therapy studies in oncology indications and provides
scientific support for investor interactions. Dr. Mazzoleni has more than 15 years' experience in life science research and development,
oncology and project management, including over four years of drug development and cell and gene therapy experience acquired while working
at various academic institutions (OSR - San Raffaele Hospital, National Institute of Molecular Genetics) and pharmaceutics (Nerviano
Medical Sciences). Dr. Mazzoleni received a MSc in Medical Biotechnology in 2005, holds a PhD in Molecular and Cellular Biology from
San Raffaele Vita-Salute University, has a second level vocational Master's degree in Pharmacy and Pharmaceutical Oncology and
is a member of the European Academy of Tumor Immunology.
Board
of Directors
Mark
A. Sirgo, Pharm.D., Chairman of the Board
Dr.
Sirgo is currently the CEO of Corium Innovations, a contract development and manufacturing company specializing in prescription and
over the counter transdermal product delivery. He spent the previous three years as CEO of Aruna Bio, a company specializing in the
utilization of neuro exosomes to treat neurodegenerative diseases. Prior to Aruna Bio he founded and spent 13 years as CEO of the
specialty pharmaceutical company BioDelivery Sciences, Inc. (NASDAQ: BDSI), overseeing the development, approval and
commercialization of three products for pain and addiction disorder, raising over $600 million in capital through equity and debt
financings and growth in market capitalization from $10 million to nearly $1 billion during that period. Dr. Sirgo remained on the
Board until the successful sale of the company in 2022. Dr. Sirgo began his career at GSK where he spent 17 years in roles of
increasing responsibility including Vice President of Clinical Development and Vice President of New Product Marketing. He currently
serves on the boards of several public and private companies. Dr. Sirgo holds a Doctorate in Pharmacy from Philadelphia College of
Pharmacy and Sciences and a Bachelor's in Pharmacy from The Ohio State University.
84
Roger
Abravanel, Director
Mr.
Abravanel worked at McKinsey & Company for 34 years as a consultant for Italian and multinational corporations in Europe, the U.S.,
and the Far East, and is now an emeritus director. He is a former board member of Luxottica, COFIDE, Teva and Admiral, is currently Chairman
of the INSEAD's advisory group in Italy and is the author of several best-selling business books.
Guido
Guidi, MD, Director
Dr.
Guidi has 35 years of experience in top global roles in large pharmaceuticals companies, managing up to 7,000 employees and a turnover
of more than €7 billion. He was previously Head of Pharma E.U. at Novartis, Head of Oncology at Novartis EU, overseeing major products
including Cosentyx, Entresto, Lucentis, Gilenya, Xolair, Ultibro, Seebri, Galvus and Exforge. Dr. Guidi is Vice Chairman of Recordati
and Chairman of Cellestia. He also is a member of several pharma boards.
Anthony
Marucci, Director
Mr.
Marucci is a seasoned life sciences and public company leader who has raised $1.7 billion in capital in multiple organizations over his
30 years' experience. He is currently President and CEO of Celldex Therapeutics, the company he co-founded in 2004 and which develops
targeted therapeutics, including immunotherapies and other targeted biologics. Prior to founding Celldex, he was Treasurer at Medarex,
from which Celldex was spun out, and he holds an MBA from Columbia University and a MHL from Brown University.
Executive
Scientific Board
Luigi
Naldini, M.D., Ph.D., Chairman of the Executive Scientific Board
Professor
Naldini is a deeply experienced scientist and academic, considered by many to be the father of lentiviral gene therapy. Dr. Naldini is
Professor of Cell and Tissue Biology and Cell and Gene Therapy at the Vita-Salute San Raffaele University School of Medicine in Milan,
and Director of the San Raffaele-Telethon Institute for Gene Therapy and of the Division of Regenerative Medicine, Stem Cells & Gene
Therapy at the San Raffaele Scientific Institute. He has previously served as President of the European Society of Gene and Cell Therapy
and a member of the board of directors and Advisory Council of the American Society of Gene and Cell Therapy. Dr. Naldini is also a scientific
advisor on EMEA and WHO committees for the evaluation of novel gene transfer medicines and has authored more than 250 scientific publications.
Bernhard
Gentner, M.D., Member of the Executive Scientific Board
Dr.
Gentner is a physician scientist, serving as Group Leader of the Translational Stem Cell and Leukemia Research Unit at the San Raffaele-Telethon
Institute for Gene Therapy in Milan and Staff Hematologist in the Hematology and Bone Marrow Transplantation Unit of OSR - San Raffaele
Hospital. Dr. Gentner completed his MD studies at the University of Heidelberg, Germany, the MD Anderson Cancer Center and Baylor College
of Medicine, Houston, USA. He completed his internal medicine training at Erlangen University Hospital, Germany and his hematology training
at San Raffaele Vita-Salute University and has authored more than 30 scientific publications.
Strategic
Advisors
Advisors
to the Company include:
●
Brad Loncar: Founder and
  Chief Executive Officer at Loncar Investments. Mr. Loncar is a biotech investor, index provider, and creator of two Nasdaq-listed exchange
  traded funds.
Family
Relationships
There
are no family relationships among our executive officers and directors.
Arrangements
Concerning Election of Directors and Members of Management
There
are no arrangements or understandings with major shareholders, customers, suppliers, or others pursuant to which any of our directors
or members of senior management were selected as such.
B.
Compensation
The
following table presents in the aggregate all compensation we paid to all our directors and senior management as a group for the year
ended December 31, 2023. The table does not include any amounts we paid to reimburse any of such persons for costs incurred in providing
us with services during this period. We are not required to provide the compensation, on an individual basis, of our executive officers
and directors under Italian law. As a matter of Italian law, the compensation of directors is established at the time of their appointment
or by the shareholders' meeting. The compensation of the managing directors shall be established by the board of directors, with
the opinion of the board of statutory auditors. Our bylaws provides that the shareholders' meeting may determine a total amount
for the compensation of the directors, including managing directors.
The
total amount paid to all directors and senior managers as a group was approximately €1.3 million for the year ended December 31,
2023.
Salary,
    Bonuses and Related Benefits
Pension,
    Retirement and Other Similar Benefits
Share-Based
    Compensation
All directors and senior management
as a group,
consisting of 8
persons including current and former directors
€
1,287,772
€
-
€
-
85
The
total cost to the Company for the year ended December 31, 2023 related to all directors and senior managers as a group was approximately
€2.2 million.
Salary,
    Bonuses and Related Benefits
Pension,
    Retirement and Other Similar Benefits
Share-Based
    Compensation
All directors and senior management as a group,
consisting of 8 persons including current and
former directors
€
2,001,025
€
39,687
€
160,664
The difference between the total amount paid by the Company and the total
cost to the Company, stems from the fact that the Company's cost for each employee is higher than what is actually paid out during
each fiscal year due to tax and contribution charges affecting labor costs. Additionally, according to the regulations applicable to Italian
employees, severance pay is set aside annually and thus constitutes a cost for the Company, whereas it is disbursed and paid out only
in the event of the employee's resignation or dismissal. Furthermore, provisions for unexercised stock options during the fiscal
year are also included in the Company's cost.
C.
Board Practices
Committees
of the Board of Directors
We
currently follow the historical Italian corporate governance system, with a board of directors (
consiglio di amministrazione
)
and a separate board of statutory auditors (
collegio sindacale
) with supervisory functions. The two boards are separate, and no
individual may be a member of both corporate bodies. Both the members of the board of directors and the members of the board of statutory
auditors owe duties of loyalty and care to the Company. The board of statutory auditors acts as the Board's audit committee for
purposes of SEC and Nasdaq compliance (see
Differences between Italian Laws and Nasdaq Requirements
below).
Board
of Statutory Auditors
During
2023, the Company's board of statutory auditors received approximately €44,000 in compensation in the aggregate for their
services to the Company.
At
the Company's annual general shareholders' meeting held on May 20, 2021, the following individuals were elected or re-appointed
to the Company's board of statutory auditors for a three-year term. The board consists of three members, one of which is the chairman,
and two alternates. The board of statutory auditors' term will therefore expire with the Company's general shareholders'
meeting called to approve the financial statements for the year ending December 31, 2023 to be held in 2024. The following table sets
forth the name, age as of March 26, 2024, and position of the individuals who serve as our board of statutory auditors, and their alternates.
Year
    elected
Name
Age
Position
or
    re-appointed
Carlo-Alberto
    Nicchio
49
Chairman
    of the Board of Statutory Auditors
2021
Cesare
    Lazzaroni
72
Statutory
    auditor
2021
Jacopo
    Doveri
51
Statutory
    auditor
2021
Lorenzo
    Gianluigi Grossi
57
Alternate
    auditor
2021
Alessandro
    Arpiani
39
Alternate
    auditor
2021
Each
shareholder and shareholders belonging to the same group shall not submit, or contribute to submit, or to cast their vote for more than
one slate, including through a nominee. Each candidate may only be listed on single slate or, otherwise, will be ineligible for election
if named in multiple slates.
The
Company relies on an exemption from the Rule 10A-3 requirements provided by Rule 10A-3(c)(3) of the Exchange Act for foreign private
issuers with a board of statutory auditors established in accordance with local law or listing requirements and subject to independence
requirements under local law or listing requirements.
86
Additional
Board Committees
Although
Italian law does not require that we adopt a Compensation, Nomination and Governance Committee, in connection with our Corporate
Conversion from a limited liability company (società a responsabilità limitata, or "S.r.l.") to a joint
stock company (società per azioni, or an "S.p.A."), we established a Compensation, Nomination and Governance
Committee according to Nasdaq Listing Rule 5615(a)(3).
The members of our Compensation, Nomination and Governance Committee
include Mark Sirgo, Roger Abravanel, and Guido Guidi. On May 1, 2022, Dr. Sirgo replaced Dr. Squinto on our Compensation, Nomination
and Governance Committee. The Compensation, Nomination and Governance Committee will assist our Board of Directors in overseeing our
cash compensation and equity award recommendations for our executive officers along with the rationale for such recommendations, as
well as summary information regarding the aggregate compensation provided to our executive officers.
Differences
between Italian Laws and Nasdaq Requirements
The
Sarbanes-Oxley Act, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, such as us, to comply
with various corporate governance practices. In addition, following the listing of the ADSs on Nasdaq, we are required to comply with
the Nasdaq Stock Market Rules. Under those rules, we may elect to follow certain corporate governance practices permitted under Italian
law in lieu of compliance with corresponding corporate governance requirements otherwise imposed by the Nasdaq Stock Market Rules for
U.S. domestic registrants.
In
accordance with Italian law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market Rules, as a foreign
private issuer, we have elected to rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq
Stock Market Rules, with respect to the following requirements:
●
Composition
    of the board of directors
. Italian law does not require that the majority of our board of directors consist of independent directors.
    Our board of directors therefore may include fewer independent directors than would be required if we were subject to Nasdaq Listing
    Rule 5605(b) (1). In addition, we are not subject to Nasdaq Listing Rule 5605(b)(2), which requires that independent directors must
    regularly have scheduled meetings at which only independent directors are present.
●
Quorum
.
    In accordance with Italian law quorum requirements generally applicable to general meetings of shareholders are set forth in the
    Italian Civil Code therefore our bylaws may not provide a specific regulation of them. Our practice thus varies from the requirement
    of Nasdaq Listing Rule 5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such
    quorum may not be less than one-third of the outstanding voting stock.
According
    to Italian law, the management report and the annual financial statements shall be communicated to Company's auditor and to
    the board of statutory auditors at least 30 days prior to the general meeting of shareholders convened for its approval. The board
    of statutory auditors must report to the shareholders' meeting on the results of the financial year and on the activities carried
    out in the performance of its duties and make observations and proposals regarding the financial statements and their approval. The
    financial statements, together with the reports of the directors, statutory auditors, and Company's auditors, must remain deposited
    at the Company's registered office for the 15 days preceding the shareholders' meeting called to approve them.
●
Proxy
    Solicitations
. Under Italian law shareholders may appoint attorneys-in-fact by delivering in writing appropriate power of attorney
    to represent them in an ordinary or extraordinary shareholders' meeting of the Company. Our directors, auditors, and employees
    may not be proxies. Italian law does not have a specific regulatory regime for the solicitation of proxies in private companies;
    thus, our practice varies from the requirement of Nasdaq Listing Rule 5620(b), which sets forth certain requirements regarding the
    solicitation of proxies.
●
Share
    Issuances
. Pursuant to Italian law, we have opted out of shareholder approval requirements by way of including authorized and
    conditional share capital for the issuance of securities in connection with certain events such as the acquisition of stock, assets
    or convertible notes, certain private placements and/or public offering. To this extent, our practice varies from the requirements
    of Nasdaq Listing Rule 5635, which generally requires an issuer to obtain shareholder approval for the issuance of securities in
    connection with such events.
●
Audit
    Committee
. U.S. companies listed on Nasdaq are required to have an audit committee that satisfies the requirements of Rule 10A-3
    under the Exchange Act and certain additional requirements set by the Nasdaq. All members of this committee must be independent,
    and the committee must adopt a written charter. The committee's prescribed responsibilities include: (i) the appointment, compensation,
    retention and oversight of the external auditors; (ii) establishing procedures for handling "whistle blower" complaints
    regarding accounting, internal accounting controls, or auditing matters; (iii) engaging independent counsel and other advisers, as
    it determines necessary to carry out its duties; and, (iv) determine appropriate funding for payments to the external auditor, advisors
    employed by the audit committee and other necessary administrative expenses of the audit committee. A company must also have an internal
    audit function, which may be outsourced, except to the independent auditor. We follow the "traditional" model of corporate
    governance for Italian companies and accordingly have established a board of statutory auditors established in accordance with Italian
    law which performs substantially the same functions and is accordingly exempt from the audit committee requirements established by
    Rule 10A-3 and Nasdaq rules. The Company's reliance on such exemption is based on the circumstance that the Company's
    board of statutory auditors meets the following requirements set forth in Exchange Act Rule 10A-3(c)(3):
(i)
the board of statutory auditors
  is established and selected pursuant to Italian law expressly permitting such a board;
87
(ii)
the
    board of statutory auditors is required under Italian law to be separate from the Company's board of directors;
(iii)
the
    board of statutory auditors is not elected by management of the Company and no executive officer of the Company is a member of the
    board of statutory auditors;
(iv)
Italian
    law provides for standards for the independence of the board of statutory auditors from the Company and its management; and,
(v)
the
    board of statutory auditors, in accordance with applicable Italian law and the Company's governing documents, is responsible,
    to the extent permitted by Italian law, for the appointment, retention and oversight of the work (including, to the extent permitted
    by law, the resolution of disagreements between management and the auditor regarding financial reporting) of any registered public
    accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services
    for the Company.
Our
reliance on Rule 10A-3(c)(3) does not, in our opinion, materially adversely affect the ability of its board of statutory auditors to
act independently and to satisfy the other requirements of Rule 10A-3.
●
Compensation
    Committee
. Italian law does not require the appointment of a compensation committee composed of independent directors as required
    by the Nasdaq Listing Rules. As a matter of Italian law applicable to Italian stock corporations whose shares are not listed on a
    regulated market in the E.U. and under our bylaws, the compensation of executive directors, including the CEO, is determined by the
    board of directors, after consultation with the board of statutory auditors, while the Company's shareholders, according to
    Italian law and our bylaws, may determine a total amount for the compensation of the directors, including managing directors. Compensation
    of the Company's executive officers is determined by Board of Directors or by the CEO, if duly empowered. Nevertheless, although
    not required under Italian law, the Company has established a Compensation, Nomination and Governance Committee.
●
Code
    of Conduct
. Pursuant to Italian law, we have adopted an "Organization and Operational Model" as required by Italian
    Legislative Decree of June 8, 2001, No. 231 (relating to administrative responsibility) that consists of: (i) a Code of Ethics; and,
    (ii) operating procedures and reporting systems applicable to all of our directors, officers and employees, which may not comply
    with the requirements for a code of conduct meeting the criteria under Nasdaq Listing Rule 5610.
In
addition, as described in more detail in "Item 10. Additional Information—B. Memorandum and Articles of
Association", at our shareholders' meeting to be held in 2024, our Chief Executive Officer in his capacity as a
shareholder will propose that our shareholders approve a loyalty share program
through a proposed amendment to our bylaws. If our shareholders approve the loyalty share program, pursuant to the home country
exemption set forth under Nasdaq Stock Market Rule 5640, we intend to elect to be exempt from the requirement under Nasdaq Stock
Market Rule 5640, which provides that the voting rights of existing shareholders of publicly traded common stock registered under
Section 12 of the Exchange Act cannot be disparately reduced or restricted through any corporate action or issuance.
D.
Employees
As
of March 26, 2024, we had 14 full-time employees, 11 located in Milan, Italy and three (3) located in the U.S. We also rely on consultants,
and several collaborators at SR-TIGET and OSR. Our full-time employees and consultants are engaged in clinical, research and development,
product development, quality assurance, finance, accounting, and administrative activities. We consider our relationship with our employees
to be good.
E.
Share Ownership
See
"Item 7.A. – Major Shareholders" below.
F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
None.
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The
following table sets forth information regarding beneficial ownership of our ordinary shares as of March 26, 2024 by:
●
each person, or group of
  affiliated persons, known to us to be the beneficial owner of more than 5% of our outstanding ordinary shares;
●
each of our directors and
  executive officers; and
●
all of our directors and
  executive officers as a group.
Percentage
ownership is based on 18,216,958 ordinary shares (including ordinary shares represented by ADSs) outstanding on March 26, 2024. Beneficial
ownership is determined in accordance with the rules of the SEC, which generally provide that a person has beneficial ownership of a
security if he, she or it possesses sole or shared voting or investment power over that security or has the right to acquire a security,
such as through the exercise of stock options, within 60 days. Shares subject to options that are currently exercisable or exercisable
within 60 days of the date above are considered outstanding and beneficially owned by the person holding such options for the purpose
of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership
of any other person.
88
Except
as indicated in footnotes to this table, we believe that the shareholders named in this table have sole voting and investment power with
respect to all shares shown to be beneficially owned by them, based on information provided to us by such shareholders. Our major shareholders
do not have different voting rights than other holders of our ordinary shares. The information is not necessarily indicative of beneficial
ownership for any other purpose. Unless otherwise noted below, each beneficial owner's address is: c/o Genenta Science S.p.A.,
Via Olgettina no. 58, 20132 Milan, Italy.
No.
                                            of Shares
Beneficially
                                            Owned
Percentage
    Owned
(1)
Directors and executive
    officers
Mark Sirgo (2)
51,200
*%
Pierluigi Paracchi
2,296,329
12.60
%
Roger Abravanel (3)
86,179
*%
Guido Guidi (4)
71,553
*%
Anthony Marucci (5)
30,000
*%
Richard B. Slansky (6)
102,186
*%
Carlo Russo
598,417
3.28
%
Luigi Naldini
1,386,145
7.60
%
Bernhard Gentner
692,871
3.80
%
Stefania Mazzoleni (7)
53,360
*%
Barbara Regonini (8)
23,039
*%
All directors and executive
    officers as a group (11 persons)
5,391,280
29.57
%
5% Shareholders
OSR - San Raffaele Hospital
1,896,730
10.40
%
*
Less than 1%.
(1)
The percentages shown are
  based on 18,216,958 ordinary shares issued and outstanding as of March 26, 2024.
(2)
Consists of 2,000 ADSs held directly by Mr. Sirgo and 49,200 ordinary shares underlying options to acquire ordinary
shares of Genenta Science S.p.A. exercisable within 60 days of March 29, 2024.
(3)
Consists of 76,179 ordinary shares held directly by
Mr. Abravanel and 10,000 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable within 60
days of March 29, 2024.
(4)
Consists of 73,729 ordinary shares and 2,450 ADSs held directly by Dr. Guidi, and 10,000 ordinary shares underlying
options to acquire ordinary shares of Genenta Science S.p.A. exercisable within 60 days of March 29, 2024.
(5)
Consists of 30,000 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable
within 60 days of March 29, 2024.
(6)
Consists of 19,947 ordinary shares held directly by
Mr. Slansky and 82,239 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable within 60 days
of March 29, 2024.
(7)
Consists of 30,321 ordinary shares held directly by Ms. Mazzoleni and 23,039 ordinary shares underlying options to
acquire ordinary shares of Genenta Science S.p.A. exercisable within 60 days of March 29, 2024.
(8)
Consists of 23,039 ordinary shares underlying options to acquire ordinary shares of Genenta Science S.p.A. exercisable
within 60 days of March 29, 2024.
Significant
Changes in Percentage Ownership
There
are no significant changes in the percentage ownership held by our major shareholders since the IPO in December 2021.
Shareholders
in the U.S.
To
our knowledge, as of March 26, 2024, on the same basis of calculation as above, 42% of our total issued and outstanding ordinary shares
were held by one record shareholder in the U.S., namely, The Bank of New York Mellon, the depositary of our ADS program, which held XXX
ordinary shares represented by 7,643,343 ADSs, or XXX record holders. The actual number of holders is likely greater than these numbers
of record holders and includes beneficial owners whose ordinary shares or ADSs are held in street name by brokers and other nominees.
This number of holders of record also does not include holders whose shares may be held in trust by other entities.
Except
for the above, we are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.
B.
Related Party Transactions
We
have not during the most recently completed financial year entered into transactions or loans with any (a) enterprises that are directly
or indirectly controlled by or under common control with us; (b) our associates; (c) individuals directly or indirectly owning voting
right which give them significant influence over us or close members of their respective families; (d) our directors, senior management
or close members of their respective families; or, (e) enterprises in which a substantial interest in the voting power is held or significantly
influenced by any of the foregoing individuals (a "Related Party"), except as indicated below:
89
Agreements
with OSR
We
have a longstanding relationship with OSR. Beginning January 1, 2020, we entered into a six-year lease agreement for the use of office
space in the OSR building. We paid OSR annual rent of approximately €15,000 in 2023 with a security deposit of €3,350.
In
March 2023, we entered into an amended and restated license agreement (the "ARLA") with OSR. The ARLA replaced the Company's
original license agreement originally entered into with OSR on December 15, 2014, as subsequently amended on March 16, 2017, February
1, 2019, December 23, 2020, September 28, 2021, January 22, 2022, September 29, 2022, and December 22, 2022 (the "Original OSR
License Agreement").
The
effectiveness of the ARLA was subject to Italy's Law Decree No. 21 of March 15, 2012 (i.e., the Italian Golden Power regulations),
as subsequently amended and supplemented, and would not become effective until the applicable Italian governmental authority consented
to the ARLA. On April 20, 2023, such consent was received and the ARLA became effective.
Pursuant
to the terms of the ARLA, OSR has granted us an exclusive, royalty-bearing, non-transferrable (except with the prior written consent
of OSR), sublicensable, worldwide license, subject to certain retained rights, to: (1) certain patents, patent applications and existing
know-how for the use in the field(s) of Interferon ("IFN") gene therapy by lentiviral based-hematopoietic stem and progenitor
cells ("HSPC") gene transfer with respect to: (a) any solid cancer indication (including glioblastoma and solid liver cancer)
and/or (b) any lympho-hematopoietic indication for which we exercise an option (described below); and, (2) certain gene therapy products
(subject to certain specified exceptions related to replication competent viruses) developed during the license term for use in the aforementioned
field(s) consisting of any lentivirals or other viral vectors regulated by miR126 and/or miR130 and/or other miRs with the same expression
pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN under the control of a Tie2 promoter. Lympho-hematopoietic
indication means any indication related to lympho-hematopoietic malignancies and solid cancer indication means any solid cancer indication
(e.g., without limitation, breast, pancreas, colon cancer), with each affected human organ counting as a specific solid cancer indication.
On
August 1, 2023, we entered into a Sponsored Research Agreement ("CP1 SRA"), which was contemplated under the ARLA, pursuant
to which we will fund feasibility studies for certain gene therapy products consisting of any lentiviral vectors regulated by miR126
and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN
under the control of a Tie2 promoter, in combination with any immunotherapy ("Candidate Products 1"), along with three additional
research projects, to be conducted at OSR. If OSR determines that additional funds are needed, OSR will inform us and provide an estimate
for completing the research. As of December 31, 2023, we have recorded and paid €250,000 for the CP1 SRA studies to date.
On
September 28, 2023, we entered into an amendment to the ARLA, whereby we and OSR agreed that we had fulfilled the obligations as set
forth in the ARLA specific to Candidate Products 1 pursuant to the CP1 SRA. Furthermore, the amendment provides that we and OSR have
no further obligations to negotiate and execute a sponsored research agreement for the performance of feasibility studies related to
certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130 and/or other miRs with the same
expression pattern as miR126 and miR130 in hematopoietic cells for the expression of cytokines and their variants (other than IFN or
in addition to IFN) under the control of a Tie2 promoter, either alone or in combination with any immunotherapy ("Candidate Products
2"). Notwithstanding the removal of the obligation to enter into a sponsor research agreement with regards to Candidate Products
2, OSR granted us an exclusive option, to be exercised by sending written notice to OSR on or before September 30, 2025, to include certain
intellectual property related to Candidate Products 2 and Candidate Products 2 as part of the licensed patents and licensed products
under the ARLA. The option fee and our fee to extend the option period, if necessary, remain consistent with the prior fees to those
costs reflected in the ARLA specific to Candidate Products 2. OSR will also have the right to prepare, file and prosecute patents and
patent applications with respect to the results of Candidate Products 2. The amendment provides that the costs of the foregoing activities
will be borne by us.
For
more information regarding the ALRA, CP1 SRA and the amendment to the ARLA, see "Item 4. Information on the Company—B. Business
Overview—Collaboration / Licensing—Amended and Restated License Agreement with Ospedale San Raffaele" and "—Sponsored
Research Agreement."
Employment
Agreements
We
entered into new employment agreements with each of Mr. Paracchi, Dr. Russo, and Mr. Slansky effective upon the consummation of our IPO
or, in the case of Mr. Slansky, November 1, 2021. The forms of such employment agreements have been filed as exhibits. Pursuant to such
employment agreements, Mr. Paracchi, Dr. Russo and Mr. Slansky are entitled to gross annual base salaries of €420,000, $500,000
and $375,000, respectively. All these employment agreements are subject to annual review by and at the sole discretion of the Compensation,
Nomination and Governance Committee of our board of directors. Mr. Paracchi is also eligible to receive an annual cash bonus of up to
40% of base salary, and Dr. Russo and Mr. Slansky are eligible to receive an annual cash bonus of up to 30% of base salary, provided
that such individual achieves performance targets determined by the Compensation, Nomination and Governance Committee of the board of
directors.
The
employment agreements of Dr. Russo and Mr. Slansky, are governed by U.S. law and include the following terms and conditions, among others:
(a)
each
    employment agreement has a term commencing on the date of consummation of our IPO or, in the case of Mr. Slansky, November 1, 2021,
    and continuing until terminated: (i) upon death of the employee; (ii) upon disability; (iii) for cause or good reason; (iv) without
    cause; or, (v) voluntarily. The employment agreement also contains, among other things, the following material provisions: (i) reimbursement
    for all reasonable travel and other out-of-pocket expenses incurred in connection with such individual's employment; (ii) paid
    vacation leave; (iii) health benefits; and, (iv) a severance payment equal to twelve (12) months of base salary and a prorated portion
    of the applicable cash bonus upon termination by such individual for just cause or by the Company without cause (each as defined
    in the relevant agreement), with restrictive covenants applicable for a corresponding period after termination.
(b)
in
    the event such individual is terminated three months prior to, or one year after, a Change of Control (as defined in the agreement)
    by the Company for any reason other than cause, or by such individual for good reason, then the executive shall be entitled to receive
    a cash payment equal to a multiple of such individual's then-current annual base salary determined by the time elapsed since
    the commencement of the agreement (in the case of Dr. Russo) or two times such salary (in the case of Mr. Slansky). Such payment
    shall be in lieu of the severance payment described above.
The
employment agreement of Mr. Paracchi is governed by Italian law and includes the following terms and conditions, among others:
(a)
the
    duties of general manager (
direttore generale
) with direct report to the board of directors of the Company;
(b)
reimbursement
    of reasonable expenses incurred in the performance of work duties, health benefits and, subject to the approval of the board of directors,
    a grant of an equity award under an equity incentive plan to be adopted after the offering;
(c)
in
    case of Change of Control (as defined in the relevant agreement), in the event of termination not for "cause" by the
    Company or of resignation for "cause" by the executive (such terms as understood in accordance with Article 2119 of the
    Italian Civil Code), the executive shall be entitled to receive a cash payment equal to three times such individual's then-current
    annual base salary (such indemnity will replace any indemnity provided for by the applicable National Collective Labour Agreement
    in case of termination); and
(d)
non-competition
    and non-solicitation obligations of the executive for a 12 month period after the termination of the employment in consideration
    for compensation equal to 12 months after termination at the executive's then-current monthly base salary for each obligation.
Such
    agreement has a term commencing on the date of consummation of our IPO and continuing until terminated, among other things: (a) upon
    death of the executive; (b) for just cause; (c) with objective or subjective reason; (d) by resignation of the executive; or, (e)
    voluntarily by mutual agreement between the parties.
Consultancy
    Agreements
Prof.
    Naldini and Dr. Gentner have entered into consulting agreements in connection with their service on our Executive Scientific Board.
    The agreements provide for gross annual fees of €100,000 and €45,000, respectively. These agreements automatically renew
    each year.
Dr.
    Sirgo and Mr. Marucci have entered into consultancy agreements in connection with their appointment to the Board of Directors to
    support the development and growth of the Company. The agreements provide for gross compensations of $18,750 (Dr. Sirgo) and $11,875
    (Mr. Marucci) per quarter (pro-rated for partial quarters). The consultant will be fully and solely responsible for the payment of
    all tax and/or social security charges and will not be entitled to expenses reimbursement. These agreements have a term of three
    years but are subject to termination at the option of either party by written notice given at least 15 days prior to each anniversary
    of the date of effectiveness of the agreement).
In
    addition, Messrs. Brad Loncar and Gaurav Shah have entered into consultancy agreements for the activity of support the development
    and the growth of the Company in the U.S. market. All agreements provide for a gross compensation of USD 30,000 for the 12-months'
    period of duration of the agreements and a specific no-conflict clause towards the Company.
90
Indemnification
Agreements
We
have entered into an indemnification agreement with our directors and executive officers which requires us to indemnify our directors
and executive officers to the fullest extent permitted by law, save for a limited number of instances, including when: (i) officers and
directors' acts or omissions constituted willful misconduct or gross negligence; (ii) officers and directors did not act in good
faith, for a purpose which they reasonably believed to be in, or not opposed to, the best interests of the Company; and (iii) officers
and directors are held liable towards the Company.
Insofar
as indemnification of liabilities arising under the Securities Act may be permitted to executive officers and board members or persons
controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.
C.
Interests of Experts and Counsel
Not
Applicable.
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information.
The
Company's consolidated financial statements are stated in EUROs and are prepared in accordance with US GAAP.
Audited
Financial Statements
Our
consolidated financial statements for the 2023, 2022 and 2021 fiscal years as required under Item 17 are included immediately following
the text of this Annual Report. The audit reports of the Company are included herein immediately preceding the consolidated financial
statements.
Policy
on Dividend Distributions
The
Company has not paid any dividends on its outstanding ordinary shares since its incorporation and does not anticipate that it will do
so in the foreseeable future. The payment of dividends in the future, if any, is within the discretion of the Board of Directors and
will depend upon our earnings, our capital requirements and financial condition and other relevant factors. We do not anticipate declaring
or paying any dividends in the foreseeable future.
Legal
Proceedings
See
"Item 4. Information on the Company—B. Business Overview—Legal Proceedings."
B.
Significant Changes
Except
as disclosed elsewhere in this Annual Report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this Annual Report.
ITEM
9. THE OFFER AND LISTING
A.
Offer and Listing Details
Our
ordinary shares are listed on The Nasdaq Capital Market in the form of ADSs under the symbol "GNTA." Neither the Company's
ordinary shares nor its ADSs are listed on a securities exchange outside the U.S. Bank of New York Mellon is the Company's depositary
for purposes of issuing ADSs. Trading in the ADSs on The Nasdaq Capital Market commenced on December 15, 2021.
B.
Plan of Distribution
Not
applicable.
C.
Markets
See
"Item 9. The Offer and Listing—A. Offer and Listing Details.
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
91
ITEM
10. ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
The
description of certain terms and provisions of our bylaws is incorporated by reference to our Registration Statement filed on Form F-1
(File No. 333-260923) filed with the SEC and as declared effective on December 14, 2021.
At our shareholders' meeting to be held in
2024, our Chief Executive Officer in his capacity as a shareholder will propose that our shareholders approve a proposed amendment to our bylaws (the "Bylaw Amendment"), which would establish a loyalty
share program.
If the Bylaw Amendment is approved by our shareholders,
each ordinary share held in registered form would entitle the shareholder to a double vote (i.e. two votes for each ordinary share) if
the ordinary share has been held by the same shareholder for a continuous period of not less than twenty-four months from the date of
its registration in the Special List (as defined below). An additional vote would also be granted upon the expiration of each 12-month
period, following the expiration of the period referred to above, in which such ordinary share has been held by the shareholder, up to
a total maximum of ten votes per ordinary share.  Continuous ownership prior to the registration date in the special list would also be taken into account.
To effect the loyalty share program, a special
list (the "Special List") would be maintained by us. To be added to the Special List, the registered shareholder would
need to submit a specific application, enclosing a communication certifying the ordinary share ownership – which may also
concern only part of the ordinary shares held by the registered shareholder – issued by the intermediary with whom the
ordinary shares are deposited pursuant to the laws in force. In the case of entities other than individuals, the application would need to
specify whether the entity is subject to direct or indirect control by third parties and the identification data of the controlling
entity, if any. The Special List would be updated by us. Cancellation from the Special List would result from the following cases:
renunciation of the interested party; communication of the interested party or of the intermediary proving the loss of the
prerequisites for the increase of the voting right or the loss of the ownership of the right; ex officio, when we are informed of
the occurrence of facts that entail the loss of the prerequisites for the increase of the voting right or the loss of the ownership
of the right.
C.
Material Contracts
We
have not entered into any material contracts other than in the ordinary course of business and other than those described in "Item
4. Information on the Company" or elsewhere in this Annual Report.
D.
Exchange Controls
Under
Italian law, there are no exchange control restrictions on investments in, or payments on, the Genenta ordinary shares. There are no
special restrictions in the Genenta Articles of Association or Italian law that limit the right of shareholders who are not citizens
or residents of Italy to hold or vote the Genenta ordinary shares.
E.
Taxation
Italian
Tax Consequences
General
.
Under Italian law, financial instruments issued by an Italian company are subject to the same tax regime as are shares, provided that
their remuneration is entirely represented by participation in the economic results of the issuer. Pursuant to Article 10(3) of the Income
Tax Convention, the tax regime of dividends applies to income from corporate rights of an Italian company, which is subject to the same
taxation treatment as income from shares under the laws of Italy.
Income
Tax Withholding on Dividends
. We do not anticipate making any distributions on our ordinary shares in the foreseeable future.
However, if we were to make distributions on our ordinary shares, we would generally be required under Italian law, except as otherwise
discussed below, to apply a definitive withholding tax on payments made to holders of our ordinary shares who are not residents of Italy
for tax purposes.
Notably,
dividends paid to beneficial owners who are not Italian residents and do not have a permanent establishment in Italy are generally subject
to a 26 percent substitute tax rate. Therefore, the amount of the dividends that the holders of American Depository Receipts ("ADRs")or holders of equity shares not residing in Italy will initially receive will be net of such Italian substitute tax.
All
non-Italian resident owners of equity shares or ADRs may benefit from reduced withholding tax settled in the relevant anti-double tax
treaty undersigned between Italy and the country of residence for tax purposes of the owners of equity shares or ADRs. The reduced withholding
tax rate under the relevant anti-double tax treaty will be applicable provided that the non-resident owners of the equity shares or ADRs
are able to produce the documentation attesting the requirements to be eligible for the application of the relevant anti-double tax treaty.
Under
Italian law, U.S. owners can claim, in accordance with Presidential Decree No. 600 of October 16, 1973, Article 27(3), a refund of up
to eleven-twenty-sixths (
i.e.,
11/26) of the Italian withholding tax withheld on dividends upon presenting evidence to the Italian
tax authorities that income taxes have been fully paid on the dividends in the country of residence of the U.S. owners in an amount at
least equal to the total refund claimed. U.S. holders should consult an independent tax advisor concerning the availability of this refund,
which has traditionally become payable only after extensive delays.
Under
the double tax treaty in force between Italy and the U.S. ("U.S./Italy Income Tax Treaty"), if the payee is the beneficial
owner of the payment, dividends paid to U.S. owners will be subject to Italian withholding tax at a reduced rate of: 1) 5%, if the beneficiary
is a company owning at least 25% of the payer's voting shares (for at least 12 months preceding the dividend distribution); or,
2) 15% in any other case. The aforementioned regime (both 1 and 2) is applicable only if the payee does not carry out an entrepreneurial
activity in Italy through a permanent establishment or performs independent personal services through a fixed place situated therein.
Companies
or entities subject to corporation tax and resident in States that are E.U. Member States or participants in the EEA (included in the
list provided for by Italian Ministerial Decree, September 4, 1996, amended and supplemented by Ministerial Decree March 23, 2017) may
be entitled to a reduced tax rate of 1.2% on dividends distributed. The pensions funds established in an E.U. Member State or EEA country
may be entitled to a reduced tax rate of 11% or, under certain conditions, to exemption from Italian taxation on dividends.
Income
Tax on Capital Gains
Generally,
gains from shares in Italian companies, under custody in Italy, could give rise to a taxable income for the non-resident transferor.
92
Capital
gains exempt from taxation in Italy
- "Non-qualified shareholdings" are those which are below 2% of the voting rights
and 5% of the capital of an exchange-listed company. Gains from the disposal of non-qualified share investments in Italian listed companies
by non-Italian residents are not subject to Italian income tax under domestic rule.
Capital
gains subject to tax in Italy
- "Qualified shareholdings" in a listed company are those representing more than the 2%
of the voting rights or more than the 5% of the capital of an exchange-listed company. Capital gains from the disposal of a qualified
shareholding in a listed company are subject to a withholding tax of 26% under the domestic rule.
The
"qualified shareholding" thresholds must be verified over a 12-month monitoring period, starting from the day on which the
investor has held at least a qualifying stake, either actual or potential (this rule aimed at preventing that a buy/sale kind of trading
resulting in an overall disposition of over 2% in 12 months may result in a qualifying gain having to be declared even when the investor
has never owned an actual or potential qualifying stake). Consequently, all trades cumulatively carried out in a 12-month period should
be considered. More in details: (i) until the investor holds a qualifying shareholding at any point in time, trades are not relevant
for capital gain purposes, even if the overall amount disposed in a 12-month period exceeds the relevant thresholds; and, (ii) starting
from the day when the taxpayer holds a qualifying shareholding, all the trades carried out in any consecutive 12 months give rise to
qualified capital gains if the overall amount disposed of exceeds one of the relevant thresholds.
However,
please be informed that in accordance with rules stated in the anti-double tax treaty, in force between Italy and the country of residence
for tax purposes of the transferor, is possible to claim the benefit of exemption of the 26% taxation on capital gains. In principle,
and more in details, the art. 13 of the OECD model convention basically states that the capital gain is only taxed in the transferor's
country of tax residence. The Italy – U.S. anti-double treaty tax convention states a taxation criterion in line with the above.
In the light of the above and upon conditions that all the requirements relevant for the application of the Italy – U.S. anti-double
treaty tax convention are met, an U.S. investor may benefit from the fully exemption of taxation in Italy.
Furthermore,
save for any applicable anti-avoidance provision, pursuant to the Income Tax Convention, a U.S. owner will not be subject to Italian
capital gain tax or to Italian individual or corporate income tax unless such U.S. owner has a permanent establishment or fixed base
in Italy to which the owner's ordinary shares is effectively connected. To this end, U.S. owners selling ordinary shares and claiming
benefits under the Income Tax Convention may be required to produce appropriate documentation establishing that the above-mentioned conditions
have been met.
Estate
and Gift Tax
. Inheritance and gift taxes, which were abolished in 2001, have been re-introduced in the Italian system by Law
Decree No. 262 of October 3, 2006 (converted into law, with amendments, by Law Decree No. 286 of November 24, 2006), as amended.
Such taxes will apply to the overall net value of the relevant assets, at the following rates, depending on the relationship between
the testate (or donor) and the beneficiary (or donee): (a) 4%, if the beneficiary (or donee) is the spouse or a direct ascendant or
descendant (such rate only applying on the net asset value exceeding, for each person, €1.0 million); (b) 6%, if the
beneficiary (or donee) is a brother or sister (such rate only applying on the net asset value exceeding, for each person, €0.1
million);
(c) 6% if the beneficiary (or donee) is another relative within the fourth degree or a direct relative-in-law as
well as an indirect relative-in-law within the third degree; and, (d) 8% if the beneficiary is a person other than those mentioned
under (a), (b) and (c), above. If the beneficiary has a serious disability recognized under applicable law, inheritance and gift
taxes will apply to its portion of the net asset value exceeding €1.5 million.
Transfer
tax
. In connection with the Italian stamp duty tax on the transfer of shares, according to article 37 of Law No. 248 of December
31, 2007, converted with amendments into Law No. 31 of February 28, 2008, the stamp duty has been abolished regarding contracts having
as their object the transfer of shares. In certain cases, the relevant transfer acts would be subject to the registration tax at a flat
amount equal to €200.
Communications
Stamp Duty
. A stamp duty has been introduced under article 19 of Law Decree No. 201 of December 6, 2011, converted into Law No.
214 of December 22, 2011, to be imposed on communications (issued by banks and financial intermediaries) to clients relating to
securities, even where the deposit of such securities is not mandatory (although certain entities are excluded). The amount of the
stamp duty is based on the market value of the securities or, in the absence of a market value, on the nominal amount or the amount
payable on redemption. As a general comment, the stamp duty rate is 0.2% on a yearly
pro-rata temporis
basis (from January 1
up to December 31). The minimum amount is fixed of €34.20 up to a maximum amount of €14,000 for persons other than individuals. The communication is deemed
to be sent to clients at least once a year, even where there is no obligation to issue any such communication.
Financial
Transaction Tax
. Law 228 of December 24, 2012, Article 1(491 – 500) introduced the Italian Financial Transaction Tax applicable:
(i) to the transfer of shares and other participative financial instruments issued by companies resident in Italy ("Italian Equity")
and securities representing Italian Equity, regardless of the country where the issuer has its residence (together with Italian Equity
are referred to as "Qualifying Equity"); (ii) on the basis of the "value of the transaction"; (iii) regardless
of the place where the transaction is concluded and of the State where the parties have their residence; (iv) to transactions on "regulated
markets and on multilateral trading facilities" with a reduced rate; and, (v) to over-the-counter transactions with a full rate.
The
taxable event, triggering Italian Financial Transaction Tax, is the transfer of ownership of Qualifying Equity. Securities representing
Italian Equity are in scope of the Italian Financial Transaction Tax, regardless of the State where the issuer has its residence. This
provision is aimed at including in the scope of the Italian Financial Transaction Tax, ADRs, Global Depository Receipts and any other
certificate of deposit, where the underlying securities are Italian Equity.
The
value of the transaction is determined based on the net balance of the transactions settled daily, calculated for each taxpayer with
reference to the number of securities traded under the transactions settled in the same day and relating to the same financial instrument.
The
calculation is made by the financial intermediary responsible for the payment of the tax, i.e., the one receiving the order to execute
the transaction directly from the purchaser or final counterparty.
The
Italian Financial Transaction Tax is due by the person in whose favor the transfer of ownership of the Qualifying Equities occurs.
The
tax rate applicable is 0.20% while the reduced rate for transactions on "regulated markets and on multilateral trading facilities"
is 0.10%.
93
The
tax shall be paid by the 16th day of the month following the one in which the relevant triggering event occurs.
The
Italian Financial Transaction Tax does not apply to the transfer of ownership of Italian Equity where the issuing companies are listed
in regulated markets and have a market capitalization below 500 million Euros. Such exclusion also applies to the transfer of ownership
of securities representing Italian Equity.
U.S.
Federal Income Taxation
THE
FOLLOWING SUMMARY IS INCLUDED HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE LEGAL OR TAX
ADVICE. EACH U.S. HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF
THE PURCHASE, OWNERSHIP AND SALE OF ADS'S, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX LAWS AND POSSIBLE
CHANGES IN THE TAX LAWS.
Subject
to the limitations described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences
to a "U.S. Holder" arising from the purchase, ownership, and sale of the ADSs. For this purpose, a "U.S. Holder"
is a holder of ADSs that is: (1) an individual citizen or resident of the U.S., including an alien individual who is a lawful permanent
resident of the U.S. or meets the substantial presence residency test under U.S. federal income tax laws; (2) a corporation (or entity
treated as a corporation for U.S. federal income tax purposes) or a partnership (other than a partnership that is not treated as a U.S.
person under any applicable U.S. Treasury regulations) created or organized under the laws of the U.S. or the District of Columbia or
any political subdivision thereof; (3) an estate, the income of which is includable in gross income for U.S. federal income tax purposes
regardless of source; (4) a trust if a court within the U.S. is able to exercise primary supervision over the administration of the trust
and one or more U.S. persons have authority to control all substantial decisions of the trust; or, (5) a trust that has a valid election
in effect to be treated as a U.S. person to the extent provided in U.S. Treasury regulations.
This
summary is for general information purposes only and does not purport to be a comprehensive description of all the U.S. federal income
tax considerations that may be relevant to a decision to invest in or dispose of the ADSs. This summary generally considers only U.S.
Holders that will own the ADSs as capital assets and who will not hold the ADSs as part of a permanent establishment in Italy. This summary
does not consider the U.S. federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules applicable
to determine a taxpayer's status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue Code of 1986,
as amended, or the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative and judicial
interpretations thereof, and the U.S./Italy Income Tax Treaty, all as in effect as of the date hereof and all of which are subject to
change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek a ruling from the IRS
regarding the U.S. federal income tax treatment of an investment in the ADSs by U.S. Holders and, therefore, can provide no assurances
that the IRS will agree with the conclusions set forth below.
This
discussion does not address all the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based on
such holder's particular circumstances and does not discuss any estate, gift, generation-skipping, transfer, state, local, excise
or foreign tax considerations. In addition, this discussion does not address the U.S. federal income tax treatment of a U.S. Holder who
is: (1) a bank, life insurance company, regulated investment company, or other financial institution or "financial services entity;"
(2) a broker or dealer in securities or foreign currency; (3) a person who acquired our securities in connection with employment or other
performance of services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax; (5) a U.S. Holder that holds our securities
as a hedge or as part of a hedging, straddle, conversion or constructive sale transaction or other risk-reduction transaction for U.S.
federal income tax purposes; (6) a tax-exempt entity; (7) real estate investment trusts or grantor trusts; (8) an expatriate or a former
long-term resident of the U.S.; or, (9) a U.S. Holder having a functional currency other than the U.S. dollar. This discussion does not
address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively, at any time, securities representing
10% or more of the voting power or value of our shares.
Additionally,
the U.S. federal income tax treatment of partnerships (or other pass-through entities) or persons who hold securities through a partnership
or other pass-through entity are not addressed. If a partnership (including any entity treated as a partnership for U.S. federal income
tax purposes) holds ADSs, the U.S. federal income tax consequences to the partners of such partnership will depend on the activities
of the partnership and the status of the partners.
Each
investor is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing, holding,
or disposing of our securities, including the effects of applicable state, local, foreign or other tax laws and possible changes in the
tax laws.
Taxation
of Dividends Paid on Ordinary Shares
We
do not intend to pay dividends in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under
the heading "Passive Foreign Investment Companies" below and the discussion of "qualified dividend income" below,
a U.S. Holder, other than certain U.S. Holders that are U.S. corporations, will be required to include in gross income as ordinary income
the U.S. dollar amount of any distribution paid on ordinary shares (including the amount of any Italy tax withheld on the date of the
distribution), to the extent that such distribution does not exceed our current and accumulated earnings and profits, as determined for
U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings and profits will be treated first as a non-taxable
return of capital, reducing the U.S. Holder's tax basis for the ordinary shares to the extent thereof, and then as capital gain.
We do not expect to maintain calculations of our earnings and profits under U.S. federal income tax principles and, therefore, U.S. Holders
should expect that the entire amount of any distribution generally will be reported as dividend income. Any dividends we pay with respect
to the ADSs, or ordinary shares are expected to constitute foreign source income for foreign tax credit purposes.
In
general, preferential tax rates for "qualified dividend income" and long-term capital gains are applicable for U.S. Holders
that are individuals, estates, or trusts. For this purpose, "qualified dividend income" means, inter alia, dividends received
from a "qualified foreign corporation." A "qualified foreign corporation" is a corporation that is entitled to
the benefits of a comprehensive tax treaty with the U.S. which includes an exchange of information program. The IRS has stated that the
Italy/U.S. Tax Treaty satisfies this requirement and we believe we are eligible for the benefits of that treaty.
In
addition, our dividends will be qualified dividend income if our ordinary shares are readily tradable on Nasdaq or another established
securities market in the U.S. Dividends will not qualify for the preferential rates if we are treated, in the year the dividend is paid
or in the prior year, as a PFIC, as described below under "Passive Foreign Investment Companies." A U.S. Holder will not
be entitled to the preferential rate: (1) if the U.S. Holder has not held our ordinary shares for at least 61 days of the 121 day period
beginning on the date which is 60 days before the ex-dividend date; or, (2) to the extent the U.S. Holder is under an obligation to make
related payments on substantially similar property. Any days during which the U.S. Holder has diminished its risk of loss on our ordinary
shares are not counted towards meeting the 61-day holding period. Finally, U.S. Holders who elect to treat the dividend income as "investment
income" pursuant to Code section 163(d)(4) will not be eligible for the preferential rate of taxation.
94
The
amount of a distribution with respect to our ordinary shares will be measured by the amount of the fair market value of any property
distributed, and for U.S. federal income tax purposes, the amount of any Italian taxes withheld therefrom. Cash distributions paid by
us in Euros will be included in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange in effect on
the date the dividend is includible in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such Euros for U.S. federal
income tax purposes equal to such U.S. dollar value. If the U.S. Holder subsequently converts the Euros into U.S. dollars or otherwise
disposes of it, any subsequent gain or loss in respect of such Euros arising from exchange rate fluctuations will be U.S. source ordinary
exchange gain or loss.
Subject
to certain limitations, Italian withholding tax, if any, paid in connection with any distribution with respect to ADSs may be claimed
as a credit against a U.S. Holder's U.S. federal income tax liability if the U.S. Holder elects not to take a deduction for any
non-U.S. income taxes for that taxable year; otherwise, such Italian withholding tax may be taken as a deduction. If a U.S. Holder is
eligible for benefits under the Treaty or is otherwise entitled to a refund for the taxes withheld, the U.S. Holder will not be entitled
to a foreign tax credit or deduction for the amount of any Italian taxes withheld in excess of the maximum rate under the Treaty or for
the taxes with respect to which the U.S. Holder can obtain a refund from the Italian taxing authorities. As the relevant rules are very
complex, U.S. Holders should consult their own tax advisors concerning the availability and utilization of the foreign tax credit or
deductions for non-U.S. taxes in their circumstances.
Taxation
of the Disposition of Ordinary Shares
Except
as provided under the PFIC rules described below under "Passive Foreign Investment Companies," upon the sale, exchange or
other disposition of our ordinary shares, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between
such U.S. Holder's tax basis for the ordinary shares in U.S. dollars and the amount realized on the disposition in U.S. dollar
(or its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the amount realized
is denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of ordinary shares will be
long-term capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the disposition. Individuals
who recognize long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital losses is subject
to various limitations.
Passive
Foreign Investment Companies
Special
U.S. federal income tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for
U.S. federal income tax purposes for any taxable year that either:
●
75%
    or more of our gross income (including our pro rata share of gross income for any company, in which we are considered to own 25%
    or more of the shares by value), in a taxable year is passive; or
●
At
    least 50% of our assets, averaged over the year and generally determined based upon fair market value (including our pro rata share
    of the assets of any company in which we are considered to own 25% or more of the shares by value) are held for the production of,
    or produce, passive income.
For
this purpose, passive income generally consists of dividends, interest, rents, royalties, annuities, and income from certain commodities
transactions and from notional principal contracts. Cash is treated as generating passive income.
Our status as a PFIC will depend on the nature
and composition of our income and the nature, composition and value of our assets. Our status may also depend, in part, on how quickly
we utilize cash proceeds received from previous offerings of our ADSs or ordinary shares in our business. Based on preliminary analysis,
we believe that we were likely classified as a PFIC in 2023, and we may be classified as a PFIC for 2024 and future years. In particular,
so long as we do not generate revenue from operations for any taxable year and do not receive any research and development grants, or
even if we receive a research and development grant, if such grant does not constitute gross income for United States federal income
tax purposes, we likely will be classified as a PFIC in any taxable year due to the gross income from investment of cash reserves and
other passive sources that we derive.
If
we currently are or become a PFIC during the holding period of a U.S. Holder, the U.S. Holder would be subject to potentially materially
greater amounts of tax and subject to additional U.S. tax form filing requirements. In addition, a non-corporate U.S. Holder will not
be eligible for qualified dividend income treatment on dividends received from us if we are treated as a PFIC for the taxable year in
which the dividends are received or for the preceding taxable year. Specifically, each U.S. Holder who has not elected to mark the shares
to market (as discussed below), would, upon receipt of certain distributions by us and upon disposition of our ordinary shares at a gain:
(1) have such distribution or gain allocated ratably over the U.S. Holder's holding period for the ordinary shares, as the case
may be; (2) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which
we were a PFIC would be taxed as ordinary income; and, (3) the amount allocated to each of the other taxable years would be subject to
tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral
benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, when shares of
a PFIC are acquired by reason of death from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up
to fair market value as of the date of the decedent's death, but instead would be equal to the decedent's basis if lower,
unless all gain were recognized by the decedent. Indirect investments in a PFIC may also be subject to these special U.S. federal income
tax rules.
95
The
PFIC rules described above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has
held the ordinary shares while we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S. Holder
who has made such a QEF election is required for each taxable year that we are a PFIC to include in income such U.S. Holder's pro
rata share of our ordinary earnings as ordinary income and such U.S. Holder's pro rata share of our net capital gains as long-term
capital gain, regardless of whether we make any distributions of such earnings or gain. In general, a QEF election is effective only
if we make available certain required information. However, we provide no assurance as to whether we will calculate our "ordinary
earnings" or "net capital gain" under U.S. tax principles or supply U.S. Holders with the required "PFIC Annual
Information Statement." If we do not provide this information for any reason, it generally will not be possible for a U.S. Holder
to make a QEF election if we are, or if we become, a PFIC.
In
addition, the PFIC rules described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder
of our ordinary shares which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to mark the
ordinary shares to market annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close
of the taxable year between the fair market value of the ordinary shares and the U.S. Holder's adjusted tax basis in the ordinary
shares. Losses are allowed only to the extent of net mark-to-market gain previously included income by the U.S. Holder under the election
for prior taxable years.
U.S.
Holders who hold our ordinary shares during a period when we are a PFIC will be subject to the foregoing rules, even if we cease to be
a PFIC. U.S. Holders are strongly urged to consult their tax advisors about the PFIC rules.
Tax
on Net Investment Income
U.S.
Holders who are individuals, estates, or trusts will generally be required to pay a 3.8% Medicare tax on their net investment income
(including dividends on and gains from the sale or other disposition of our ordinary shares), or in the case of estates and trusts on
their net investment income that is not distributed. In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder's
total adjusted income exceeds applicable thresholds.
Information
Reporting and Withholding
A
U.S. Holder may be subject to backup withholding at a rate of 24% with respect to cash dividends and proceeds from a disposition of ordinary
shares. In general, backup withholding will apply only if a U.S. Holder fails to comply with specified identification procedures. Backup
withholding will not apply with respect to payments made to designated exempt recipients, such as corporations and tax-exempt organizations.
Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder,
provided that the required information is timely furnished to the IRS.
U.S.
federal income tax law requires certain U.S. investors to disclose information relating to investments in securities of a non-U.S. issuer.
Failure to comply with applicable disclosure requirements could result in the imposition of substantial penalties. U.S. Holders should
consult their own tax advisors regarding any disclosure obligations.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
H.
Documents on Display
Documents
concerning us that are referred to in this document may be inspected at our office at Via Olgettina No. 58, 20132 Milan, Italy.
In
addition, we file annual reports and other information with the Securities and Exchange Commission. We file annual reports on Form 20-F
and submit other information under cover of Form 6-K. As a foreign private issuer, we are exempt from the proxy requirements of Section
14 of the Exchange Act and our officers, directors, and principal shareholders are exempt from the insider short-swing disclosure and
profit recovery rules of Section 16 of the Exchange Act. The Commission maintains a web site that contains reports and other information
regarding registrants (including us) that file electronically with the Commission which can be assessed at http://www.sec.gov.
I.
Subsidiary Information
Not
required.
J.
Annual Report to Security Holders
Not
applicable.
96
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Genenta's
activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk), credit risk,
and liquidity risk. The overall risk management strategy focuses on the unpredictability of the finance markets and seeks to minimize
the potential adverse effects on the financial performance. Genenta uses different methods to measure different types of risk to which
it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange, and other price risks, aging
analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk. Risk management is carried out
under the direction of the Board. Please see Note 1 – Nature of business and history - to our audited consolidated financial statements
for further information with respect to certain of these risks.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities
Not
applicable.
B.
Warrants and Rights
Not
applicable.
C.
Other Securities
Not
applicable.
D.
American Depositary Shares
The
Bank of New York Mellon, as depositary, collects its fees for delivery and surrender of ADSs directly from investors depositing shares
or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions
to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees.
The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors
or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction
from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated
to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.
Persons
depositing or withdrawing shares or ADS holders must pay:
For:
$5.00
(or less) per 100 ADSs (or portion of 100 ADSs).
Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property.
                                            Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates.
$.05
                                            (or less) per ADS.
A
                             fee equivalent to the fee that would be payable if securities distributed to you had been shares and the
                             shares had been deposited for issuance of ADSs.
Any
                                            cash distribution to ADS holders distribution of securities distributed to holders of deposited
                                            securities (including rights) that are distributed by the depositary to ADS holders depositary
                                            services.
$.05
                                            (or less) per ADS per calendar year.
Registration
                                            or transfer fees.
Expenses
of the depositary.
Transfer
                                            and registration of shares on our share register to or from the name of the depositary or
                                            its agent when you deposit or withdraw shares.
Cable
                                            (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)
                                            Converting foreign currency to U.S. dollars, as necessary.
Taxes
and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
taxes, stamp duty or withholding taxes. Any charges incurred by the depositary or its agents for servicing the deposited securities.
As
                                            necessary.
97
From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. For the fiscal year ended December 31, 2022, we were entitled to receive approximately $30,000 reimbursement
from the depositary for our expenses incurred in connection with establishment and maintenance of the ADS program. This amount has been
fully paid to us. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers
or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads, or commissions.
The
depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars
to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for
its own account and not as agent, advisor, broker, or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate
receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used
or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to
the depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency
conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation
to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined
will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will
not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends
or other distributions from the us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from
foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible
for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the
most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not
applicable.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS Material Modifications to the Rights of Security Holders
See
"Item 10. Additional Information" for a description of the rights of securities holders, which remain unchanged.
ITEM
15. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in reports filed or submitted under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within
the time periods specified in the SEC's rules and forms. Disclosure controls include, without limitation, controls and procedures
designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to management, including
principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure. There are inherent
limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the
circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide
reasonable assurance of achieving their control objectives.
Our
management carried out an evaluation, under the supervision of our chief executive officer and chief financial officer, of the effectiveness
of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act as of December
31, 2022. Based on that evaluation, our management, including our chief executive officer and chief financial officer, has concluded
that the Company's disclosure controls and procedures were effective as of December 31, 2023.
98
Management's
Annual Report on Internal Control over Financial Reporting
The
Company's internal control over financial reporting is a process designed under the supervision of the chief executive officer
and chief financial officer to provide reasonable assurance as to the reliability of the Company's financial reporting and the
preparation of its consolidated financial statements for external purposes in accordance with generally accepted accounting principles.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended.
Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of consolidated financial statements in accordance with U.S. GAAP and includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of a company's assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated
financial statements in accordance with generally accepted accounting principles, and that a company's receipts and expenditures
are being made only in accordance with authorizations of a company's management and directors; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have
a material effect on the consolidated financial statements.
Because
of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance with respect
to consolidated financial statements preparation and presentation and may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Management
evaluated the effectiveness of our internal control over financial reporting as of December 31, 2023 and concluded our internal control
over financial reporting was effective as of December 31, 2023. In making this evaluation, management used the framework established
in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
("COSO"). The COSO framework summarizes each of the components of a company's internal control system, including the
control environment, risk assessment, control activities, information and communication, and monitoring activities.
Remediation
of Previously Disclosed Material Weaknesses
As
previously disclosed in Item 15 "Controls and Procedures" of our prior Annual Reports on Form 20-F, management previously
identified and disclosed material weaknesses in internal control over financial reporting, including but not limited to our lack of adequate
staff to: (i) process financial information in a timely manner; (ii) analyze and account for complex, non-routine transactions - including
those subject to the Company's critical accounting policies; and (iii) maintain adequate segregation of duties; and, the lack of
documentation related to the Company's internal control over financial reporting including its policy over related party relationships
and transactions. During the quarter ended December 31, 2023, we remediated our previously reported material weaknesses related to these
matters.
In
particular, our management, with oversight from our board of statutory auditors, executed a remediation plan, in order to fully remediate
the historical causes of the material weaknesses. As of December 31, 2023, the Company had taken the following steps to address the internal
control deficiencies that contributed to the material weaknesses in prior periods, including, but not limited to, the following:
●
new hires of additional finance and accounting personnel with high professional skills, prior experience working for finance departments,
and technical accounting experience, supplemented by third-party resources, maintain the overall control over the relevant operating
activities, having in place incremental and compensating controls;
●
implementation of a new accounting and reporting system - cloud-based ERP system - with controlled access, approval workflow and segregation
of duties to avoid to rely on third party service provider for the accounting and financial reporting closing process;
●
improvement of the documentation and formally assessed our accounting and financial reporting policies and procedures; and,
●
increase in the use of third-party consultants in assessing significant accounting transactions and other technical accounting and financial
reporting issues, preparing accounting memoranda addressing these issues and maintaining these memoranda in our corporate records.
Attestation
Report of Independent Registered Public Accounting Firm
Not
required.
Changes
in Internal Controls over Financial Reporting
Except
as described above under "—Management's Annual Report on Internal Control over Financial Reporting—Remediation
of Previously Disclosed Material Weaknesses," there were no changes in our internal control over financial reporting (as defined
in Rule 13a-15(f) of the Exchange Act, as amended) that occurred during the quarter ended December 31, 2023 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
ITEM
16. [RESERVED]
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT.
Our
Board of Directors has determined that, because of the existence and nature of its board of statutory auditors, it qualifies for an exemption
provided by Rule 10A-3(c)(3) of the Exchange Act from many of the Rule 10A-3 audit committee requirements. The board of statutory auditors
has determined that each of its members is an "audit committee financial expert" as defined in Item 16A of Form 20-F. For
the names of the members of the board of statutory auditors, see "Item 6. Directors, Senior Management and Employees—Statutory
Auditors".
Each
of the audit committee financial experts is independent under the Nasdaq Independence Standards that would apply to audit committee members
in the absence of our reliance on the exemption in Rule 10A-3(c)(3).
ITEM
16B. CODE OF ETHICS.
The
Company has adopted a Code of Conduct that applies to its Chief Executive Officer and all of its directors, officers and employees, or
persons performing similar functions. A copy of our Code of Conduct is available at its website. Any future changes to the Code of Conduct
will be posted on the Company's website or filed as an exhibit to a report filed with the SEC within five business days of the
change being effective.
99
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The
following table represents aggregate fees billed to the Company for fiscal years ended December 31, 2023 and 2022 by Dannible & McKee,
LLP ("Dannible & McKee" or "DM"), the Company's principal accounting firm, and Mayer, Hoffman McCann
P.C. ("MHM"), the Company's former principal accounting firm.
Accountant
    Fees and Services (in Euros)
2023
2022
Audit
    Fees*
€
433,884
€
264,620
€
433,884
€
264,620
*For
the fiscal year ended December 31, 2023, Dannible & McKee billed €312,629, while MHM billed €121,255.
*For
the fiscal year ended December 31, 2022, MHM billed €258,057, and Dannible & McKee billed €6,563.
Audit
Fees
The
audit fees for the years ended December 31, 2023 and 2022 respectively, were paid for professional services rendered for the audits of
our consolidated financial statements, half year reviews, consents, and assistance with review of documents filed with the SEC.
On
December 15, 2022, the Company reported the dismissal of MHM as the Company's principal accounting firm, effective December 12,
2022, and the appointment of Dannible & McKee as the Company's principal accounting firm, effective December 12, 2022 and for
the fiscal year ended December 31, 2022. For the fiscal year ended December 31, 2023, Dannible & McKee's engagement was renewed.
Tax
Fees
Not
applicable.
Other
Fees
Not
applicable.
Pre-Approval
Policies and Procedures
Prior
to engaging , Dannible & McKee to perform audit services, our Board obtains an estimate for the service to be performed. All of the
services described above were approved by the members of the board of statutory auditors in accordance with its procedures.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.
Genenta
is relying on the exemption from listing standards for audit committees provided by Exchange Act Rule 10A-3(c)(3). The basis for this
reliance is that Genenta's board of statutory auditors meets the following requirements set forth in Exchange Act Rule 10A-3(c)(3):
●
the
                                            board of statutory auditors is established and selected pursuant to Italian law expressly
                                            permitting such a board;
●
the
                                            board of statutory auditors is required under Italian law to be separate from Genenta's
                                            board of directors;
●
the
                                            board of statutory auditors is not elected by management of Genenta and no executive officer
                                            of Genenta is a member of the board of statutory auditors;
●
Italian
                                            law provides for standards for the independence of the board of statutory auditors from Genenta
                                            and its management;
●
the
                                            board of statutory auditors, in accordance with applicable Italian law and Genenta's
                                            governing documents, is responsible, to the extent permitted by Italian law, for the appointment,
                                            retention and oversight of the work (including, to the extent permitted by law, the resolution
                                            of disagreements between management and the auditor regarding financial reporting) of any
                                            registered public accounting firm engaged for the purpose of preparing or issuing an audit
                                            report or performing other audit, review or attest services for Genenta, and
●
to
                                            the extent permitted by Italian law, the audit committee requirements of paragraphs (b)(3),
                                            (b)(4) and (b)(5) of Rule 10A-3 apply to the board of statutory auditors.
The
Company's reliance on Rule 10A-3(c)(3) does not, in its opinion, materially adversely affect the ability of its board of statutory
auditors to act independently and to satisfy the other requirements of Rule 10A-3.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.
Not
applicable.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not
applicable.
ITEM
16G. CORPORATE GOVERNANCE.
See
"Item 6. Directors, Senior Management and Employees – C. Board Practices – Differences between Italian Laws and Nasdaq
Requirements."
100
ITEM
16H. MINE SAFETY DISCLOSURE.
Not
applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not
applicable.
ITEM
16K. CYBERSECURITY.
We
recognize the critical importance of maintaining the trust and confidence of our patients, business partners, employees and other stakeholders.
As a result, cybersecurity risk management is an integral part of our overall risk management and compliance program. While we are in the process of fully implementing a comprehensive cybersecurity
risk management program, our current cybersecurity
risk management processes are modeled after industry best practices, such as the National Institute of Standards and Technology Cybersecurity
Framework, for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications
developed by third-party service providers, and facilitate coordination across different departments of our company.
Our
board of directors has overall oversight responsibility for our cybersecurity risk management; however, it delegates cybersecurity risk
management oversight to our management and board of statutory auditors. Our management and board of statutory auditors is responsible
for ensuring that we have processes in place designed to identify and evaluate cybersecurity risks to which we are exposed and
implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.
These
processes include steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat, including
whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation
strategies, and informing management and our board of directors of material cybersecurity threats and incidents. Our information technology
consultant is responsible for assessing our cybersecurity risk management program, and we currently do not engage other third parties
for such assessment.
Our
cybersecurity program is under the direction of our Chief Financial Officer and Finance Director, who receive reports from our
information technology consultant and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Our Chief Financial Officer and Finance Director together have over 50 years of information technology experience in various
roles of increasing importance. Their experience includes overseeing and supervising information technology risk management
processes. Among their other duties as Chief Financial Officer and Finance Director, respectively, they manage our cybersecurity
consultant, who is a certified and experienced information security professional, and he has been instrumental in the implementation
and monitoring of our various cybersecurity systems and tools.
Management
is responsible for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes to
ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining
cybersecurity programs, including:
●
implementing
                                            a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity
                                            threats and incidents, while also implementing controls and procedures that provide for the
                                            prompt escalation of certain cybersecurity incidents so that decisions regarding the public
                                            disclosure and reporting of such incidents can be made by management in a timely manner;
●
deploying
                                            technical safeguards that are designed to protect our information systems from cybersecurity
                                            threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality
                                            and access controls, which are evaluated and improved through vulnerability assessments and
                                            cybersecurity threat intelligence;
●
establishing
                                            and maintaining comprehensive incident response and recovery plans that fully address our
                                            response to a cybersecurity incident, and such plans are tested and evaluated on a regular
                                            basis; and
●
providing
                                            regular, mandatory training for personnel regarding cybersecurity threats as a means to equip
                                            our personnel with effective tools to address cybersecurity threats, and to communicate our
                                            evolving information security policies, standards, processes and practices
Management,
including our Chief Financial Officer and Finance Director, regularly update our board of statutory auditors on our cybersecurity processes,
material cybersecurity risks and mitigation strategies. Our board of statutory auditors reports all material cybersecurity risks to our
board of directors.
We
are augmenting our current program to be a more comprehensive cybersecurity risk management program. Our roadmap for the future
is centered on the maturation of our cybersecurity risk management program to align to international IT frameworks that will
strengthen our defenses, enhance our threat detection capabilities, and ensure the confidentiality, integrity, and availability of
our critical systems and data.
Although
we are subject to ongoing and evolving cybersecurity threats, we are not aware of any material risks from cybersecurity threats in 2023
that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations
or financial condition. For more information on our cybersecurity risks, see "Risk Factors
—
Our internal information
technology systems, or those of our third party vendors, collaborators, or other contractors or consultants, may fail or suffer cyber
security breaches or other unauthorized or improper access, which could result in a significant disruption of our product development
programs, give rise to significant liability, subject us to costly and protracted litigation, cause significant reputational harm, and
impact our ability to operate our business effectively."
PART
III
ITEM
17. CONSOLIDATED FINANCIAL STATEMENTS
Our
audited Consolidated Financial Statements are included as the "F" pages attached to this report.
All
consolidated financial statements in this Annual Report, unless otherwise stated, are presented in accordance with US GAAP.
ITEM
18. CONSOLIDATED FINANCIAL STATEMENTS
The
Company has elected to provide consolidated financial statements pursuant to ITEM 17.
101
ITEM
19. EXHIBITS
Exhibit
    No.
Description
2.4
**
Description of Securities
3.1
*
Deed of Incorporation of Genenta Science S.p.A.
3.2****
‌Amended and Restated Bylaws of Genenta Science S.p.A.
4.1
*
Deposit Agreement dated December 17, 2021 between the Company and The Bank of New York Mellon, as depositary.
4.2
*
Form of American Depositary Receipt (included in exhibit 4.1)
4.3
**
Underwriter Warrants dated December 17, 2021
8.1
List of subsidiaries of the registrant
10.1
****,†
Amended and Restated License Agreement between Genenta Science S.p.A. and Ospedale San Raffaele S.r.l. ("OSR") dated March 23, 2023 (the "ARLA")
‌10.2
###,†
Amendment
to ARLA dated September 28, 2023
10.3
###,†
Sponsored Research Agreement with OSR dated August 1, 2023
‌10.4
*,†
Sponsored Research Agreement with OSR dated February 12, 2021
‌10.5
*
Know-How License Agreement with Fondazione Telethon dated February 2, 2016
‌10.6
*,†
Master Service Agreement dated March 6, 2019, between Molecular Medicine S.p.A. and Genenta Science S.p.A.
‌10.7
*
2021-2025 Genenta Science Employee Share Option Plan with Chairman Sub-Plan
‌10.9
*
Employment Agreement of Pierluigi Paracchi
‌10.0
*
Employment Agreement of Carlo Russo
‌10.10
*
Employment Agreement of Richard B. Slansky
‌10.14
##,†
Development and Manufacturing Services Agreement dated January 20, 2023 between AGC Biologics S.p.A. and Genenta Science S.p.A.
11.1
**
Code of Business Conduct and Ethics of the Registrant
12.1
Certification of the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended
12.2
Certification of the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended
13.1
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1
Compensation Recovery Policy of Registrant
101.INS
Inline
    XBRL Instance Document
101.SCH
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Incorporated
                                            by reference to the registration statement on Form F-1 of the Registrant (File No. 333-260923).
**
Incorporated
by reference to the Annual Report on Form 20-F of the Registrant filed on May 2, 2022.
***
Incorporated
                                            by reference to the Form 6-K of the Registrant filed on October 3, 2022.
****
Incorporated
                                            by reference to the Annual Report on Form 20-F of the Registrant filed on April 21, 2023.
#
Incorporated by reference to the Form 6-K of the Registrant filed on December 22, 2022.
##
Incorporated by reference to the Form 6-K of the Registrant filed on February 1, 2023.
###
Incorporated by reference to the Form 6-K of the Registrant filed on October 20, 2023.
†
Portions of these exhibits (indicated with markouts) have been redacted in accordance with Item 601(b)(10)(iv).
102
SIGNATURES
The
Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
GENENTA
SCIENCE S.P.A.
By:
/s/
    Pierluigi Paracchi
By:
/s/
    Richard B. Slansky
Name:
Pierluigi Paracchi
Name:
Richard B. Slansky
Title:
Chief
    Executive Officer (Principal Executive Officer)
Title:
Chief
    Financial Officer (Principal Financial and Accounting Officer)
Date:
March
    29, 2024
Date:
March
    29, 2024
103
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report
    of Independent Registered Public Accounting Firm
(PCAOB ID:
528
)
F-2
Consolidated
    Statements of Operations and Comprehensive Loss
F-3
Consolidated
    Balance Sheets
F-4
Consolidated
    Statements of Changes in Quotaholders' and Shareholders' Equity
F-5
Consolidated
    Statements of Cash Flows
F-6
Notes
    to the Consolidated Financial Statements
F-7
    – F-31
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of Genenta Science S.p.A.:
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheets of Genenta Science S.p.A. (the "Company") as of December 31,
2023, 2022, and 2021 and the related consolidated statements of operations and comprehensive loss, changes in quotaholders'
and shareholders' equity, and cash flows for the three years then ended and the related notes (collectively referred to as the
"consolidated financial statements"). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2023, 2022, and 2021, and the results of their operations and their cash
flows for each of the three years in the year then ended, in conformity with accounting principles generally accepted in the United
States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with
the U.S. Federal Securities Laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to
error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not
for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.
Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
/s/
Dannible & McKee, LLP
Syracuse,
New York
March
29, 2024
We
have served as the Company's auditor since 2021.
F-
2
Genenta
Science S.p.A.
(formerly,
Genenta Science S.r.l.)
Consolidated
Statements of Operations and Comprehensive Loss
Year
    Ended December 31,
2023
2022
2021
(in Euros)
Operating expenses
Research and
    development
€
6,474,441
€
5,338,962
€
3,390,677
General
    and administrative
5,258,501
5,705,030
2,296,596
Total operating expenses
11,732,942
11,043,992
5,687,273
Loss from operations
(
11,732,942
)
(
11,043,992
)
(
5,687,273
)
Other income (expense)
Others income (expense)
(
4,875
)
242,554
19,657
Finance income (expense)
309,253
36,985
(
11,716
)
Net exchange rate gain (loss)
(
216,891
)
2,286,690
-
Awards and Subsidies
-
-
150,000
Total other income (expense),
    net
87,487
2,566,229
157,941
Loss before income taxes
(
11,645,455
)
(
8,477,763
)
(
5,529,332
)
Income tax benefit (expense)
-
-
-
Net loss
€
(
11,645,455
)
€
(
8,477,763
)
€
(
5,529,332
)
Net loss per share -
    basic and diluted
€
(
0.64
)
€
(
0.47
)
€
(
0.37
)
Weighted average number of shares outstanding
    - basic and diluted
18,216,907
18,216,858
15,083,825
Other comprehensive income/(loss)
Change in fair value of
    marketable debt securities Fair Value Measurement
214,984
-
-
Change in foreign currency
    translation
(
15,853
)
-
-
Total other comprehensive income
199,131
-
-
Comprehensive loss
€
(
11,446,324
)
€
(
8,477,763
)
€
(
5,529,332
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
Genenta
Science S.p.A.
Consolidated
Balance Sheets
At
    December 31,
At
    December 31,
At
    December 31,
2023
2022
2021
(in Euros)
Assets
Current assets
Cash and cash
    equivalents
€
3,691,420
€
29,794,856
€
37,240,162
Marketable securities
15,084,284
-
-
Prepaid
    expenses and other current assets
2,480,554
1,926,512
1,519,023
Total
    current assets
21,256,258
31,721,368
38,759,185
Non-current assets
Fixed assets, net
€
82,977
€
111,639
€
23,090
Other non-current assets
1,004,560
1,601,503
1,241,215
Other
    non-current assets - related party
3,350
3,350
3,350
Total
    non-current assets
1,090,887
1,716,492
1,267,655
Total
    assets
€
22,347,145
€
33,437,860
€
40,026,840
Liabilities and shareholders'
    equity
Current liabilities
Accounts payable
€
294,975
€
1,042,054
€
164,819
Accounts payable - related
    party
170,888
151,988
25,047
Accrued expenses
153,136
202,389
712,313
Accrued expenses - related
    party
861,578
489,207
132,141
Other
    current liabilities
255,062
297,875
100,719
Total
    current liabilities
1,735,639
2,183,513
1,135,039
Non-current liabilities
Other non-current liabilities
14,594
27,218
-
Retirement
    benefit obligation
164,655
88,963
30,618
Total
    long-term liabilities
179,249
116,181
30,618
Commitments and contingencies
-
-
-
Shareholders' equity
Ordinary shares,
no
par
    value,
59,700,000
shares authorized at December 31, 2023 and 2022, respectively;
18,216,958
and
18,216,858
shares issued and outstanding
    at December 31, 2023 and 2022, respectively
67,344,140
66,603,725
65,880,990
Accumulated deficit
(
47,143,025
)
(
35,465,559
)
(
27,019,807
)
Accumulated
    other comprehensive income
231,142
-
-
Total quotaholders'
    and shareholders' equity
20,432,257
31,138,166
38,861,183
Total
    liabilities and shareholders' equity
€
22,347,145
€
33,437,860
€
40,026,840
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
Genenta
Science S.p.A.
(formerly,
Genenta Science S.r.l.)
Consolidated
Statement of Changes in Quotaholders' and
Shareholders'
Equity
Corporate
    capital
Additional
    paid-in capital
Ordinary
    shares
Common
    stock, no par value
Accumulated
    deficit
Accumulated
    other comprehensive income
Total
Balance at January 1, 2021
€
37,056
€
36,604,728
€
-
€
-
€
(
21,490,475
)
€
-
€
15,151,309
Capital increase from exercise of options on
    Quota B
715
-
-
-
-
-
715
Share-based compensation
-
497,104
-
-
-
-
497,104
Quota B repurchased
(
172
)
-
-
-
-
-
(
172
)
Corporate capital adjustment from Srl to Spa
(
37,599
)
-
11,279,700
37,599
-
-
-
Capital increase related to SpA
-
(
12,401
)
3,720,300
12,401
-
-
-
Conversion adjustment from Srl to SpA
-
(
37,089,431
)
-
37,089,431
-
-
-
Capital increase from IPO, net of issuance
    costs
-
-
3,216,858
28,741,559
-
-
28,741,559
Net loss
-
-
-
-
(
5,529,332
)
-
(
5,529,332
)
Balance at December 31, 2021
€
-
€
-
€
18,216,858
€
65,880,990
€
(
27,019,807
)
€
-
€
38,861,183
Share-based compensation
-
-
-
722,735
-
-
722,735
Cumulative Translation Adjustment
-
-
-
-
32,011
-
32,011
Net loss
-
-
-
-
(
8,477,763
)
-
(
8,477,763
)
Balance at December 31, 2022
€
-
€
-
€
18,216,858
€
66,603,725
€
(
35,465,559
)
€
-
€
31,138,166
Share-based compensation
739,884
739,884
Capital increase ATM Offering
-
-
100
531
-
-
531
Other comprehensive income
-
-
-
-
(
32,011
)
231,142
199,131
Net loss
-
-
-
-
(
11,645,455
)
-
(
11,645,455
)
Balance at December 31, 2023
€
-
€
-
€
18,216,958
€
67,344,140
€
(
47,143,025
)
€
231,142
€
20,432,257
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
Genenta
Science S.p.A.
(formerly,
Genenta Science S.r.l.)
Consolidated
Statements of Cash Flows
At
    December 31,
2023
2022
2021
(in Euros)
Cash flows from operating
    activities
Net loss
€
(
11,645,455
)
€
(
8,477,763
)
(
5,529,332
)
Adjustments to reconcile net loss to net cash
    used in operating activities:
Foreign exchange adjustment
-
32,011
-
Depreciation expense
42,453
6,140
4,889
Retirement benefit obligation
75,692
58,344
13,231
Share-based compensation
739,884
722,735
497,104
Changes in operating assets and liabilities
Prepaid expenses and other
    current assets
(
554,042
)
(
407,489
)
(
450,090
)
Other non-current assets
596,943
(
427,906
)
(
295,597
)
Accounts payable
(
747,079
)
877,235
(
380,169
)
Accounts payable - related
    party
18,900
126,941
15,020
Accrued expenses
(
49,253
)
(
509,924
)
346,344
Accrued expenses - related
    party
372,371
357,066
(
1,227,050
)
Other current liabilities
(
42,813
)
197,156
47,476
Other
    non-current liabilities
(
12,624
)
27,218
-
Net cash used in operating
    activities
(
11,205,023
)
(
7,418,236
)
(
6,958,174
)
Cash flows from investing
    activities
Purchase of marketable securities
(
14,878,875
)
-
-
Purchases
    of fixed assets
(
13,791
)
(
27,070
)
(
9,009
)
Net cash used in investing
    activities
(
14,892,666
)
(
27,070
)
(
9,009
)
Cash flows from financing
    activities
Net proceeds from IPO
-
-
28,741,559
Proceeds from the exercise of stock options
-
-
543
Proceeds
    from ATM Offering
531
-
-
Net cash provided by
    financing activities
531
-
28,742,102
Effect of exchange rate
    changes
(
6,278
)
-
-
Net increase (decrease)
    in cash and cash equivalents
(
26,103,436
)
(
7,445,306
)
21,774,919
Cash and cash equivalents
    at beginning of period
29,794,856
37,240,162
15,465,243
Cash
    and cash equivalents at end of period
€
3,691,420
€
29,794,856
€
37,240,162
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
Genenta
Science S.p.A.
(formerly
Genenta Science S.r.l.)
Notes
to the Consolidated Financial Statements
1.
Nature of business and history
Genenta
Science S.p.A. (the "Company" or "Genenta" – formerly Genenta Science S.r.l. "società a responsabilità
limitata," similar to a Limited Liability Company in the U.S.) converted to an Italian corporation ("società per azioni",
or "S.p.A.") in June 2021, which is similar to a C corporation in the U.S. The Company was founded in Milan, Italy by San
Raffaele Hospital ("OSR"), Pierluigi Paracchi, Luigi Naldini and Bernhard Gentner, and was incorporated in July 2014. On
May 20, 2021, the quotaholders (owners of the Company) resolved that the Company convert from an S.r.l. to an S.p.A. and determined that
the outstanding quota be converted to
15
million common shares at no par value. (See Note 11. Quotaholder's and shareholder's
equity.) New Bylaws were adopted, and a new Board of Directors and board of statutory auditors were appointed. The registered office
(or headquarters) remained located in Milan, Italy. The Company's reporting currency is Euros ("EUR" or "€").
In May 2021, the Company formed a wholly owned, Delaware incorporated subsidiary, Genenta Science, Inc., intended for future operations
in the U.S. ("U.S. Subsidiary"). The U.S. Subsidiary operates in U.S. Dollars ("USD" or "$").
On
December 17, 2021, the Company completed an initial public offering ("IPO") of its shares. The shares began trading on the
Nasdaq Stock Capital Market on December 15, 2021. Through the IPO,
3,120,114
new ordinary shares with no par value were issued.
720,114
ordinary shares were subscribed by the Company's existing shareholders through a Reserved Offering, while
2,400,000
American Depository
Shares ("ADS") were directly placed on the market. Subsequently, on December 27, 2021, the Company's underwriter exercised
a portion of its "green shoe" allotment for an additional
96,744
ADS. The total number of shares outstanding resulting at
December 31, 2021 was
18,216,858
. Through the IPO, approximately €
29
million was raised, net of listing costs (approximately €
3.9
million).
On
May 12, 2023, the Company filed with the Securities and Exchange Commission (the "SEC") a shelf registration statement that
was subsequently declared effective on May 24, 2023. It permits the Company to sell from time-to-time ordinary shares, including ordinary
shares represented by ADSs, or rights to subscribe for ordinary shares or ordinary shares represented by ADSs in one or more offerings
in amounts, at prices and on the terms that the Company will determine at the time of offering for aggregate gross sale proceeds of up
to $
100.0
million.
In
July 2023, the Company issued 100 ADSs for gross proceeds of approximately $
639
, bringing the total number of shares outstanding to
18,216,958
, pursuant to a Controlled Equity Offering  Sales Agreement, dated May 12, 2023 (the "Sales
Agreement"), between the Company and Cantor Fitzgerald & Co. ("Cantor"), as agent, subject to the terms and
conditions described in the Sales Agreement and SEC rules and regulations (the "ATM Offering"). On March 28, 2024,
the Company mutually
agreed with Cantor to terminate the Sales Agreement.
Genenta
is an early-stage company developing first-in-class cell and gene therapies to address unmet medical needs in cancerous solid tumors.
The Company is initially developing its clinical leading product, Temferon™, to treat glioblastoma multiforme ("GBM"),
a solid tumor affecting the brain. The Company intends to continue its clinical trials in Italy, and eventually start a clinical trial
in Europe and the U.S. to study Temferon™ in other cancers. In June 2023, the Company's Board of Directors selected Renal
Cell Cancer ("RCC") as the second solid tumor indication for Temferon. The Company is currently developing a clinical plan
for RCC.
The
Company is subject to risks and uncertainties common to early-stage clinical companies in the life-science and biotechnology industries,
including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals
for product candidates, development by competitors of new competing products, dependence on key personnel, protection of proprietary
technology, compliance with government regulations and the ability to secure additional capital to fund operations. The clinical product
candidates currently under development will require significant additional research and development efforts, including regulatory approval
and clinical testing prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel
and infrastructure and extensive compliance-reporting capabilities. Even if the Company's product development efforts are successful,
it is uncertain when, if ever, the Company will realize revenue from product sales and profit from operations.
Liquidity
and risks
The
Company has incurred losses since its inception, including a net loss of €
11.6
million, €
8.5
million and €
5.5
million
for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively. In addition, as of December 31, 2023,
the Company had an accumulated deficit of €
47.1
million. The Company has primarily funded these losses through the proceeds from
sales of convertible debt and equity quotas, prior to the Company's conversion to an S.p.A. and its IPO after its conversion to
an S.p.A. Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the
Company expects that its existing cash and cash equivalents and marketable securities on hand as of December 31, 2023 of €
18.8
million,
will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the
filing date of these consolidated financial statements. However, the future viability of the Company is dependent on its ability to raise
additional capital to finance its operations. The Company's inability to raise capital as and when needed could have a negative
impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating
plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.
F-
7
The
Company has evaluated whether there are conditions and events considered in the aggregate that raise substantial doubt about the Company's
ability to continue as a going concern. The Company's business model, typical of biotechnology companies developing new therapeutic
products that have not reached a balanced income and financial position, features negative cash flows. This is because, at this stage,
costs must be borne in relation to services and personnel, directly connected to research and development activities, and return for
these activities is not certain and, in any case, it is expected in future years. Based on the accounting policies adopted, requiring
full recognition of research and development costs in the statement of operations and comprehensive loss in the year they are incurred,
the Company has reported a loss since its inception, and expects to continue to incur significant costs for research and development
in the foreseeable future. There is no certainty that the Company will become profitable in the future.
The
Company will require additional capital to meet its long-term operating requirements. It expects to raise additional capital through,
among other things, the sale of equity or debt securities, which may include sales of ADSs pursuant to the ATM Offering. If adequate
funds are not available in the future, the Company may be forced to delay, reorganize, or cancel research and development programs, or
to enter into financing, licensing or collaboration agreements with unfavorable conditions or waive rights to certain products which
otherwise it would not have waived, resulting in negative effects on the activity and on the economic, patrimonial and /or financial
situation of the Company.
The
Company's ability to raise additional capital may be adversely impacted by the potential worsening of global economic and political
conditions and volatility in the credit and financial markets in the U.S. and worldwide. This could be exacerbated by, among other factors,
the lingering effects of the COVID-19 pandemic and its ongoing variants, the war between Russia and Ukraine, and/or the Israeli and Hamas
war. The Company's failure to raise capital as and when needed or on acceptable terms could have a negative impact on the Company's
financial condition and its ability to pursue its business strategy, and the Company may have to delay, reduce the scope of, suspend
or eliminate one or more of its research-stage programs, clinical trials, or future commercialization efforts.
Quantitative
and qualitative disclosure about market risk
The
Company is exposed to market risks in the ordinary course of its business. Market risk represents the risk of loss that may impact the
Company's financial position due to adverse changes in financial market prices and rates. The Company's current investment
policy is conservative due to the need to support operations. The Company invests available cash in bank time deposits with reputable
banks that have a credit rating of at least "A" and Italian and U S government treasury notes and bonds with short term maturity.
A minority of the Company's cash and cash equivalents and marketable securities are held in deposits that bear a small amount of
interest. The Company's market risk exposure is primarily a result of foreign currency exchange rates, which is discussed in detail
in the following paragraph.
The
Company is an early-stage cell and gene therapy company commercializing technology licensed from OSR. The Company intends to continue
to conduct its operations so that neither it nor its subsidiary is required to register as an investment company under the Investment
Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (the "40 Act"). To ensure that the
Company does not become subject to regulation under the '40 Act, the Company may be limited in the type of assets that it may own
or acquire. If the Company were to become inadvertently subject to the '40 Act, any violation of the '40 Act could subject
the Company to material adverse consequences.
Foreign
currency exchange risk
The
Company's results of operations and cash flow may be subject to fluctuations due to changes in foreign currency exchange rates.
The Company's liquid assets and expenses are denominated in EUR and USD. At December 31, 2023, the Company maintained €
3.7
million in cash and cash equivalents and €
15.1
million in marketable securities. Changes in the USD/EUR exchange rate could increase/decrease
the Company's operating expenses, especially as more costs are incurred in the U.S. or, as USD are exchanged for EUR to cover European
operating costs. As the Company continues to grow its business, the Company's results of operations and cash flows might be subject
to significant fluctuations due to changes in foreign currency exchange rates, which could adversely impact the Company's results
of operations.
Currently,
the Company has recorded an unrealized net loss from exchange rate of approximately €
0.2
million. The Company does not currently
hedge its foreign currency exchange risk. In the future, the Company may enter formal currency hedging transactions to decrease the risk
of financial exposure from fluctuations in the exchange rates of its principal operating currencies. These measures, however, may not
adequately protect the Company from the material adverse effects of such fluctuations.
F-
8
2.
Summary of significant accounting policies
Basis
of presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP") for consolidated financial information and with the instructions to Form 20-F and Article
10 of Regulation S-X promulgated by the Securities and Exchange Commission ("SEC"). Any reference in these notes to applicable
guidance is meant to refer to the authoritative US GAAP as found in the Accounting Standards Codification ("ASC") and Accounting
Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"), unless otherwise stated.
A
summary of the significant accounting policies applied in the preparation of these consolidated financial statements is presented below,
only for the categories and headings now applicable and that might be applicable in the future based on the Company's business.
These policies have been consistently applied, unless otherwise stated.
Principles
of consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany
accounts and transactions have been eliminated in consolidation.
Use
of estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts reported in the financial statements and the disclosures made in the accompanying notes. Estimates and assumptions reflected
in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and related
milestone payments, share-based compensation expense, valuation of Research & Development ("R&D") tax credits, the
valuation of equity and the recoverability of the Company's net deferred tax assets and related valuation allowance. Estimates
are periodically reviewed considering changes in circumstances, facts, and experience. Actual results may differ from these estimates
under different assumptions or conditions. Changes in estimates are recorded in the period in which they become known. The areas involving
a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements
are disclosed below.
Cash
and cash equivalents
The
Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents,
which amounts may at times exceed federally insured limits. The Company has not experienced any losses on such accounts and does not
believe it is exposed to any significant credit risk. In the consolidated cash flow statements, cash and cash equivalents include: cash
on hand, deposits held with banks, and other short-term highly liquid investments. In the consolidated balance sheets, bank overdrafts,
if any, are shown in current liabilities. Cash and cash equivalents are detailed as follows:
At
    December 31,
2023
2022
2021
(in Euros)
(Euro)
Cash in bank
€
3,687,402
€
29,790,838
€
37,236,089
Cash in hand & prepaid
    cards
4,018
4,018
4,073
Total
€
3,691,420
€
29,794,856
€
37,240,162
Marketable
securities
The
Company's marketable securities are maintained by investment managers and consist of highly rated foreign government debt securities.
Debt securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component
of shareholders' equity until realized. Any premium arising at purchase is amortized to the earliest call date and any discount
arising at purchase is accreted to maturity. Amortization and accretion of premiums and discounts are recorded in interest income, net.
Realized gains and losses on debt securities are determined using the specific identification method and are included in other income
(expense), net.
The
Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale.
Marketable securities with a remaining maturity date greater than one year are classified as non-current assets.
Effective
January 1, 2023, the Company adopted ASU 2016-13
,
Financial Instruments - Credit Losses (Topic
326): Measurement of Credit Losses on Financial Statements
("ASU 2016-13" or "ASC 326"), using the
effective date method. As the Company had never recorded any other-than-temporary-impairment adjustments to its available-for-sale debt
securities prior to the effective date, no transition provisions are applicable to the Company.
The
Company assesses its available-for-sale debt securities under the available-for-sale debt security impairment model in ASC 326 as of
each reporting date in order to determine if a portion of any decline in fair value below carrying value recognized on its available-for-sale
debt securities is the result of a credit loss. The Company records credit losses in the consolidated statements of operations and comprehensive
loss as credit loss expense within other income (expense), net, which is limited to the difference between the fair value and the amortized
cost of the security. To date, the Company has not recorded any credit losses on its available-for-sale debt securities.
Accrued
interest receivable related to the Company's available-for-sale debt securities is presented within receivables and other current
assets on the Company's consolidated balance sheets. The Company has elected the practical expedient available to exclude accrued
interest receivable from both the fair value and the amortized cost basis of available-for-sale debt securities for the purposes of identifying
and measuring any impairment. The Company writes off accrued interest receivable once it has determined that the asset is not realizable.
Any write offs of accrued interest receivable are recorded by reversing interest income, recognizing credit loss expense, or a combination
of both. To date, the Company has not written off any accrued interest receivables associated with its marketable securities.
The
unrealized gain recognized during the reporting period on marketable securities still held at the report date was approximately €
268,000
.
The unrealized loss recognized during the reporting period on marketable securities still held at the report date was approximately €(
53,000
).
Net
loss and comprehensive income (loss)
Comprehensive
loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources.
ASC 220 Comprehensive Income requires that an entity records all components of comprehensive (loss) income, net of their related tax
effects, in its financial statements in the period in which they are recognized. For the years ended December 31, 2023, net loss was €
11.6
million with other comprehensive income being approximately
€
199,131
and total comprehensive loss was €
11.4
million. For 2022 and 2021, the comprehensive loss was equal to net loss.
F-
9
Net
loss per share
Net
loss per share ("EPS") is computed in accordance with US GAAP. Basic EPS is computed by dividing net loss by the weighted
average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net
loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares
that would have been outstanding if all potential common shares had been issued and were dilutive.
The
EPS calculation was applied at the Company conversion to S.p.A. in June 2021, after the increase in capital to €
50,000
required
to be an S.p.A. by Italian law. The Company's shareholders authorized
59.7
million ordinary common shares. In July 2023, following
the ATM Offering exercise,
100
new ADS were issued. At December 31, 2023, the Company had
18,216,958
common shares issued and outstanding
with
2.7
million common shares reserved for the Company's Equity Incentive Plan 2021–2025.
At
December 31, 2023, the Company had
382,785
outstanding options and
23,502
common share equivalents, in the form of underwriters'
common share warrants. Diluted EPS was not relevant at December 31, 2023, 2022, or 2021, as the effect of common share equivalents, in
the form of
382,785
stock options and of
23,502
underwriters' common share warrants, would have been anti-dilutive. (See Note 12.
Quotaholders' and shareholders' equity and Note 12. Share-based compensation.)
Foreign
currency translation
The
reporting and functional currency of the Company is Euros. All amounts are presented in Euros unless otherwise stated. All amounts disclosed
in the consolidated financial statements and notes have been rounded to the nearest Euro unless otherwise stated. Foreign currency transactions,
if any, are translated into Euros using the exchange rates prevailing at the date(s) of the transaction(s) or valuation where items are
re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of
operations. For financial reporting purposes, the assets and liabilities of the U.S. Subsidiary are translated into EUR using exchange
rates in effect at the balance sheet date. The net income/(loss) of the U.S. Subsidiary is translated into EUR using average exchange
rates in effect during the reporting period. The resulting currency translation impact is recorded in Shareholders' equity as a
cumulative translation adjustment. For 2023, the currency translation impact was approximately €
15,800
. During the period ended
December 31, 2023, foreign exchange gains and losses were a net loss of approximately €
0.2
million.
The
net exchange gain was approximately €
2.3
million for the year ended December 31, 2022 and was related mainly to: i) approximately
€
1.6
million in net exchange rate gains realized on the conversion of $
12.0
million of IPO proceeds obtained in December 2021 to
Euros; ii) approximately €
0.4
million in net exchange rate gain realized on USD$ trade payables; and iii) approximately €
0.3
million in exchange gain unrealized on USD$ time deposits;. The change in the net foreign exchange rate effect was due to the fluctuation
in the USD exchange rate with the Euro.
Emerging
growth company status
The
Company is an "emerging growth company," as defined in the U.S. Jumpstart Our Business Startups Act, or U.S. JOBS Act, and
may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not
emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an "emerging growth
company." Section 107 of the U.S. JOBS Act provides that an "emerging growth company" can take advantage of the extended
transition period afforded by the U.S. JOBS Act for the implementation of new or revised accounting standards. The Company has elected
to use the extended transition period for complying with new or revised accounting standards and, because of this election, its consolidated
financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage
of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering ("IPO")
or such earlier time that it is no longer an "emerging growth company."
Fair
value measurements
Certain
assets and liabilities of the Company are carried at fair value under US GAAP. Fair value is defined as the exchange price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value
must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair
value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are
considered observable and the last is considered unobservable:
●
Level 1 — Quoted prices in active markets for identical assets or liabilities.
●
Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities,
quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can
be corroborated by observable market data.
●
Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value
of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
To
the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest
for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement.
F-
10
The
carrying values of the Company's R&D tax credits, VAT credits, accounts payable, accrued expenses and other current liabilities
were evaluated and determined to approximate their fair values due to the short-term nature of these assets and liabilities.
December
    31, 2023
Total
Level
    1
Level
    2
Level
    3
Cash and cash equivalents
€
3,691,420
3,691,420
€
-
€
-
Marketable Securities
15,084,284
15,084,284
-
-
Total
    financial assets
€
18,775,704
€
18,775,704
€
-
€
-
December
    31, 2022
Total
Level
    1
Level
    2
Level
    3
Cash and
    cash equivalents
€
29,794,856
29,794,856
€
-
€
-
Total
    financial assets
€
29,794,856
€
29,794,856
€
-
€
-
December
    31, 2021
Total
Level
    1
Level
    2
Level
    3
Cash and
    cash equivalents
€
37,240,162
37,240,162
€
-
€
-
Total
    financial assets
€
37,240,162
€
37,240,162
€
-
€
-
Segment
information
Operating
segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation
by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company and its
chief operating decision-maker view the Company's operations and manages its business in one operating segment, which is the research
and development in the pharmaceutical sector with a focus on developing novel therapeutics to treat cancer.
Tax
credit on investments in research and development
In
line with the legislation in force at December 31, 2023, and 2022, companies in Italy that invest in eligible research and development
activities, regardless of the legal form and economic sector in which they operate, can benefit from a tax credit which can be used in
order to reduce most taxes payable, including income tax or regional tax on productive activities, as well as social security contributions
and payroll withholding taxes.
For
eligible research and development activities, the tax credit was equal to 20% in fiscal year 2022 ("FY 2022") of the eligible
costs incurred, with a maximum annual amount of €
4.0
million. Starting with the fiscal year 2023 ("FY 2023") the law
extended the measure up to the tax period ended December 31, 2031; however, the tax credit rate was decreased to 10% of the eligible
expenses, and the annual ceiling of the credit increased to €
5.0
million.
The
eligible activities consist of fundamental research, industrial research, and experimental development as defined respectively of the
letters m),
q) and j) of point 15, par. 1.3 of the Communication no.
198/2014 of the European Commission. To determine the cost basis of the benefit, the following expenses are eligible:
●
Personnel
    costs;
●
Depreciation
    charges, costs of the financial or simple lease and other expenses related to movable tangible assets and software used in research
    and development projects;
●
Expenses
    for extra-euro research contracts concerning the direct execution of eligible research and development activities by the provider;
●
Depreciation
    charges;
●
Expenses
    for consulting services and equivalent services related to eligible research and development activities; and,
●
Expenses
    for materials, supplies, and other similar products used in research and development projects.
The
Company, by analogy, accounts for this receivable in accordance with International Accounting Standards (IAS) 20,
Accounting for Government
Grants and Disclosure of Government Assistance
. The receivable is recognized when there is reasonable assurance that: (1) the recipient
will comply with the relevant conditions; and, (2) the grant will be received. The Company has elected to present it net of the related
expenditure on the Consolidated Statements of Operations and Comprehensive Loss .
While
these tax credits can be carried forward indefinitely, the Company recognized an amount which reflects management's best estimate
of the amount that is reasonably assured to be realized or utilized in the foreseeable future based on historical benefits realized,
adjusted for expected changes, as applicable. The tax credits are recorded as an offset to research and development expenses in the Company's
Consolidated Statements of Operations and Comprehensive Loss .
F-
11
Share-based
compensation
To
reward the efforts of employees, directors, and certain consultants and to promote the growth of the Company, the Company's Board
of Directors has approved, prior to the Company's conversion to an S.p.A., various share-based awards. All options have been awarded
with an exercise price of €1 per quota and, when exercised, all options have been converted to Quota B. The options granted had
the vesting condition that the individual must remain in his/her role at least one year or as otherwise specified for each person.
In
May 2021, the Company's quotaholders adopted the Company's "Equity Incentive Plan 2021–2025" ("the
Plan"); however, through December 31, 2021, no options or awards were granted and there were no outstanding options or awards.
(See Note 12. Share-based compensation.)
In
April 2022, the Company's board of directors, as administrator of the Plan, awarded nonqualified stock options ("NSOs")
on
147,783
shares to its (former) Chairman according to the terms of a Sub-Plan called "2021-2025 Chairman Sub-Plan" (the
"Sub-Plan") attached to the Plan. (See Note 12. Share-based compensation.)
In
July 2022, the Company's board of directors, as administrator of the Plan, awarded NSOs on
392,740
shares to certain of the Company's
directors and employees. (See Note 12. Share-based compensation.)
In
March 2023, the board of directors, as administrator of the Plan, awarded NSOs on
46,400
shares to certain of the Company's directors.
In
June 2023, the Company's shareholders modified the Plan to extend the final deadline for the issuance of the ordinary shares until
December 31, 2035, in order to allow that all stock options granted during the term of the Plan could provide for an exercise period
of 10 years starting from the date of grant. (See Note 12. Share-based compensation.)
Currently,
the Company has authorized options on
1,821,695
ordinary shares (i.e., approximately
10
% of the number of shares outstanding, which are
currently
18,216,958
ordinary shares outstanding); however, at the quotaholders' meeting held on May 20, 2021, the quotaholders
approved an increase to the Plan of up to a maximum of options on
2,700,000
ordinary shares. Therefore, as the Company raises additional
capital, the Board of Directors has authority to issue options on upto
2,700,000
ordinary shares, as the number of issued and outstanding
ordinary shares increases, i.e., the Company does not have to obtain further authorization from shareholders to increase the number of
ordinary shares available for equity grants until the outstanding ordinary shares exceed
27,000,000
. The number of options granted at
December 31, 2023 were
586,923
and the number of options available for grant were
1,234,772
.
The
Company measures its stock option awards granted to employees, officers, directors, and consultants under the Plan based on their fair
value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is normally
the vesting period of the respective award. Forfeitures are accounted for as they occur. The measurement date for option awards is the
date of the grant. The Company classifies stock-based compensation expense in its Consolidated Statement of Operations and Comprehensive
Loss in the same manner in which the award recipient's payroll costs are classified or in which the award recipient's service
payments are classified.
The
Company chose the Black-Scholes-Merton model because it is considered easier to apply and also it is a defined equation and incorporates
only one set of inputs. As a result, it is the model most commonly in use.
Representative
warrants
The
Company agreed to issue warrants to the underwriters of the IPO ("Warrants") to purchase
23,502
ADSs. The Warrants are exercisable
at a per share exercise price of $
14.375
per ADS. The Warrants are exercisable at any time and from time to time, in whole or in part,
during the four and one-half-year period commencing June 13, 2022.
The
Warrants will provide for adjustment in the number and price of the Warrants and the ADSs underlying such Warrants in the event of recapitalization,
merger, stock split or other structural transaction, or a future financing undertaken by the Company. The Warrants were evaluated under
applicable guidance and accordingly classified as equity in the consolidated financial statements.
Non-current
assets right of use (ROU)
Upon
commencement of a contract containing a lease, the Company classifies leases other than short-term leases as either an operating lease
or a finance lease according to the criteria prescribed by ASC 842. The Company recognizes both lease liabilities and right-of-use assets
on the balance sheet for all leases, except for short-term leases (those with a lease term of 12 months or less). Lease liabilities are
initially measured at the present value of the future lease payments over the lease term, discounted at the rate implicit in the lease
or, if that rate is not readily determinable, the Company's incremental borrowing rate. The right-of-use assets represent the lessee's
right to use the underlying asset for the lease term and are initially measured at the same amount as the corresponding lease liability.
For finance leases, the Company recognizes interest expense on the lease liability and amortization expense on the right-of-use asset.
For operating leases, lease expense is recognized on a straight-line basis over the lease term.
F-
12
Fixed
Assets
Property
and equipment are stated at cost, including any accessory and direct costs that are necessary to make the assets fit for use, and adjusted
by the corresponding accumulated depreciation. Depreciation is systematically recorded in the consolidated financial statements taking
into consideration the use, purpose, and financial-technical duration of the assets, based on their estimated useful economic lives.
Leasehold improvements depreciation is recorded based on the shorter of the life of the leasehold improvement or the remaining term of
the lease.
Ordinary
maintenance costs are expensed to the Consolidated Statements of Operations and Comprehensive Loss in the year in which they are incurred.
Extraordinary maintenance costs, the purpose of which is to extend the useful economic life of the asset, to technologically upgrade
it and/or to increase its productivity or safety for the purpose of economic productivity of the Company, are attributed to the asset
to which they refer and depreciated on the basis of its estimated useful economic life. Amortization of leasehold improvements is computed
using the straight-line method based upon the terms of the applicable lease or estimated useful life of the improvements, whichever is
less.
Impairment
of long-lived assets
In
accordance with ASC Topic 360-10-20, "Property, Plant and Equipment," the Company performs an impairment test whenever events
or circumstances indicate that the carrying value of long- lived assets with finite lives may be impaired. Impairment is measured by
comparing the carrying value of the long-lived assets to the estimated undiscounted pre-tax cash flows expected to result from the use
of such assets and their ultimate disposition. In circumstances where impairment is determined to exist, the Company will write down
the asset to its fair value based on the present value of estimated cash flows. To date, no impairments have been identified for the
periods ended December 31, 2023, and 2022.
Deferred
offering costs
Deferred
public offering costs, which primarily consist of direct, incremental legal and accounting fees relating to fundraising activities (e.g.,
an IPO), were capitalized within prepaid expenses and other current assets prior to the IPO and netted or offset with the IPO proceeds
upon closing of the IPO.
For
the year ended December 31, 2023, the Company incurred approximately €
0.3
million of ATM Offering costs that were fully expensed
in the Consolidated Statement of Operations and Comprehensive Loss.
For
the year ended December 31, 2022, the Company did not incur offering costs.
For
the year ended December 31, 2021, the Company incurred approximately €
3.9
million in qualifying offering costs that were recorded
as an offset to IPO proceeds, approximately €
156,000
of these costs were recognized as deferred offering costs in the preceding
period.
F-
13
Recently
issued accounting pronouncements
In
April 2012, the U.S. Jump-Start Our Business Startups Act (the "U.S. JOBS Act") was signed into law. The U.S. JOBS Act contains
provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company,
the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically
is later than when public companies must adopt the standards. The Company has elected to take advantage of the extended transition period
afforded by the U.S. JOBS Act and, as a result, unless the Company elects early adoption of any standards, will adopt the new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-public companies.
In
December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify
the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation, the methodology
for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The
new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the
accounting for transactions that result in a step-up in the tax basis of goodwill. For non-public entities, the standard is effective
for annual periods beginning after December 15, 2021, with early adoption permitted. Adoption of the standard requires certain changes
to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact that
the adoption of ASU 2019-12 will have on its consolidated financial statements.
In
November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance.
The aim of ASU 2021-10 is to increase the transparency of government assistance including the disclosure of (1) the types of assistance,
(2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements.
Diversity currently exists in the recognition, measurement, presentation, and disclosure of government assistance received by business
entities because of the lack of specific authoritative guidance in GAAP. The ASU will be effective for annual reporting periods after
December 15, 2021, and early adoption is permitted. Upon implementation, the Company may use either a prospective or retrospective method
of adoption when adopting the ASU. The Company is evaluating the impact of adopting the new ASU.
In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's
Own Equity. This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity's
own equity and improves and amends the related EPS guidance for both Subtopics. The ASU will be effective for annual reporting periods
after December 15, 2023, and interim periods within those annual periods and early adoption is permitted in fiscal periods ending after
December 15, 2020. Upon implementation, the Company may use either a modified retrospective or full retrospective method of adoption.
The Company is evaluating the impact of adopting the new ASU.
3.
Research and development
Research
and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and
development activities, including salaries, share- based compensation and benefits, facilities costs, third-party license fees, and external
costs of outside vendors and consultants engaged to conduct clinical development activities and clinical trials, (e.g., contract research
organizations, or CROs), as well as costs to develop a manufacturing processes, perform analytical testing and manufacture clinical trial
materials, (e.g., contract manufacturing organizations, or CMOs). Non-refundable prepayments for goods or services that will be used
or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense
as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered,
or the services rendered. In addition, funding from research grants, if any, is recognized as an offset to research and development expense
based on costs incurred on the research program.
The
Company annually sustains a significant amount of research costs to meet its business objectives. The Company has various research and
development contracts, and the related costs are recorded as research and development expenses as incurred. When billing terms under
these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding
obligations at period end to those third parties. Any accrual estimates are based on several factors, including the Company's knowledge
of the progress towards completion of the research and development activities, invoicing to date under the contracts, communication from
the research institution or other companies of any actual costs incurred during the period that have not yet been invoiced, and the costs
included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting
period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company have
not been materially different from the actual costs. For further details, please refer to the Related Parties disclosures in Note 13
below.
4.
General and administrative
General
and administrative costs consist primarily of salaries, share-based compensation, benefits and other related costs for personnel and
consultants in the Company's executive and finance functions, professional fees for legal, finance, accounting, auditing, tax and
consulting services, travel expenses and facility-related expenses, which include rent and maintenance of facilities and other operating
costs not otherwise included in research and development expense.
5.
Income taxes
The
Company is subject to taxation in Italy, and with the addition of the Company's wholly owned subsidiary in the U.S., the Company
is subject to taxation in the U.S. Taxation in Italy includes the standard corporate income tax and a regional business tax. Taxation
in the U.S. includes federal corporate income tax ("IRS"), as well as state and local taxes. Taxes are recorded on an accrual
basis. They therefore represent the allowances for taxes paid or to be paid for the year, calculated according to the current enacted
rates and applicable laws. In the future, the Company may be taxed in various other countries where it may have permanent establishments,
as applicable. For the period ending December 31, 2023, 2022 and 2021, due to the tax loss position reported, no income taxes were due
in Italy or in the U.S., although the U.S. subsidiary had taxable income in 2022. In addition, the subsidiary in the U.S. had an immaterial
amount of other state taxes.
F-
14
The
Company uses the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities
are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets
and liabilities, measured at tax rates expected to be enacted at the time of their reversals. These temporary differences primarily relate
to net operating losses carried forward available to offset future taxable income.
At
each reporting date, the Company considers existing evidence, both positive and negative, that could impact its view with regards to
future realization of deferred tax assets. In consideration of the start-up status of the Company, a valuation allowance has been established
to offset the deferred tax assets, as the related realization is currently uncertain. In the future, should the Company conclude that
it is more likely than not that the deferred tax assets are partially or fully realizable, the valuation allowance will be reduced to
the extent of such expected realization, and the corresponding amount will be recognized as income tax benefit in the Company's
Consolidated Statements of Operations and Comprehensive Loss.
The
Company recognizes tax liabilities from an uncertain tax position if it is more likely than not that the tax position will not be sustained
upon examination by the taxing authorities, based on the technical merits of the tax position. There are no uncertain tax positions that
have been recognized in the accompanying consolidated financial statements. For the Italian Company, the prior five years of tax returns
(2019-2023) are potentially subject to audit, for the Subsidiary in the U.S. the open years for tax examination are 2021, 2022 and 2023.
The
Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. A reconciliation of the Company's
effective tax rate is summarized as follows:
At
    December 31,
2023
2022
2021
(in Euros)
Income taxes at Italy statutory
    rate
€
(
2,794,909
)
€
(
2,034,663
)
€
(
1,296,797
)
Permanent differences
309,512
(
160,133
)
(
1,189,844
)
Other
(
171,032
)
715
(
29,928
)
Federal Income tax for Genenta INC
(
89,910
)
(
31,993
)
(
26,462
)
Change in valuation
    allowance
2,746,339
2,226,074
2,543,031
Total provision expense
    for income taxes
€
-
€
-
€
-
Significant
components of the Company's net deferred tax assets are summarized as follows:
At
    December 31,
2023
2022
2021
(in Euros)
Deferred tax assets
Net operating loss carryforwards
€
11,772,870
€
9,197,563
€
7,125,174
Other temporary differences
150,347
52,996
6,000
Allowance for corporate equity
495,692
422,011
315,322
Total deferred tax assets
12,418,909
9,672,570
7,446,496
Valuation allowance
(
12,418,909
)
(
9,672,570
)
(
7,446,496
)
Net deferred tax assets
€
-
€
-
€
-
At
December 31, 2023, 2022 and 2021, the Company believes there are no significant differences with regards to its deferred tax assets and
its relevant components, compared to the computations of the preceding periods.
In
2011, the Italian tax authorities issued a set of rules that modified the previous treatment of tax loss carryforwards. According to
the DL 98/2011, at the end of 2011, all existing tax loss carryforwards will never expire but they can off-set only
80
% of the taxable
income of the year. The rules do not affect the tax loss carryforward that refer to the start-up period, defined as the first three years
of operations starting from the inception of the Company.
The
following table shows the amount of deferred tax assets that can be carried forward indefinitely and used without limitation or with
the limit of 80% of taxable income generated in Italy, as provided by Legislative Decree 98/2011:
At
    December 31,
2023
2022
2021
(in Euros)
No expiration date
€
5,487,085
€
5,487,085
€
5,487,085
No expiration date -
    DL 98/2011
43,191,915
33,054,966
24,241,891
Total
€
48,679,000
€
38,542,051
€
29,728,976
F-
15
The
Company has analyzed its tax position by determining the amount of tax losses that can be carried forward indefinitely and has decided
to accrue an allowance for related deferred tax assets as the Company is in a situation of pre-revenues that is destined to remain in
the long run and there is no certainty of the future recoverability of such tax losses through tax relevant incomes. Future taxable profits
for the Company depend on the manufacture of marketable drugs following the successful completion of the clinical trial. Since the clinical
trial is still in Phase I/2A, the time frame and uncertainties regarding the outcome of the completion justify the full allowance of
deferred tax assets.
6.
Prepaid expenses and other current assets
Prepaid
expenses and other current assets consist of the following:
At December
    31,
2023
2022
2021
(Euro)
Value Added Tax (VAT)
€
1,170,634
€
912,423
€
820,780
Research and development tax credit
833,000
650,000
600,000
Advances payments to suppliers
34,108
41,149
58,009
Other current assets
64,664
219,400
21,987
Other prepaids
378,148
103,540
18,247
Total
€
2,480,554
€
1,926,512
€
1,519,023
Value
Added Tax (VAT) receivables are linked to purchases. Italian VAT (
Imposta sul Valore Aggiunto
) applies to the supply of goods
and services carried out in Italy by entrepreneurs, professionals, or artists and on imports carried out by anyone. Intra-Community acquisitions
are also subject to VAT under certain situations. The Italian standard VAT rate for 2023 and 2022 was
22
%. Reduced rates are provided
for specifically listed supplies of goods and services. It is carried forward indefinitely and does not expire. The Company reclassified
to other non-current assets a portion of the receivable which is expected to be realized beyond 12 months.
Tax
credits on research and development represent a special tax relief offered to Italian companies operating in the research and development
sector and can be used to offset most taxes payable. The Company has a total research and development tax credit available to be used
of approximately €
4.1
million at December 31, 2023, and approximately €
4.4
million at December 31, 2022, which can be carried
forward indefinitely and does not expire. However, given the start-up status of the Company, and the fact that it will not be profitable
in the foreseeable future (which limits the utilization of the credit), the Company recognized a receivable balance that represents the
Company's best estimate of the amount of tax credit that can be used in offsetting taxes payable for approximately 17 months after
December 31, 2023.
During
the 12 months period ended December 31, 2023, the Company utilized approximately €
732,000
to offset certain social contributions
and taxes payable, while during the financial year 2022, the Company utilized approximately €
600,000
. The benefit recorded for the
12 months ended December 31, 2023 and 2022, to offset research and development expenses was approximately €
430,000
and €
698,000
,
respectively. The Company reclassified to other non-current assets a portion of the receivable, which is expected to be realized beyond
12 months (see Note 8. Non-current assets right of use (ROU)).
Advance
payments to suppliers at December 31, 2023 and 2022 mainly relate to R&D operating services.
Other
current assets at December 31, 2023 mainly relate to interests maturing on investment in marketable securities, while Other current assets
at December 31, 2022 mainly relate to the allowance for corporate equity ("ACE") of approximately €
180,000
and the quota
of accruing financial interest income on time deposit of approximately €
38,000
.
At
December 31, 2023, Other prepaid expenses mainly relate to the directors and officers ("D&O") insurance policy paid in
December 2023 of approximately €
0.2
million, while at December 31, 2022 other prepaids mainly include expenses for various services,
already financially incurred but attributable to the following year.
7.
Fixed assets, net
Fixed
assets consist of the following:
At
    December 31,
2023
2022
2021
(in Euros)
Software (ERP Implementation)
€
87,800
€
87,800
€
-
Computer
35,971
31,307
24,869
Furniture and fixtures
13,005
4,676
5,010
Total fixed assets
136,776
123,783
29,879
Less: accumulated depreciation
(
53,799
)
(
12,144
)
(
6,789
)
Fixed assets, net
€
82,977
€
111,639
€
23,090
For
the period ended December 31, 2023 and 2022 software was approximately €
53,144
and €
87,800
, respectively, net of accumulated depreciation, and included software customization and development costs related to information technology
security infrastructure and the new ERP system.
F-
16
Equipment
consists of computers and furniture and fixtures of our office space in Milan, Italy. There were no significant disposals, nor impairments
during the periods. Depreciation has been calculated by taking into consideration the use, purpose, and financial-technical duration
of the assets, based on their estimated economic lives. No significant purchases occurred during the period ended December 31, 2023.
8.
Non-current assets right of use (ROU)
In
February 2022, the Company entered into a four-year (i.e., 48 month) lease of an automobile, with an ending date of January 2026. The
"base" annual lease payment is €
13,967
payable monthly in the amount of €
1,164
. The
lease payment will remain fixed
for the four (4) years
. The automobile lease was identified and accounted for as a finance type lease.
For
the initial measurement, the calculation of the net present value of the right of use asset and liability was made by using the discounted
rate of
6.25
% and was determined to be approximately €
49,320
. Lessee initial direct costs were deemed not material. Other non-lease
component costs for lease insurance was accounted for separately from the lease. At December 31, 2023, the net present value of the ROU
asset and liability amounted to approximately €
27,200
. The liability was determined to be €
12,600
as a current liability and
€
14,600
as a long-term liability.
9.
Other non-current assets
Other
non-current assets consist of the long-term portion of the VAT receivable and R&D tax credit, as follows:
At
    December 31,
2023
2022
2021
(in Euros)
Value Added Tax (VAT)
€
630,342
€
912,424
€
641,215
Research and development tax credit
167,000
650,000
600,000
Other non-current assets
207,218
39,079
Total other non-current
    assets
€
1,004,560
€
1,601,503
€
1,241,215
The
VAT tax credit matured in 2023 and is expected to become eligible for reimbursement after twelve months from December 31, 2023.
The
R&D tax credit long term decreased in 2023, mainly because of the decrease in the percentage of eligible R&D expense that by
law was reduced from
20
% in 2022 to
10
% in 2023. The decrease was also partially due to the different estimation of the projected utilization
time frame, compared to the same estimation of the previous year.
Other
non-current assets mainly include the allowance for corporate equity ("ACE") of approximately €
0.2
million.
In
addition, other non-current assets - related party includes a security deposit of €
3,350
paid to OSR - San Raffaele Hospital as
security guarantee for the office lease contract. (See Note 14. Commitments and contingencies).
10.
Retirement benefit obligation
Employees
in Italy are entitled to Trattamento di Fine Rapporto ("TFR"), commonly referred to as an employee leaving indemnity, which
represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on
an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal).
The annual accrual is approximately
7
% of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of
return of 1.50%, plus 75% of the Consumer Price Index
, and is recorded by a book reserve. TFR is an unfunded plan. The costs of the retirement
benefit obligation are accounted for under the provisions of ASC 715,
Compensation – Retirement Benefits
. The amount of
the obligation at December 31, 2023 and 2022 was €
164,655
and €
88,963
, respectively. The increase was mainly due to the increase
in the Company's organizational structure and the increase in employee compensation.
11.
Quotaholders' and shareholders' equity
The
Company was an S.r.l., which is an Italian limited liability company like a limited liability company in the U.S., prior to May 2021.
The Articles of Incorporation, Shareholders' Agreement and the By-laws of the Company provided for different quotas, which represented
the Company's corporate capital, rather than shares of stock as ownership.
F-
17
Corporate
capital
As
an S.r.l., the Company's ownership was called "corporate capital" and "quotas" rather than shares, stock,
or units.
The
Company's capital was divided between five (5)categories of quotas as summarized below at January 1, 2021:
At
January 1,
Ownership
Quota
2021
%
A
€
10,458
28
%
B
6,886
19
%
C
8,645
23
%
D
4,034
11
%
E
7,033
19
%
Total
€
37,056
100
%
The
Company had five (5) categories of quotas:
●
Quota
                                            A was reserved for certain founders. One of the founders had the right to appoint three (3)
                                            board members out of five (5), appoint the Chair from these three (3) persons and appoint
                                            one (1) member of the board of statutory auditors. One other founder had the right to appoint
                                            two (2) board members out of five (5), appoint two (2) statutory auditors and appoint the
                                            Chair of the statutory auditors from the two (2) appointees.
Quota A had voting rights.
●
Quota
                                            B had no voting rights
, the same profit-sharing rights as Quota A and was priced at a nominal
                                            amount of €
1.00
. The Company had historically utilized Quota B for its share-based compensation
                                            program offered to board members, employees, and consultants. Quota B was also held by certain
                                            co-founders. The Company's stock options were exercisable into Quota B for past and
                                            present board members, employees, and consultants.
●
Quota
                                            C had the right to appoint one (1) member of the board of statutory auditors; specifically,
                                            the one (1) that a founder had the right to appoint.
●
Quota
                                            D and Quota E had no rights.
●
Quotas
                                            A, C, D & E. During a divestiture proceeding (meaning Quotas representing
100
% of the
                                            corporate capital of the Company) or a dissolution of the Company, Quotas C, D & E all
                                            had the same rights with respect to the proceeds of a divestiture, i.e., all three (3) quotas
                                            shared the divestiture consideration equally (on a pari passu basis) up to the amount of
                                            their investment. If there was any consideration remaining after payment to quotas C, D &
                                            E, then quota A was entitled to the amount remaining up to the amount of their investment.
                                            If proceeds of a divestiture were less than or equal to €
50
million, then any proceeds
                                            remaining after payment of quotas A, C, D & E, were to be shared equally among quotas
                                            A, C, D & E; however, if proceeds of a divestiture were greater than €
50
million,
                                            then any proceeds remaining after payment of quotas A, C, D & E, were to be distributed
                                            to each quota separately according to a detailed formula specified in the Company's
                                            By-Laws, including quota B. Similar to a divestiture, net profits, if any, were to be distributed
                                            in the same manner to quotas A, B, C, D & E, after deducting not less than five (5) percent
                                            for a legal reserve (up to where this reserve equals one-fifth of the quota capital). A,
                                            C, D, E had equal voting rights and the Company By-laws specify protective provisions for
                                            each class of quota for A, C, D & E.
During
the year ended December 31, 2021, the following events occurred which together had a significant impact on the Company's equity:
On
April 1, 2021, the Board of Directors resolved to grant to employees and non-employees stock options and accelerate the vesting of other
stock options on €
715
quota B and €
172
quota B were repurchased at nominal value, cancelled, and allocated to the option plan
as available for grant by Drs. Naldini and Gentner, leaving a net equity increase of €
543
quota B. All quota B ownership has limited
rights and carry a par value of €
1
per quota. The Corporate Capital amount was €
37,771
(€
37,056
corporate capital at December
31, 2020 + €
715
exercise of Quota B options before the conversion).
F-
18
On
May 20, 2021, at a Quotaholders' meeting, the Quotaholders resolved to convert the Company from an S.r.l. to an S.p.A., which conversion
became effective on June 18, 2021. As consequence of the conversion, the Corporate Capital was converted to ordinary shares with no par
value, and it was increased to €
50,000
to satisfy the minimum capital requirement to qualify as an S.p.A. in Italy. This increase
was an adjustment from additional paid-in capital to ordinary shares, no par value.
As
a result of the Company conversion, the corporate capital was reclassified as ordinary shares, no par value, combining the minimum capital
amount of €
50,000
with the additional paid-in capital for a total of €
37,139,431
. The outstanding quota of €
50,000
before
the conversion were all converted into
15
million shares of ordinary shares, no par value, after the conversion at the same conversion
rate of approximately
300
quota per share of ownership. All preferences related to the quota classes were terminated and all shareholders
held ordinary shares, no par value. All shares outstanding after the conversion are held in ledger form. The Company adopted new Articles
of Association and Bylaws, appointed a new Board of Directors and board of statutory auditors.
On
December 15, 2021, the Company completed the IPO of its shares and was listed on the Nasdaq Stock Capital Market. Through the IPO,
3,120,114
new ordinary shares with no par value were issued.
720,114
ordinary shares were subscribed by the Company's existing shareholders
through a Reserved Offering, while
2.4
million ADS were directly placed on the market. Subsequently, on December 27, 2021, the Company's
underwriter exercised a portion of its "green shoe" allotment for an additional
96,744
ADS. The total number of shares outstanding
resulting at December 31, 2021 was
18,216,858
. Through the IPO, approximately €
29
million was raised net of listing costs (approximately
€
3.9
million).
12.
Share-based compensation
The
Company granted options on its corporate capital to certain directors, officers, employees, and consultants, as an incentive and as additional
compensation prior to the Company's conversion to an S.p.A. All options converted into Quota B when vested and exercised.
In
April 2021, €
172
of quota B shares were repurchased, cancelled, and allocated to the option plan as available for grant. The Board
approved new option grants on €
169
of quota B and accelerated the vesting of options on €
546
quota B and all options were exercised.
The total of €
715
quota B were issued and exercised in April 2021 with no options remaining outstanding at that time.
In
May 2021, in context of our Corporate Conversion from a limited liability company (società a responsabilità limitata, or
"S.r.l.") to a joint stock company (società per azioni, or an "S.p.A."), the shareholders approved a capital
increase to allow for issuance of up to
2.7
million ordinary shares, or
10
% of the total outstanding common shares of the Company after
the IPO, in the service of a four-year employees' share option plan, "Equity Incentive Plan 2021–2025," (the
"Plan") to be adopted by the board of directors. The Plan is administered by the Board of Directors in consultation with
the Compensation, Nomination and Governance Committee. No options were granted under the Plan during 2021.
In
April 2022, the Company's board of directors, as administrator of the Plan, awarded a nonqualified stock option ("NSO")
on
147,783
shares to its (former) Chairman according to the terms of a Sub-Plan called "2021-2025 Chairman Sub-Plan" (the
"Sub-Plan") attached to the Plan. The NSO was fully vested upon grant and carried a two (2) year exercise term. The exercise
price of the NSO is €
6.38
per share, as pre-determined in the Sub-Plan.
In
July 2022, the Company's board of directors, as administrator of the Plan, awarded NSOs on
392,740
shares to certain of the Company's
directors, officers and employees.
The director NSOs vested monthly over a one-year period with a 10-year term. The officer and employee
NSOs vested monthly over a four (4) year period with a 10-year term; however, the vesting of the officer NSOs were adjusted based on
hire date per their employment contracts
. All NSOs were priced based on a 30-day volume weighted average formula, adjusted by Black-Scholes,
which was determined to be $
4.76
per share.
At
December 31, 2022, there were
540,523
granted stock options and
1,281,162
stock options remaining available for grant.
In
March 2023, the Board, as administrator of the Plan, awarded NSOs on
46,400
shares to the Company's directors. The NSOs vested
monthly over a one (1) year period with a 10-year term. All NSOs were priced based on a 30-day volume weighted average formula, adjusted
by Black-Scholes, which was determined to be $
5.62
per share.
At
December 31, 2023, there were
586,923
granted stock options and
1,234,772
stock options remaining available for grant.
F-
19
The
Company calculates the fair value of stock options awards granted to employees and nonemployees using the Black-Scholes option-pricing
method. If the company determinates that other methods are more reasonable, or other methods for calculating these assumptions are prescribed
by regulators, the fair value calculated for the Company's stock options could change significantly. Higher volatility and longer
expected lives would result in an increase to share-based compensation expense to non-employees determined at the date of grant. Share-based
compensation expense to non-employees affects the Company's selling, general and administrative expenses and research and development
expenses.
The
Company calculated the share compensation expense for the options granted by utilizing the Black Scholes method with the following inputs
for each of the stock grants in March 2023, July 2022 and April of 2022:
●
The
                                            option's exercise price.
●
The
                                            option's expected term.
●
The
                                            underlying share's current price.
●
The
                                            underlying share's expected price volatility during the option's expected (or
                                            in certain cases, contractual) term, or in cases where calculated value is used, the historical
                                            volatility of an appropriate industry sector index.
●
The
                                            underlying share's expected dividends during the option's expected (or in certain
                                            cases, contractual) term except cases, such as when dividend protection is provided; and
●
The
                                            risk-free interest rate during the option's expected (or in certain cases, contractual)
                                            term.
Number
    of Options
Weighted
    Average Exercise Price
Weighted
    Average Remaining Contractual Term (Years)
Aggregate
    Intrinsic Value
Outstanding as of January
    1, 2021
546
€
1.00
1
€
584,132
Granted
169
1.00
183,831
Vested and exercised
715
1.00
-
777,920
Cancelled or forfeited
-
-
-
-
Outstanding as of December 31, 2021
-
€
-
-
€
-
Exercisable as of December 31, 2021
-
€
-
-
€
-
Outstanding, expected
    to vest as of December 31, 2021
-
€
-
-
€
-
Outstanding as of January 1, 2022
-
-
-
-
Granted
540,523
€
4.99
7.3
€
272,480
Vested and exercised
-
-
-
-
Cancelled or forfeited
-
-
-
-
Outstanding as of December 31, 2022
540,523
€
4.99
7.3
€
272,480
Exercisable as of December 31, 2022
237,129
€
5.66
4.42
€
61,988
Outstanding, expected
    to vest as of December 31, 2022
303,394
€
4.67
9.55
€
210,492
Outstanding as of January 1, 2023
540,523
€
4.99
7.3
€
272,480
Granted
46,400
5.30
9.17
-
Vested and exercised
-
-
-
-
Cancelled or forfeited
-
-
-
-
Outstanding as of December 31, 2023
586,923
€
4.84
6.53
€
67,596
Exercisable as of December 31, 2023
382,785
€
5.11
5.44
€
33,796
Outstanding, expected
    to vest as of December 31, 2023
204,138
€
4.34
8.58
€
33,800
F-
20
On
March 2023, the Company granted non-qualified stock options to certain directors were partially vested and priced based on the "2021-2025
-Plan." Total recognized expense was approximately €
199,890
.
On
July 2022, the Company granted non-qualified stock options to certain directors and employees that were partially vested and priced based
on the "2021-2025 Plan." Total recognized expense was approximately €
482,692
.
On
April 2022, the Company granted non-qualified stock options to Dr. Squinto, Chairman of the Company at that time, that were fully vested
and priced based on a Sub-Plan called "2021-2025 Chairman Sub-Plan" attached to the Plan. Total recognized expense was €
240,043
.
At
December 31, 2021, there were
no
outstanding stock options.
The
Company's share-based compensation expense for the years ended December 31, 2023, 2022 and 2021 is represented by the following
table:
Year
    ended December 31
2023
2022
2021
(in Euros)
Research & development expense
€
73,392
€
35,164
€
82,669
Research & development expense - related
    party
-
-
179,480
General & administrative expense
505,828
486,962
234,955
General & administrative
    expense - related party
160,664
200,609
-
Total
€
739,884
€
722,735
€
497,104
Unrecognized expense
€
907,683
€
1,639,082
€
-
For
the years ended December 31, 2023, 2022 and 2021, the Company recorded €
739,884
, €
722,735
and €
497,104
, respectively,
as the fair value of the stock options granted.
The
amount of unrecognized expense at December 31, 2023 was €
907,683
. The amount of unrecognized expense at December 31, 2022 was €
1,639,082
.
The weighted average fair value of the options granted during 2021 was €
1,088
per quota B. There was
no
amount of unrecognized expense
at December 31, 2021.
The
weighted average grant date fair value of the options granted during the period ended December 31, 2023 and December 31, 2022 was €
4.84
and €
4.99
per share respectively.
Weighted
average shares
The
calculation was performed by taking the number of shares outstanding during a given period and weighting them for the number of days
that number of shares were outstanding. For the period ended December 31, 2023, and December 31, 2022, there was a weighted average of
18,216,907
and
18,216,858
shares, respectively, of the Company's ordinary shares,
no
par value.
F-
21
Quota
B Valuations
The
fair value of the Quota B underlying the Company's share-based compensation grants has historically been determined by the Company's
board of directors, with input from management and third-party valuations. The Company believes that the Board of Directors has the relevant
experience and expertise to determine the fair value of its Quota B, when also securing third-party assistance. Given the absence of
a public trading market of the Company's equity, and in accordance with the American Institute of Certified Public Accountants
Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, the Board of Directors exercised reasonable
judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company's
equity at each grant date. These factors include:
●
valuations
                                            of the Quota B equity performed by third-party specialists;
●
the
                                            price of the Company's equity to third-party, arms-length, sophisticated, and qualified
                                            investors, which was used in the OPM Backsolve Model;
●
the
                                            prices, rights, preferences, and privileges of the Company's Quota C, D, and E preferred
                                            equity classes relative to those of the Company's equity;
●
lack
                                            of marketability of the Quota B;
●
lack
                                            of voting rights of the Quota B;
●
current
                                            business conditions and projections;
●
hiring
                                            of key personnel and the experience of management;
●
the
                                            Company's stage of development;
●
the
                                            timing, progress and results of the Company's pre-clinical studies and clinical trials
                                            for the Company's programs and product candidates; including statements regarding the
                                            timing of initiation and completion of trials or studies and related preparatory work, the
                                            period during which the results of the trials will become available and the Company's
                                            research and development programs;
●
likelihood
                                            of achieving a liquidity event, such as an initial public offering, a merger or acquisition
                                            of the Company given prevailing market conditions, or other liquidation events;
●
the
                                            market performance of comparable publicly traded companies; and
●
the
                                            European, U.S., and global capital market conditions.
F-
22
In
valuing the Company's Quota B class of options, the Board of Directors determined the equity value of the Company's business
using various valuation methods. The Board of Directors engaged a third-party valuation firm who performed analyses in accordance with
the guidance outlined in the American Institute of Certified Public Accountants' Accounting and Valuation Guide, Valuation of Privately-Held-Company
Equity Securities Issued as Compensation. The Company's option valuations were prepared using an option pricing method ("OPM"),
which used market approaches to estimate the Company's enterprise value.
The
OPM treats each equity class as a call option on the total equity value of a company, with exercise prices (i.e., breakpoints) based
on the value thresholds at which the allocation among the various holders of a company's securities changes. A discount was considered
for Lack of Marketability ("DLOM"), which is an amount or percentage that is deducted from the value to reflect the absence
of a viable market. The DLOM was then applied to arrive at an indication of value for the option. Also, considered in the valuation was
volatility and the fact that the Quota B class of equity did not carry voting rights. The expected volatility used in the OPM is based
upon the historical volatility of publicly traded companies in similar stages of clinical development.
Application
of the Company's approach involved the use of estimates, judgment, and assumptions that are highly complex and subjective, such
as those regarding the selection of comparable companies, and the expected timing of an IPO or other liquidity event. Changes in any
or all of these estimates and assumptions or the relationships between those assumptions impact the valuations at each valuation date
and may have a material impact on the valuation of the Company's Quota B equity class, and consequently, the Company's share-based
compensation expense could be materially different.
Weighted
average shares
As
a result of the Company's conversion to an S.P.A. in June 2021, the Company converted all its ownership to common shares. From
that point forward, the Company was able to calculate both a weighted average and pro forma weighted average number of shares outstanding.
The calculation was performed by taking the number of shares outstanding during a given period and weighting them for the number of days
that number of shares were outstanding. Prior to June 2021, the Company was unable to convert quota to shares, in part due to the fact
that quota carried different rights and privileges, so the Company was not sure how all quota would be treated in the conversion; however,
shareholders agreed at the conversion in June 2021 that all classes of quota would be treated equally and all quota were exchanged for
shares on a 1:1 basis and all the preferences were removed. Therefore, the Company was able to calculate a weighted average for the Company's
December 31, 2021 consolidated financial statement presentation.
For
the years ended December 31, 2023, 2022 and 2021 there was a weighted average of
18,216,907
,
18,216,858
and
15,083,825
shares, respectively,
of the Company's ordinary shares, no par value.
13.
Related parties
The
Company's research and development expenses are a combination of third-party expenses, and related party expenses, as detailed
below:
For
    the Year Ended December 31, 2023
Third
    Parties
Related
    Parties
Total
(in
    Euros)
Consultants
    & other third parties
€
305,289
€
1,331,166
€
1,636,455
Materials
    & supplies
3,639,920
-
3,639,920
Compensation
    (including share-based)
467,557
645,932
1,113,489
Travel
    & entertainment
44,243
-
44,243
Other
39,965
369
40,334
Total
€
4,496,974
€
1,977,467
€
6,474,441
For
    the Year Ended December 31, 2022
Third
    Parties
Related
    Parties
Total
(in
    Euros)
Consultants
    & other third parties
€
804,341
€
726,082
€
1,530,423
Materials
    & supplies
2,790,982
-
2,790,982
Compensation
    (including share-based)
412,085
580,196
992,281
Other
25,276
-
25,276
Total
€
4,032,684
€
1,306,278
€
5,338,962
For
    the Year Ended December 31, 2021
Third
    Parties
Related
    Parties
Total
(in
    Euros)
Consultants
    & other third parties
€
946,156
€
711,464
€
1,657,620
Materials
    & supplies
1,231,019
-
1,231,019
Compensation
    (including share-based)
284,957
214,892
499,849
Travel
    & entertainment
-
596
596
Other
1,593
-
1,593
Total
€
2,463,725
€
926,952
€
3,390,677
F-
23
Research
and development (related party) expenses during the years ended December 31, 2023, 2022, and 2021, mainly relate to the clinical trial
activity done as per the agreement with the OSR - San Raffaele Hospital. The increase in research and development expenses related parties
for the year ended December 31, 2023, compared to the year ended December 31, 2022, was due to the increase in the number of treated
patients and related clinical trial activities. Furthermore, the increase was also determined by the reduction in the offsetting effect
of research and development tax credits.
The
Company recorded research and development expenses of approximately €
6.5
million in 2023 (€
6.9
million less €
0.4
million,
from the compensation effect of the tax credit benefit), and €
5.3
million in 2022 (€
6.0
million less €
0.7
million, from
the compensation effect of the tax credit benefit).
In
2021, the Company recorded research and development expenses of approximately €
3.4
million (€
4.6
million, less €
1.2
million
from the compensation effect of the tax credit benefit).
The
Company's general and administrative expenses are also a combination of third-party and related party expenses, as detailed below:
For
    the Year Ended December 31, 2023
Third
    Parties
Related
    Parties
Total
(In Euros)
Compensation (including share-based)
€
1,218,299
€
1,317,068
€
2,535,367
Accounting, legal & other professional
1,026,534
-
1,026,534
Communication & IT related Facility
166,416
166,416
Facility & insurance related
6,180
15,731
21,911
Consultants & other third parties
610,103
-
610,103
Other
896,018
2,152
898,170
Total
€
3,923,550
€
1,334,951
€
5,258,501
For
    the Year Ended December 31, 2022
Third
    Parties
Related
    Parties
Total
(in
    Euros)
Compensation
    (including share-based)
€
1,293,880
€
1,268,974
€
2,562,854
Accounting,
    legal & other professional
781,817
-
781,817
Communication
    & IT related
171,380
-
171,380
Facility
    & insurance related
1,241,692
14,815
1,256,507
Consultants
    & other third parties
593,788
-
593,788
Other
331,824
6,860
338,684
Total
€
4,414,381
€
1,290,649
€
5,705,030
For
    the Year Ended December 31, 2021
Third
    Parties
Related
    Parties
Total
(in
    Euros)
Compensation
    (including share-based)
€
353,177
€
567,624
€
920,801
Accounting,
    legal & other professional
390,134
-
390,134
Communication
    & IT related
52,230
-
52,230
Facility
    & insurance related
71,181
14,399
85,580
Consultants
    & other third parties
675,688
-
675,688
Other
164,468
7,695
172,163
Total
€
1,706,878
€
589,718
€
2,296,596
F-
24
There
were no significant changes in general and administrative expenses related parties during the year ended December 31, 2023, compared
to the year ended December 31, 2022. General and administrative expenses, other than related party, decreased mainly because of the decrease
in the Company's limited liability insurance cost, aka director and officer ("D&O") insurance.
The
increase in general and administrative expenses related parties during the year ended December 31, 2022, compared to the year ended December
31, 2021 was mainly due to the increase in management compensation. General and administrative expenses, other than related party, increased
due to the increase in D&O insurance and to the increase in legal and audit fees as result of the post IPO administrative and compliance
activities.
The
Company's accounts payable to related parties are comprised as follows:
At
    December 31,
2023
2022
2021
(in Euros)
San Raffaele Hospital (OSR)
€
170,888
€
150,206
€
25,047
Pierluigi Paracchi
Carlo Russo
-
198
-
Richard Slansky
-
1,584
-
Total
€
170,888
€
151,988
€
25,047
The
Company's accrued expenses to related parties are comprised as follows:
At
    December 31,
2023
2022
2021
(in Euros)
San Raffaele Hospital (OSR)
€
413,935
€
176,559
€
19,201
Pierluigi Paracchi
175,254
112,501
25,000
Richard Slansky
116,738
81,369
53,502
Carlo Russo
155,651
118,778
34,438
Total
€
861,578
€
489,207
€
132,141
The
Company has identified the following related parties:
●
Pierluigi
                                            Paracchi
(director and co-founder of the Company);
●
Luigi
                                            Naldini
(co-founder of the Company and chair of the scientific advisory board);
●
Bernhard
                                            Rudolph Gentner
(co- founders of the Company and member of the scientific advisory board);
●
Carlo
                                            Russo
(former XDG Biomed - chief medical officer); and,
●
Richard
                                            Slansky
(chief financial officer);
●
OSR
                                            - San Raffaele Hospital
(co-founder of the Company, shareholder, main service provider
                                            for clinical activity and licensor of brands of any product that can be obtained through
                                            research).
F-
25
The
following is a description of the nature of the transactions between the Company and these related parties:
Pierluigi
Paracchi
Mr.
Pierluigi Paracchi, President and Chairman of the Company prior to the conversion, is the current Chief Executive Officer, Vice-Chairman,
as well as co-founder. His current employment arrangement with the Company provides an annual gross salary of €
420,000
plus a
40
%
annual bonus subject to Board approval. Mr. Paracchi also has use of a Company car, for which the Company entered an operating lease
agreement in February 2022.
In
April 2022, Mr. Paracchi received a bonus of €
60,000
(gross amount), of which €
23,000
related to the activity performed in
the second half of 2021 and €
37,000
for the activity performed following the IPO in the first few months of 2022. In July 2022,
the Board approved an increase in Mr. Paracchi's bonus from
20
% to
40
% to begin effective January 1, 2023.
For
the year ended December 31, 2023, and 2022, the Company expensed approximately €
692,000
and €
624,000
, respectively, related
to compensation for Mr. Paracchi.
At
December 31, 2023 the Company accrued €
168,000
for Mr. Paracchi's bonus to reward the activity performed in 2023, while at
December 31, 2022, the Company accrued €
112,501
for Mr. Paracchi's bonus from July to December, that was paid in March 2023.
Luigi
Naldini/Bernhard Rudolph Gentner
Drs.
Naldini and Gentner are co-founders of Genenta and part of the SAB – Scientific Advisory Board, with Dr. Naldini as Chairman, and
Dr. Gentner as a member. Dr. Naldini has an advisory agreement approved by the Board of Directors and performs the pre-clinical studies
for the Company. In particular, the pre- clinical experiments are in solid tumor indications. The last consulting agreement with Dr.
Naldini was signed on June 20, 2022, which included an annual fee of €
100,000
starting July 1, 2022. At December 31, 2023, Dr. Naldini
billed €
100,000
and all the issued invoices were paid before December 31, 2023.
Dr.
Gentner, like Dr. Naldini, oversees pre-clinical research related to the platform technology. In addition, he analyzes clinical biological
data. The last agreement with Dr. Gentner, started on July 1, 2022 and provided fees in the amount of €
45,000
per year. At December
31, 2023, Dr. Gentner billed €
45,000
. All the issued invoiced were paid before December 31, 2023.
Carlo
Russo – former XDG Biomed LLC
XDG
Biomed is the LLC of Dr. Carlo Russo. Dr. Russo has a single contract signed by XDG and the Company that has been approved by the Board
of Directors and was subject to multiple amendments. In particular, Dr. Russo, via XDG, served as the Company's Chief Medical Officer
and Head of Development. Dr. Russo is responsible for the clinical development of Temferon™, the Company's gene therapy platform.
The applicable recurring fees until the IPO date was €
300,000
per year, plus a performance bonus of €
50,000
maturing for the
period July-June of each year and payable after Board of Directors approval. From the IPO date, December 15, 2021, Dr. Russo has been
employed by Genenta Science Inc. with the same role and responsibilities under a new employment agreement. The annual gross salary of
Dr. Russo, as an employee, amounts to $
500,000
per year plus a
30
% annual bonus subject to board of director approval.
For
the year ended December 31, 2023, and 2022, the Company expensed approximately €
592,000
and €
580,000
, respectively, related
to compensation for Dr. Russo.
At
December 31, 2023, the Company accrued approximately €
156,000
for Dr. Russo's bonus to reward the activity performed in 2023,
while at December 31, 2022, the Company accrued approximately €
112,000
for Dr. Russo's bonus to reward the activity performed
in 2022 paid in March 2023.
Richard
Slansky
Mr.
Slansky is the Chief Financial Officer of the Company. Prior the IPO, he was engaged by the Company to assist with financial, accounting
and audit support under an advisory agreement until the end of October 2021. On November 1, 2021, he joined the Company full time and
has been employed as Chief Financial Officer. Under the new employment agreement, Mr. Slansky is entitled to receive a gross annual compensation
of $
300,000
per year plus a
30
% annual bonus subject to board of director approval. Starting from January 1, 2023, the new gross annual
compensation for Mr. Slansky was increased to $
375,000
plus a
30
% annual bonus subject to board of director approval.
For
the year ended December 31, 2023, and 2022, the Company expensed approximately €
456,000
and €
445,000
, respectively, related
to compensation for Mr. Slansky. At December 31, 2023 the Company accrued approximately €
116,000
for Mr. Slansky's bonus to
reward the activity performed in 2023, while at December 31, 2022, the Company accrued approximately €
77,000
for Mr. Slansky's
bonus to reward the activity performed in 2022.
In
July 2022, Mr. Slansky was awarded a stock option grant and part of it was immediately vested, with value accrued into the Company's
Consolidated Statements of Operations and Comprehensive Loss of approximately €
201,000
.
F-
26
OSR
– San Raffaele Hospital
OSR
- San Raffaele Hospital is a co-founder of the Company, and the Company is a corporate and research spin-off of OSR. OSR is one of the
leading biomedical research institutions in Italy and Europe, with a 45-year history of developing innovative therapies and procedures.
The Company has agreements to license technology, to perform research, pre-clinical and clinical activities, as well as to lease facilities
and obtain certain other support functions. The Company's headquarters is currently in an OSR facility.
Amended
and Restated OSR License Agreement
The
Company entered into an Amended and Restated License Agreement (the "ARLA") with OSR in March 2023. The ARLA replaced the
Company's original license agreement originally entered into with OSR on December 15, 2014, as subsequently amended on March 16,
2017, February 1, 2019, December 23, 2020, September 28, 2021, January 22, 2022, September 29, 2022, and December 22, 2022 (the "Original
OSR License Agreement").
The
effectiveness of the ARLA was subject to Italy's Law Decree No. 21 of March 15, 2012 (i.e., the Italian Golden Power regulations),
as subsequently amended and supplemented, and would not become effective until the applicable Italian governmental authority consented
to the ARLA. On April 20, 2023, such consent was received and the ARLA became effective.
Pursuant
to the terms of the ARLA, OSR has granted the Company an exclusive, royalty-bearing, non-transferrable (except with the prior written
consent of OSR), sublicensable, worldwide license, subject to certain retained rights, to (1) certain patents, patent applications and
existing know-how for the use in the field(s) of Interferon ("IFN") gene therapy by lentiviral based-hematopoietic stem and
progenitor cells ("HSPC") gene transfer with respect to any solid cancer indication (including glioblastoma and solid liver
cancer) and/or (b) any lympho-hematopoietic indication for which the Company exercises an option (described below); and (2) certain gene
therapy products (subject to certain specified exceptions related to replication competent viruses) developed during the license term
for use in the aforementioned field(s) consisting of any lentivirals or other viral vectors regulated by miR126 and/or miR130 and/or
other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of IFN under the control of
a Tie2 promoter. Lympho-hematopoietic indication means any indication related to lympho-hematopoietic malignancies and solid cancer indication
means any solid cancer indication (e.g., without limitation, breast, pancreas, colon cancer), with each affected human organ counting
as a specific solid cancer indication.
The
rights retained by OSR, and extending to its affiliates, include the right to use the licensed technology for internal research within
the field(s) of use, the right to use the licensed technology within the field(s) of use other than in relation to the licensed products,
and the right to use the licensed technology for any use outside the field(s) of use, but subject to the options described below. In
addition, the Company granted OSR a perpetual, worldwide, royalty-free, non-exclusive license to any improvement generated by the Company
with respect to the licensed technology, to conduct internal research within the field(s) of use directly, or in or with the collaboration
third parties; and, for any use outside the field(s) of use, in which case the license is sublicensable by OSR. Finally, the world-wide
rights for the field(s) of use granted to the Company regarding the Lentigen know-how are non-exclusive and cannot be sublicensed due
to a pre-existing nonexclusive sublicense to these rights between OSR and GlaxoSmithKline Intellectual Property Development Limited.
Pursuant
to the ARLA, the Company has an exclusive option exercisable until April 20, 2026 to any OSR product improvements at no additional cost,
which could be useful for the development and/or commercialization of licensed products in the field of use. The Company also has an
exclusive option exercisable until April 20, 2026 (the "LHI Option Period") to any lympho-hematopoietic indication(s) to
be included as part of the field of use, on an indication-by-indication basis, subject to the payment of specified option fees and milestone
payments:
●
€
1.0
million for the first lympho-hematopoietic
    indication;
●
€
0.5
million for the second lympho-hematopoietic
    indication; and
●
€
0.3
million for the third lympho-hematopoietic
    indication.
No
option fee is due for the fourth lympho-hematopoietic indication and any subsequent lympho-hematopoietic indications.
The
Company has the right to extend the LHI Option Period twice for additional 12-month periods, subject to the payment of specified extension
fees.
Prior
to the effective date of the ARLA, the Company paid OSR an upfront fee in amount equal to €
250,000
pursuant to the Original OSR
License Agreement.
Pursuant
to the ARLA, as consideration, the Company agreed to pay OSR additional license fees equal to up to €
875,000
in total, which are
payable on April 20, 2023, December 31, 2023, and upon our entering into a sublicense agreement with a third party sublicensee (pursuant
to which the Company is entitled to receive an upfront payment in an amount exceeding a specified threshold from such sublicensee) during
the period between September 30, 2022 and April 20, 2028 (with most of these additional license fees being triggered upon our entering
into such a sublicense agreement). In addition, the Company has agreed to pay OSR royalties and on a single digit percentage of the net
sales of each licensed product. The royalty may be reduced upon the introduction of generic competition or patent stacking, but in no
event would the royalty be less than half of what it would have otherwise been, but for the generic competition or patent stacking. The
Company also agreed to pay OSR a royalty of our net sublicensing income for each licensed product and to pay OSR certain milestone payments
upon the achievement of certain milestone events, such as the initiation of different phases of clinical trials of a licensed product,
market authorization application ("MAA") approval by a major market country, MAA approval in the United States, the first
commercial sale of a licensed product in the United States and certain E.U. countries, and achievement of certain net sales levels.
F-
27
As
part of the ARLA, the Company has agreed to use reasonable efforts to involve OSR in Phase I clinical trials for licensed products in
the field of use, subject to OSR maintaining any required quality standards and providing its services on customary and reasonable terms
and consistent with then-applicable market standards.
We are also obligated to carry out our development activities using qualified and
experienced professionals and sufficient level of resources. In particular, consistent with the terms of the Original OSR License Agreement,
the ARLA continues to require us to invest (a) at least €5,425,000 with respect to the development of the licensed products, and
(b) at least €2,420,000 with respect to the manufacturing of such licensed products (subject to certain adjustments)
. (See Note
14. Commitments and contingencies.)
OSR
maintains control of the preparation, prosecution and maintenance of the patents licensed. The Company is obligated to pay those costs
unless additional licensees benefit from these rights, in which case the cost will be shared
pro rata
. OSR controls enforcement
of the patents and know-how rights, at its own expense. In the event that OSR fails to file suit to enforce such rights after notice
from the Company, the Company has the right to enforce the licensed technology within the field of use. Both the Company and OSR must
consent to settlement of any such litigation, and all monies recovered will be shared, after reimbursement for costs, in relation to
the damages suffered by each party, or failing a bona fide agreement between the Company and OSR, on a 50% - 50% basis.
The
ARLA expires upon the expiry of the "Royalty Term" for all licensed products and all countries, unless terminated earlier.
The Royalty Term begins on the first commercial sale of a licensed product in each country, on a country by country basis, and ends upon
the later of the (a) expiration of the commercial exclusivity for such product in that country (wherein the commercial exclusivity refers
to any remaining valid licensed patent claims covering such licensed product, any remaining regulatory exclusivity to market and sell
such licensed product or any remaining regulatory data exclusivity for such licensed product), and (b) 10 years from the first commercial
sale of such licensed product in such country.
The
parties may terminate the agreement in the event the other party breaches its obligations therein, which termination shall become effective
60 business days following written notice thereof to the breaching party. The breaching party shall have the right to cure such breach
or default during such 60 business days. OSR may terminate the agreement for failure to pay in the event that the Company fail to pay
any of the upfront payment, additional license fees, sublicensing income or milestone payments within 30 days of due dates for each.
In addition, OSR may terminate (with a 60-business-day prior written notice) the Company's rights as to certain fields of use for
the Company's failure to achieve certain development milestones for specified licensed products within certain time periods, which
may be subject to extension. In addition, OSR may terminate the agreement in the event that commercialization of a licensed product is
not started within 24 months from the grant of both (i) the MAA approval and (ii) the pricing approval of such licensed product, provided
that such termination will relate solely to such licensed product and to such country or region to which both such MAA approval and pricing
approval were granted.
Amendment
to OSR Amended and Restated License Agreement
On
September 28, 2023, the Company and OSR entered into an amendment to the ARLA, whereby the Company and OSR agreed that the Company had
fulfilled the obligations as set forth in the ARLA specific to Candidate Products 1 pursuant to the CP1 SRA. Furthermore, the amendment
provides that the Company and OSR have no further obligations to negotiate and execute a sponsored research agreement for the performance
of feasibility studies related to certain gene therapy products consisting of any lentiviral vectors regulated by miR126 and/or miR130
and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression of cytokines and their
variants (other than IFN or in addition to IFN) under the control of a Tie2 promoter, either alone or in combination with any immunotherapy
("Candidate Products 2"). Notwithstanding the removal of the obligation to enter into a sponsor research agreement with regards
to Candidate Products 2, OSR granted the Company an exclusive option, to be exercised by sending written notice to OSR on or before September
30, 2025, to include certain intellectual property related to Candidate Products 2 and Candidate Products 2 as part of the licensed patents
and licensed products under the ARLA. The option fee and the Company's fee to extend the option period, if necessary, remain consistent
with the prior fees to those costs reflected in the ARLA specific to Candidate Products 2. OSR will also have the right to prepare, file
and prosecute patents and patent applications with respect to the results of Candidate Products 2. The amendment provides that the costs
of the foregoing activities will be borne by the Company.
At
December 31, 2023, the cumulative total amount of expenses for the OSR clinical trial activity from inception amounted to approximately
€
10.8
million and it includes the cost for the exercise of the first and the second solid cancer indication option fee of €
1.0
million as well as the cost for ARLA fees for approximately €
0.4
million.
At
December 31, 2023, there were no pending activities with OSR related to any agreement in place prior to the ARLA effective date, except
for the project called "TEM-MM unspent budget reallocated to the TEM-GBM study", for which the last tranche of activities
corresponding to the 20% of the total project amounting to €
197,500
, as a whole, is still to be completed.
F-
28
OSR
Sponsor Research Agreement
On
August 1, 2023, the Company entered into a Sponsored Research Agreement ("CP1 SRA"), which was contemplated under the ARLA,
pursuant to which the Company will fund feasibility studies for certain gene therapy products consisting of any lentiviral vectors regulated
by miR126 and/or miR130 and/or other miRs with the same expression pattern as miR126 and miR130 in hematopoietic cells for the expression
of IFN under the control of a Tie2 promoter, in combination with any immunotherapy ("Candidate Products 1"), along with three
additional research projects, to be conducted at OSR. If OSR determines that additional funds are needed, OSR will inform the Company
and provide an estimate for completing the research.
During
the period from the date of execution from the CP1 SRA until six months from the last report delivered to the Company under the CP1 SRA
(the "CP1 Option Period"), the Company has the exclusive option to include certain intellectual property related to Candidate
Products 1 and Candidate Products 1 as part of the licensed patents and licensed products under the ARLA. To exercise this option, the
Company must pay an option exercise fee. The Company also has the right to extend the CP1 Option Period twice for additional 24-month
periods. The extension requires payment of an extension fee for each 24-month extension.
At
December 31, 2023 the Company recorded and paid €
250,000
for the CP1 SRA studies to date.
Operating
leases
The
Company entered into a non-cancelable lease agreement for office space in January 2020 (see Note 14 below).
14.
Commitments and contingencies
The
Company exercises considerable judgment in determining the exposure to risks and recognizing provisions or providing disclosure for contingent
liabilities related to pending litigations or other outstanding claims and liabilities. Judgment is necessary in assessing the likelihood
that a pending claim will succeed, or a liability will arise and to quantify the possible range of the final settlement. Provisions are
recorded for liabilities when losses are considered probable and can be reasonably estimated. Because of the inherent uncertainties in
making such judgments, actual losses may be different from the originally estimated provision. Estimates are subject to change as new
information becomes available, primarily with the support of internal specialists or outside consultants, such as actuaries or legal
counsel. Adjustments to provisions may significantly affect future operating results.
The
following table summarizes the Company obligations by contractual maturity at December 31, 2023:
(in Euros)
Total
Less
    than a year
1
    to 3 years
4
    to 5 years
More
    than 5 years
OSR operating leases and office
    rent
14,952
14,952
€
-
€
-
OSR - SRA ARLA
250,000
166,600
83,400
AGC manufacturing
234,754
209,704
25,050
-
-
Insurance policies
14,593
6,996
7,597
-
-
Total
€
514,299
€
398,252
€
116,047
€
-
€
-
The
commitments with OSR relate to the office rent agreement and the ARLA while the commitments with AGC Biologics ("AGC") relate
to product manufacturing and biologic stability studies on plasmid batches. Insurance on operating leases are related to the non-lease
insurance component of the Company's auto lease agreement, which was entered into in February 2022 and has a term of four (4) years.
The
Company has not included future milestone and royalty payments in the table above because the payment obligations under these agreements
are contingent upon future events, such as the Company's achievement of specified milestones or generating product sales, and the
amount, timing and likelihood of such payments are unknown and are not yet considered probable.
CMOs
and CROs agreements
The
Company enters into contracts in the normal course of business with CMOs, CROs, and other third parties for exploratory studies, manufacturing,
clinical trials, testing, and services (shipments, travel logistics, etc.). These contracts do not contain minimum purchase commitments
and, except as discussed below, are cancelable by the Company upon prior written notice. Payments due upon cancellation consist only
of payments for services provided or expenses incurred, including non- cancelable obligations of the Company's vendors or third-party
service providers, up to the date of cancellation. These payments are not included in the table above as the amount and timing of such
payments are not known.
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29
OSR
- San Raffaele Hospital
As
part of the ARLA, the Company is obligated to carry out development activities using qualified and experienced professionals and sufficient
level of resources.
In particular, consistent with the terms of the Original OSR License Agreement, the ARLA continues to require us
to invest (a) at least €
5,425,000
with respect to the development of the licensed products, and (b) at least €2,420,000 with
respect to the manufacturing of such licensed products (subject to certain adjustments).
The
Company incurred €
2.5
million and €
1.3
million of expenses during the period ended December 31, 2023, and December 31, 2022,
respectively. The cumulative expense to date is €
9.1
million, therefore there is no residual commitment for the Company at December
31, 2023.
The
Company has agreed to pay OSR royalties for
4
% of the net sales of each licensed product. The royalty may be reduced upon the introduction
of generic competition or patent stacking, but in no event would the royalty be less than half of what it would have otherwise been,
but for the generic competition or patent stacking. The Company also agreed to pay OSR a royalty of the Company's net sublicensing
income for each licensed product and to pay OSR certain milestone payments upon the achievement of certain milestone events, such as
the initiation of different phases of clinical trials of a licensed product, market authorization application ("MAA") approval
by a major market country, MAA approval in the United States, the first commercial sale of a licensed product in the United States and
certain E.U. countries, and achievement of certain net sales levels.
No
events have occurred or have been achieved (and none are considered probable) to trigger any contingent payments under the ARLA during
the period ended December 31, 2023. For information relating to the contingency payments or future milestones for these indications,
please refer to Note 14 - Commitments and Contingencies.
AGC
Biologics
The
AGC agreement is non-cancelable, except in the case of breach of contract, and includes a potential milestone of €
0.3
million if
a phase 3 study is approved by the relevant authority, as well as potential royalty fees between
0.5
% and
1.0
% depending on the volume
of annual net sales of the first commercial and named patient sale of the product. In the AGC Agreement, the Company entrusts AGC with
certain development activities that will allow the Company to carry out activities related to its clinical research and manufacturing.
The AGC agreement also includes a technology transfer fee of €
0.5
million related to the transfer of the manufacturing know-how
and €
1.0
million related to the marketability approval by regulatory authorities. The agreement is a "pay-as-you-go"
type arrangement with all services expensed in the period the services were performed.
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30
In
December 2021, the Company entered into Side Letter to the Framework Service Agreement with ACG Biologics to perform the manufacture
of one (1) additional
GMP
batch of 24L INFa LV vector (TIA-126 LV- the "LVV Batch"), in connection with the Study
TEM-GBM001, completed in the first six months ended June 30, 2022, for a total amount of €
311,280
.
In
March 2022, the Company entered into Side Letter to the Framework Service Agreement with ACG Biologics to perform the manufacture of
one (1) additional GMP batch of 24L INFa LV vector (TIA-126 LV) completed in November 2022, for €
311,280
.
In
October 2022, the Company entered into Side Letter to the Master Service Agreement dated March 6, 2019 to negotiate a technology transfer
agreement regarding the transfer and implementation of the manufacturing process in the AGC facility located in Bresso, Italy, including
timeline, budget and the technology transfer protocol (the "Tech Transfer") and AGC agreed with the Company to procure raw
materials to be use under the Tech Transfer.
In
December 2022, the Company signed respectively: (i) the Amendment No. 1 to the Master Service Agreement dated March 6, 2019 mainly to
update the definition of raw materials; and (ii) a Process Transfer Agreement to agree on producing the raw materials necessary for the
performance of the services related to the Tech Transfer for a total commitment of €
405,000
for raw materials, €
40,500
for
handling and €
24,000
for the stability timepoints. At December 31, 2023, the project was approximately completed.
In
January 2023, the Company entered into a new Development and Manufacturing Service Agreement providing the framework under which AGC
will provide services pursuant to one or more work statements to be entered into from time to time during the agreement term.
In
February 2023, the Company entered into work statements ("SOW") Nos. 1 and 2 to produce LVV for ex-vivo application (TIA-126-LV)
for an estimated amount, including raw material and third party costs, of approximately €
0.7
million and €
1.5
million respectively.
AT December 31, 2023 the SOW n.1 was completed, while the to complete the SOW n.2 approximately €
0.6
million of activities were
still to be performed.
In
December 2023, the Company entered into purchase orders n. 41 and 42 under the Master Service Agreement dated March 6, 2019 as amended
in December 2022, for e total amount of approximately €
0.2
million. At December 31, 2023 the production activity was not performed
yet.
Operating
leases
On
December 1, 2019, the Company began a six-year non-cancelable (and renewable for further six (6) years) lease agreement for office space
with OSR. Withdrawal is allowed from the fourth year with a notice of 12 months. Since the annual rent amounts to approximately €
15,000
,
at December 31, 2023, outstanding minimum payments amount to approximately €
15,000
until December 1, 2024.
Legal
proceedings
The
Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss
amount or a potential range of loss is probable and reasonably estimable under the provisions of ASC 450, Contingencies.
15.
Subsequent events
.
The
Company is not aware of any subsequent events. Subsequent events are events that occur after a company's year-end period but before
the release of the financial statements.
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