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

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

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

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentTransitionReport_c20220401__20230331_zFBspZJkZN05"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
<b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; 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; 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; 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--DocumentShellCompanyReport_c20220401__20230331_zhkkhgyVR5H4"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number: <span id="xdx_909_edei--EntityFileNumber_c20220401__20230331_zpaw28WA3EQ7"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityFileNumber">001-41386</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90B_edei--EntityRegistrantName_c20220401__20230331_zTrt2MojAwei"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityRegistrantName">OKYO
Pharma Limited</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 and translation of Registrant&#8217;s name into English)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityIncorporationStateCountryCode_c20220401__20230331_zvi2dirCPim8"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Guernsey</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressAddressLine1_c20220401__20230331_zVfzHiRz7X9d"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressAddressLine1">Martello
Court</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityAddressAddressLine2_c20220401__20230331_zbqKb63N66Vh"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressAddressLine2">Admiral
Park</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--EntityAddressCityOrTown_c20220401__20230331_z8YzqmliFLI8"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressCityOrTown">St.
Peter Port</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--EntityAddressCountry_c20220401__20230331_zlbV5JieqUH"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Guernsey</ix:nonNumeric></span>
<span id="xdx_904_edei--EntityAddressPostalZipCode_c20220401__20230331_zeWunzqqYD46"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityAddressPostalZipCode">GY1 3HB</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--ContactPersonnelName_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zLAX693HnFni"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:ContactPersonnelName">Chief
Financial Officer</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityAddressAddressLine1_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zMpsyEaiP3ia"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">107
Cheapside</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressCityOrTown_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zvvVUs95S6ef"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">London</ix:nonNumeric></span>
<span id="xdx_901_edei--EntityAddressPostalZipCode_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zzt8nb0hKix9"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">EC2V 6DN</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressCountry_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zu50BHyd7Kk3"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">United
Kingdom</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--CityAreaCode_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zsidyGcSmHO4"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:CityAreaCode">+44</ix:nonNumeric></span>
<span id="xdx_90F_edei--LocalPhoneNumber_c20220401__20230331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zV6teKguAEqa"><ix:nonNumeric contextRef="From2022-04-012023-03-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">20 7495 2379</ix:nonNumeric></span></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Orrick,
Herrington &amp; Sutcliffe (UK) LLP</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>107
Cheapside</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>London
EC2V 6DN</b></span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
    Depositary Shares, each representing <br />
    65 ordinary shares, having a nominal value of &#163;0.00<br />
    each Ordinary share, nominal value of &#163;0.00 each*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
    Capital Market</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*) Not for trading, but only in connection with the listing of the American Depositary Shares</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: <b>None</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: <b>None</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of July 27, 2023: <span id="xdx_901_edei--EntityCommonStockSharesOutstanding_iI_pid_c20230727_zswUZBnctWLe"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-07-27" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,553,274</ix:nonFraction></span> ordinary shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_90E_edei--EntityWellKnownSeasonedIssuer_c20220401__20230331_z63xIPh5qSk2"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_900_edei--EntityVoluntaryFilers_c20220401__20230331_zYhtY8eSA3s6"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityVoluntaryFilers">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_902_edei--EntityCurrentReportingStatus_c20220401__20230331_zTnHI9mynD13"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted 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 and post such files).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_901_edei--EntityInteractiveDataCurrent_c20220401__20230331_zo8HXnTcpU17"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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, or a non-accelerated filer, smaller reporting
company, or an emerging growth company. See definitions of &#8220;large accelerated filer, &#8220;accelerated filer&#8221;, &#8220;smaller
reporting company&#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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--EntityFilerCategory_c20220401__20230331_z06RpupLic88"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company &#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company <span id="xdx_903_edei--EntityEmergingGrowthCompany_c20220401__20230331_zjkiWqKstWag"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 checkmark 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_90A_edei--EntityExTransitionPeriod_c20220401__20230331_zOslTErmzqDl"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
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></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    GAAP &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_edei--DocumentAccountingStandard_c20220401__20230331_zuxYJUcGw329"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued by the<br />
    International Accounting Standards Board</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><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; 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; 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">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:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Item 17 &#9744; Item 18</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_90E_edei--EntityShellCompany_c20220401__20230331_zIFjJdaOayCa"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span></span></p>

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

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

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

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


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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART I</b></span></a></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; 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"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identity of Directors, Senior Management and Advisers</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.6in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</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">Item
    2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Statistics and Expected Timetable</span></a></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">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key Information</span></a></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">1</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">Item
    4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information on the Company</span></a></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">33</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="#b_001">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">49</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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="#b_002">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">49</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    6</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="#b_003">Directors, Senior Management and Employees</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">59</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">Item
    7</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="#b_004">Major Shareholders and Related Party Transactions</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">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><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; font-size: 10pt"><a href="#b_005">Financial Information</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">70</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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; font-size: 10pt"><a href="#b_006">The Offer and Listing</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">71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    10</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="#b_007">Additional Information</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">73</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">Item
    11</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="#b_008">Quantitative and Qualitative Disclosures About Market Risk</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: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    12</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="#b_009">Description of Securities Other than Equity Securities</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">82</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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: White">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#b_010">PART II</a></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_011">Defaults, Dividend Arrearages and Delinquencies</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: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    14</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="#b_012">Material Modifications to the Rights of Security Holders and Use of Proceeds</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: 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">Item
    15</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="#b_013">Controls and Procedures</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: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16A</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="#b_014">Audit Committee Financial Expert</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">84</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">Item
    16B</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="#b_015">Code of Ethics</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">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16C</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="#b_016">Principal Accountant Fees and Services</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">84</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">Item
    16D</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="#b_017">Exemptions From the Listing Standards for Audit Committees</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">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16E</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="#b_018">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</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">84</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">Item
    16F</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="#b_019">Change in Registrant&#8217;s Certifying Accountant</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">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16G</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="#b_020">Corporate Governance</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: 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">Item
    16H</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="#b_021">Mine Safety Disclosure</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: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Item
    16<span style="text-decoration: underline">L</span></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="#b_022">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.</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: 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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: White">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_001">PART III</a></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_002">Financial Statements</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: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    18</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="#ap_003">Financial Statements</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: 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">Item
    19</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="#ap_004">Exhibits</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>
  </table>
<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"></span></p>

<p style="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"></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Annual Report on the Form 20-F references to &#8220;OKYO,&#8221; &#8220;OKYO Pharma Ltd,&#8221; &#8220;the company,&#8221; &#8220;we,&#8221;
&#8220;us&#8221; and &#8220;our&#8221; refer to OKYO Pharma Ltd and its wholly owned subsidiary, OKYO Pharma Inc.</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">Solely
for convenience, the trademarks, service marks and trade names in this annual report may be referred to without the &#174; and &#8482;
symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent
under applicable law, their rights thereto. This annual report contains additional trademarks, service marks and trade names of others,
which are the property of their respective owners. We do not intend to use or display other companies&#8217; trademarks, service marks
and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.</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">In
this annual report, unless otherwise stated, all references to &#8220;U.S. dollars&#8221; or &#8220;US$&#8221; or &#8220;$&#8221; or
&#8220;cents&#8221; are to the currency of the United States of America, and all references to &#8220;Pounds Sterling&#8221; or &#8220;Sterling&#8221;
or &#8220;&#163;&#8221; or &#8220;pence&#8221; are to the currency of the United Kingdom.</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">In
this annual report, any reference to any provision of any legislation shall include any amendment, modification, re-enactment or extension
thereof. Words importing the singular shall include the plural and vice versa, and words importing the masculine gender shall include
the feminine or neutral gender.</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>


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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"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Presentation
of Financial Information AND OTHER DATA</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report includes our audited consolidated financial statements as of and for the years ended March 31, 2023, 2022, and 2021, which
are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards
Board, or IASB. None of our financial statements were prepared in accordance with generally accepted accounting principles in the United
States.</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">Our
financial information is presented in United States dollars. For the convenience of the reader, in this annual report, unless otherwise
indicated, translations from Pounds Sterling into U.S. dollars were made at the rate of &#163;1.00 to $1.3113, which was the noon buying
rate of the Federal Reserve Bank of New York on July 14, 2023. Such U.S. dollar amounts are not necessarily indicative of the amounts
of U.S. dollars that could actually have been purchased upon exchange of Pounds Sterling at the dates indicated.</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">We
have made rounding adjustments to some of the figures included in this annual report. Accordingly, numerical figures shown as totals
in some tables may not be an arithmetic aggregation of the figures that preceded them.</span></p>

<p style="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"></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></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">This
Annual Report contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this
Annual Report, other than statements of historical fact, including statements regarding our strategy, future operations, future financial
position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words
&#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221;
&#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;objective,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221;
&#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;continue&#8221; and &#8220;ongoing,&#8221; or the negative of these terms, or
other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties
and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different
from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained
in this annual report are based upon information available to us as of the date of this annual report and, while we believe such information
forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking
statements include statements about:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.2in"><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: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    development of product candidates, including statements regarding the timing of initiation, completion and the outcome of clinical
    studies or trials and related preparatory work, the period during which the results of the trials will become available and our 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain and maintain regulatory approval of our product candidates in the indications for which we plan to develop them,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should refer to the section titled &#8220;Risk Factors&#8221; for a discussion of important factors that may cause our actual results
to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure
you that the forward-looking statements in this annual report will prove to be accurate.</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">Furthermore,
if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in
these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that
we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by law.</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">You
should read this Annual Report and the documents that we have filed as exhibits to this Annual Report completely and with the understanding
that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these
cautionary statements.</span></p>

<p style="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"></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>ITEM
1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></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">Not
Applicable</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>ITEM
2: OFFER STATISTICS AND EXPECTED TIMETABLE</b></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">Not
applicable.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>ITEM
3: KEY INFORMATION</b></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"><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>A.
Selected Financial Data</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.2in"><span style="font-family: Times 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
following table summarizes our consolidated financial data as of the dates and for the periods indicated. The consolidated financial
statement data for the years ended March 31, 2023, 2022 and 2021 have been derived from our consolidated financial statements, as presented
at the end of this Annual Report, which have been prepared in accordance with IFRS, as issued by the IASB, and audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States).</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">Our
functional currency is the pound Sterling. However, for financial reporting purposes, our financial statements, which are prepared using
the functional currency, have been translated into U.S. dollars. Our assets and liabilities are translated at the exchange rates at the
balance sheet date, our expenses are translated at average exchange rates for the period presented and shareholders&#8217; equity is
translated based on historical exchange rates. Translation adjustments are not included in determining net income (loss) but are included
in foreign exchange translation adjustment to other comprehensive loss, a component of shareholders&#8217; equity.</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">Foreign
currency transactions in currencies different from the functional currency are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange differences 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 recorded in
general and administrative expense in the statement of operations and comprehensive loss.</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">As
of March 31, 2023, 2022, and 2021, the representative exchange rates were &#163;1.00 = $1.23472 , &#163;1.00 = $1.313896 and &#163;1.00
= $1.380167, respectively.</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"></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"></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">Our
historical results are not necessarily indicative of the results that may be expected in the future. The following selected consolidated
financial data should be read in conjunction with our audited consolidated financial statements included at the end of this Annual Report
and the related notes and Item 5, &#8220;Operating and Financial Review and Prospects&#8221; below.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statement of Operations and Comprehensive Loss Data:</b></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(837</td><td style="text-align: left">)</td><td>&#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">(13,713</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,268</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,007</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#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">(0.60</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.36</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.32</td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Cash and cash equivalents</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,045</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,701</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,889</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Working capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,060</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,942</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,280</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">Total assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,204</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,301</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,091</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total shareholders&#8217; equity/(deficit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,053</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,947</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,319</td><td style="text-align: left">&#160;</td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
define working capital as current assets less current liabilities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Capitalization and Indebtedness</b></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: 0.25in"><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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Reasons for the Offer and Use of Proceeds</b></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: 0.25in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Risk Factors</b></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 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
business has significant risks. You should consider carefully the risks described below, together with the other information contained
in this Annual Report, including our financial statements and the related notes. If any of the following risks occur, our business, financial
condition, results of operations and future growth prospects could be materially and adversely affected. This Annual Report also contains
forward-looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these
forward-looking statements, as a result of certain factors including the risks described below and elsewhere in this Annual Report and
our other SEC filings. See &#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221; above.</i></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"><b>Risks
Relating to Our Business</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have only recently committed to our new business and our product candidates are in the early stages of development and it may be some
years until we generate revenue, if at all.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
product candidates, OK-101 and OK-201, are both early in the development stage. Our ability to generate product revenue, which is not
expected to occur for several years, if ever, will depend heavily on the successful development of the product candidates, many stages
of clinical trials, regulatory approval and eventual commercialization. We currently generate no revenue from sales of any product and
may never be able to develop or commercialize a marketable product.</span></p>

<p style="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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a high degree of failure for product candidates as they progress through clinical trials and clinical trial data may be interpreted
in varying ways which may delay, limit or prevent future regulatory approvals.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
companies in the life sciences and biotechnology sector have made significant initial progress only to suffer significant setbacks in
later stage clinical trials and there is a high failure rate for product candidates as they proceed through clinical trials. Data obtained
from pre-clinical and clinical activities is subject to varying interpretations which may delay, limit or prevent applications for regulatory
approvals.</span></p>

<p style="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"><b><i>The
development of pharmaceutical products carries significant risk of failure in early and late stage development programs.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development of pharmaceutical products is inherently uncertain, even in late-stage product development programs. There is a high failure
rate in the development of pharmaceutical products and there is a substantial risk of adverse, undesirable, unintended or inconclusive
results from testing or pre-clinical or clinical trials, which may substantially delay, or halt entirely, or make uneconomic, any further
development of our products and may prevent or limit the commercial use of such products.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the pre-clinical development of OK-101 and initial studies in animal models have been encouraging, the scope of these studies is limited,
and significant risks exist that OK-101 may never progress to a commercially viable product. Laboratory studies in animal models carry
the risk that similar results may not be seen or reproduced in future tests and trials, and there can be no guarantee that a successful
test in a mouse or other animal model will be capable of being reproduced in a human clinical trial. Small scale trials and the results
thereof, can be misleading as to efficacy, safety and other findings, as the outcome may be influenced by laboratory or demographic factors
and not due to the chemistry or biological effect of the drug candidate being evaluated. Larger scale trials often fail to produce the
same positive results seen in small scale trials for a variety of reasons and clinical trials in humans frequently fail to reproduce
efficacy seen in animal trials in the laboratory. Failure can often result after significant sums have been expended on research and
often where initial trial results (both in animals and in humans) have shown very encouraging results.</span></p>

<p style="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; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
initially intends to conduct laboratory and pre-clinical trials to establish safety and efficacy of our products. Due to the inherent
risks involved in developing pharmaceutical products, there is a risk that some or all of our products will not ultimately be successfully
developed or launched. In addition, our clinical trials may fail to show the desired safety and efficacy. Successful completion of one
stage of development of a pharmaceutical product does not ensure that subsequent stages of development will be successful. Our inability
to market any of our products currently under development would adversely affect our business and financial condition.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
commercial development of OK-101 is highly dependent on a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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
    successful conduct of human trials in the initial indications of Dry Eye Disease (DED);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">receipt
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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">acceptance
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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">OK-101
    competing effectively with existing therapies and in particular with established products addressing the same clinical needs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">OK-101
    influencing the treatment guidelines in relevant territories; 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">further
    clinical trials to provide additional data to support commercialization of OK-101 and to permit wider label claims.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of these milestones are not met, our business, financial condition, prospects and results of operations could be materially adversely
affected.</span></p>

<p style="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"><b>Risks
Related to Our Financial Position and Need for Capital.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will need to raise substantial additional capital to develop and commercialize our product candidates and our failure to obtain funding
when needed may force us to delay, reduce or eliminate our product development programs or collaboration efforts.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2023, our cash and cash equivalents balance was approximately $4.0 million and our working capital deficit was approximately
$2 million. Due to our recurring losses from operations and the expectation that we will continue to incur losses in the future, we will
be required to raise additional capital to complete the development and commercialization of our current product candidates. We have
historically relied upon private and public sales of our equity, as well as debt financings to fund our operations. In order to raise
additional capital, we may seek to sell additional equity and/or debt securities or obtain a credit facility or other loan, which we
may not be able to do on favorable terms, or at all. Our ability to obtain additional financing will be subject to a number of factors,
including market conditions, our operating performance and investor sentiment. If we are unable to raise additional capital when required
or on acceptable terms, we may have to significantly delay, scale back or discontinue the development and/or commercialization of our
product candidate, restrict our operations or obtain funds by entering into agreements on unfavorable terms. Failure to obtain additional
capital at acceptable terms would result in a material and adverse impact on our 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"><b><i>Our
independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern, which
may hinder our ability to obtain future financing.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PKF
Littlejohn, LLP, our independent registered public accounting firm for the fiscal year ended March 31, 2023, has included an explanatory
paragraph in their opinion that accompanies our audited consolidated financial statements as of and for the year ended March 31, 2023,
indicating that our liquidity position post August 2023 raises substantial doubt about our ability to continue as a going concern. If
we are unable to improve our liquidity position by October 2023, we may not be able to continue as a going concern. The accompanying
consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and,
therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause
investors to suffer the loss of all or a substantial portion of their investment.</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>

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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"></span></p>

<p style="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>We
anticipate that we will continue to incur significant losses for the foreseeable future.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of our future net losses will depend, in part, on the rate of our future expenditures, including further research and development
activity. The amount of net losses will also depend on our success in developing and commercializing OK-101 and other products that may
generate significant revenue. Any failure by us to become and remain profitable could depress the value of our ordinary shares and could
impair our ability to expand our business, maintain our research and development efforts, diversify our product offerings or continue
our 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"><b><i>We
will need to spend extensively on further research activities and there can be no guarantee that we will have access to sufficient funds
to fully realize our research and development plan or to commercialize any products derived from research activities.</i></b></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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to incur further significant expenses in connection with our ongoing research and development activities in relation to our products,
including for funding clinical studies, registration, manufacturing, marketing, sales and distribution. In order to finance fully our
strategy, we may require more capital than is available from our existing cash balances.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
to adequate additional financing, whether through debt financing, an equity capital raise or a suitable partnering transaction may not
be available to us on acceptable terms, or at all. If we are unable to raise capital, we could be forced to delay, reduce or eliminate
our research and development programs or commercialization efforts. Any additional equity fundraising may be dilutive for 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could have a material adverse effect on our business financial condition, prospects and results of operation and may
lead us to delay, reduce or abandon research and development programs or commercialization of some of our products.</span></p>

<p style="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"><b>Risks
Related to Commercialization of Our Product Candidates</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if we successfully develop a product which shows efficacy in human subjects there remain high barriers to commercial success</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we were to receive regulatory approval for OK-101 or any other products, we may be unable to commercialize them.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are a number of factors that may inhibit our efforts to commercialize OK-101 or any other products on our own, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to recruit, train and retain adequate numbers of effective sales and marketing personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    inability of sales personnel to obtain access to or persuade adequate numbers of potential practitioners to prescribe any future
    products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unforeseen
    costs and expenses associated with creating an independent sales and marketing organization;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">costs
    of marketing and promotion above those anticipated by us; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    inability to secure a suitable level of pricing and/or reimbursement approval from the relevant regulatory authorities in the countries
    we are targeting.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we may only seek to enter into arrangements with third parties to perform sales and marketing services in non-core territories, any such
arrangements could result in our product revenues (or the profitability of such product revenues) being lower than if we were to market
and sell the products itself. In addition, we may not be successful in entering into arrangements with third parties to sell and market
our products or may be unable to do so on terms that are favorable to us. Acceptable third parties may fail to devote the necessary resources
and attention to sell and market our products effectively. If we do not establish sales and marketing capabilities successfully, either
on our own or in collaboration with third parties, we will not be successful in commercializing our products, which in turn would have
a material adverse effect on our business, prospects, financial condition and 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>


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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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also invested and will continue to invest resources into the development of other products, such as OK-201. Even where these products
are successfully developed and marketing approval is secured from relevant regulatory authorities, these products might not achieve commercial
success. Factors which could limit commercial success of a product include but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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">limited
    market acceptance or a lack of recognition of the unmet medical need for the product amongst prescribers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">new
    competitor products entering the market;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number and relative efficacy, safety or cost of competitive products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to supply a sufficient amount of the product to meet market demand;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">insufficient
    funding being available to market the product adequately;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to enforce intellectual property rights, or the existence of third-party intellectual property rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">safety
    concerns arising pre- or post-launch resulting in negative publicity or product withdrawal or narrowing of the product label and
    the group of persons who may receive the product;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">labelling
    being restricted/narrowed in the future and in the future by regulatory agencies; 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">refusals
    by government or other healthcare payors to fund the purchase of the products by healthcare providers at a commercially viable level
    (or at all) or otherwise to restrict the availability of approved products on other grounds.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the foregoing were to occur, it could materially and adversely affect our business, financial condition, prospects and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face significant competition from pharmaceutical companies. We have competitors internationally, including major multinational pharmaceutical
companies, universities and research institutions. In respect of OK-101 as an indication for the treatment of DED, there are a number
of established companies engaged in the development and marketing of preparations addressing the DED market. In addition, there are a
wide range of products addressing the DED market currently approved and marketed by a number of large and small pharmaceutical companies</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our competitors have substantially greater financial, technical and other resources, such as larger research and development teams,
proven marketing and manufacturing organizations and well-established sales forces. Our competitors may succeed in developing, acquiring
or licensing drug products that are more effective or less costly than products which we are currently developing or which it may develop.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Established
pharmaceutical companies may invest heavily to accelerate the discovery and development of products that could make our products less
competitive. In addition, any new product that competes with an approved product must demonstrate compelling advantages in efficacy,
convenience, tolerability or safety in order to overcome price competition and to be commercially successful. Accordingly, our competitors
may succeed in obtaining patent protection, receiving approval from the FDA, the European Medicines Agency, or EMA, or that of another
relevant regulatory authority or discovering, developing and commercializing pharmaceutical products before we do, which would have a
material adverse effect on our business.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
availability and price of our competitors&#8217; products could limit the demand, and the price we are able to charge, for any of our
products, if approved for sale. We will not achieve our business plan if acceptance is inhibited by price competition or the reluctance
of physicians to switch from existing drug products to our products, or if physicians switch to other new drug products or choose to
reserve our products for use in limited circumstances. Competition from lower-cost generic pharmaceuticals may also result in significant
reductions in sales volumes or prices for our products, which could materially adversely affect our business, prospects, financial condition
and results of operations.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent on third party supply, development and manufacturing and clinical service relationships and on single manufacturing sites
for certain products. Our business strategy utilizes the expertise and resources of third parties in a number of areas, including the
conduct of clinical trials, other product development, manufacture and the protection of our intellectual property rights in various
geographical locations. This strategy creates risks for us by placing critical aspects of our business in the hands of third parties
whom we may not be able to manage or control adequately and who may not always act in our best interests.</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"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
we are dependent upon third parties for the development or manufacture of certain products, our ability to procure our development or
manufacture in a manner which complies with regulatory requirements may be constrained, and our ability to develop and deliver such material
on a timely and competitive basis may be materially adversely affected, which may impact revenues.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
requirements for pharmaceutical products tend to make the substitution of suppliers and contractors costly and time-consuming. Alternative
suppliers may not be able to manufacture products effectively or obtain the necessary manufacturing licenses from relevant regulatory
authorities. The unavailability of adequate commercial quantities, the inability to develop alternative sources, a reduction or interruption
in supply of contracted services, or a significant increase in the price of materials and services, could have a material adverse effect
on our ability to manufacture and market our products or to fulfill orders from our distributors or licensees, which in turn would have
a material adverse impact on our cash flows.</span></p>

<p style="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"><b><i>Insurance
coverage and reimbursement may be limited, unavailable or may be reduced over time in certain market segments for our products.</i></b></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
authorities and third-party payers, such as private health insurers, decide which pharmaceutical products they will cover and the amount
of reimbursement. Reimbursement may depend upon a number of factors, including the payer&#8217;s determination that use of a product
is:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    covered benefit under the payor&#8217;s health plan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">safe,
    effective and medically necessary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">appropriate
    for the specific patient;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">cost-effective;
    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">neither
    experimental nor investigational.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtaining
coverage and reimbursement approval for a product from a government or other third- party payer is a time-consuming and costly process
that could require us to provide supporting scientific, clinical and cost-effectiveness data for the use of our products.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to provide data sufficient to gain acceptance with respect to coverage and reimbursement, or to demonstrate commercial
value compared to existing established treatments. Even if we are able to furnish the requested data, there is no guarantee that a third-party
payor will cover a product. If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory
levels, we may be unable to achieve or sustain profitability.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may, in the future, seek approval to market our products in the EU, the U.S. and in selected other jurisdictions. In the EU, the pricing
of prescription pharmaceuticals is subject to national governmental control and pricing negotiations with governmental authorities can,
in some circumstances, take several years after obtaining marketing approval for a product. In addition, market acceptance and sales
of our products will depend significantly on the availability of adequate coverage and reimbursement from third-party payers and may
be affected by existing and future healthcare reform measures.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continuing efforts of governments, insurance companies, managed care organizations and other payers of healthcare services to contain
or reduce costs of healthcare and/or impose price controls may materially adversely affect our ability to set prices for our products,
generate revenues and achieve or maintain profitability. Any reduction in government reimbursement programs may result in a similar reduction
in payments from private payers, which may materially adversely affect our business, prospects, financial condition and 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>


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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"><b></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>Risks
Related to Our Intellectual Property</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
expiration of certain intellectual property rights or an inability to obtain, maintain or enforce adequate intellectual property rights
for products that are marketed or in development may result in additional competition from other third-party products. Third parties
may have blocking intellectual property rights which could prevent the sale of products by us or require that compensation be paid to
such third parties</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extent of our success will, to a significant degree, depend on our ability to establish, maintain, defend and enforce adequate intellectual
property rights and to operate without infringing the proprietary or intellectual property rights of third parties. We have been granted,
or have in-licensed rights under, a number of key patent families for OK-101 (or other proprietary rights), and patent applications are
pending in the U.S., the EU, and certain other jurisdictions. We may develop or acquire further technology or products that are not patentable
or otherwise protectable. The strength of patents in the pharmaceutical field involves complex legal and scientific questions and can
be uncertain. Patents or other rights might not be granted under any pending or future applications filed or in-licensed by us and any
claims allowed might not be sufficiently broad to protect our technologies and products from competition. Competitors may also successfully
design around key patents held by us, thereby avoiding a claim of infringement. There is a risk that not all relevant prior art has been
identified with respect to any particular patent or patent application and the existence of such prior art may invalidate any patents
granted (or result in a patent application not proceeding to grant). Patents or other registerable rights might also be revoked for other
reasons after grant. Third parties may challenge the validity, enforceability or scope of any granted patents. Our defense of our proprietary
rights could involve substantial costs (even if successful) and could result in declarations of invalidity or significantly narrow the
scope of those rights, limiting their value.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitors
may have filed applications or been granted patents, or obtained additional patents and proprietary rights, which relate to and could
be infringed by our products. An adverse outcome with respect to third party rights such as claims of infringement of patents or third-party
proprietary rights by us could subject us to significant liabilities or require us to obtain a license for the continued use of the affected
rights, which may not be available on acceptable terms or at all, or require us to cease commercialization and development efforts, or
the sale of the relevant products, in whole or in part in the relevant jurisdictions.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could be subject to claims for compensation by third parties claiming an ownership interest in the intellectual property rights relating
to a commercially successful product. This may include claims from employee inventors in territories which permit such claims even where
we own the intellectual property rights in question. Any such failure to defend our proprietary intellectual property could have a material
adverse effect on our business, prospects, financial condition and 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"><b><i>We
may not be able to obtain, maintain, defend or enforce the intellectual property rights covering our products</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have had certain patents licensed to us in jurisdictions we consider to be important to our business. However, we cannot predict:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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
    degree and range of protection any patents will afford against competitors and competing technologies, including whether third parties
    will find ways to invalidate or otherwise circumvent the patents by developing a competitive product that falls outside its scope;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    or when any patents will be granted;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">that
    granted patents will not be contested, invalidated or found unenforceable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">whether
    or not others will obtain patents claiming aspects similar to those covered by the Company&#8217;s patents and patent applications;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    we will need to initiate litigation or administrative proceedings, or whether such litigation or proceedings will be initiated by
    third parties against us, which may be costly and time consuming; 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">whether
    third parties will claim that our technology infringes upon their rights.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we believe that we have novel composition of matter on the OK-101 peptide and novel methods of its use in treating DED, we cannot be
sure that these patent applications will issue as patents. Each patent office has different patentability requirements, but we believe
that the license patent applications contain patentable subject matter. The process for issuance of a patent involves correspondence
with each local patent office in the jurisdictions in which the patent application is filed. That process, patent prosecution, involves
a discussion of any relevant prior art and typically a discussion of the scope of the claims. The patent prosecution process can take
several years depending on the jurisdiction and is not in the control of the patent owner, but in the control of the local patent office.
We cannot be sure the outcome of the patent prosecution will be successful and result in issued patents.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent
protection is of importance to us in maintaining our competitive position in our planned product lines and a failure to obtain or retain
adequate protection could have a material adverse effect on our business, prospects, financial condition and 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"></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"></span></p>

<p style="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"><b><i>We
may not be able to prevent disclosure of our trade secrets, know-how or other proprietary information.</i></b></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on trade secret protection to protect our interests in proprietary know-how and in processes for which patents are difficult to
obtain or enforce. If we are unable to protect our trade secrets adequately the value of our technology and products could be significantly
diminished. Furthermore, our employees, consultants, contract personnel or third-party partners, either accidentally or through willful
misconduct, may cause serious damage to our programs and/or our strategy by disclosing confidential information to third parties. It
is also possible that confidential information could be obtained by third parties as a result of breaches of our physical or electronic
security systems. Any disclosure of confidential data into the public domain or to third parties could allow third parties to access
confidential information and use it in competition with us. In addition, others may independently discover the confidential information.
Any action to enforce our rights against any misappropriation or unauthorized use and/or disclosure of confidential information is likely
to be time-consuming and expensive, and may ultimately be unsuccessful, or may result in a remedy that is not commercially valuable.
Any such loss of confidential information or failure to enforce our rights in relation to such confidential information, or unsatisfactory
outcome of any related litigation could have a material adverse effect on our business, prospects, financial condition or results of
operation.</span></p>

<p style="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"><b><i>Our
product candidates could infringe patents and other intellectual property rights of third parties.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial success depends upon our ability, and the ability of any third party with which we may partner to develop, manufacture, market
and sell our products and use our patent- protected technologies without infringing the patents of third parties.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products may infringe or may be alleged to infringe existing patents or patents that may be granted in the future which may result in
costly litigation and could result in our having to pay substantial damages or limit our ability to commercialize our products.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
some patent applications in Europe, the U.S. and many foreign jurisdictions may be maintained in secrecy until the patents are issued,
patent applications in such jurisdictions are typically not published until 18 months after filing, and publications in the scientific
literature often lag behind actual discoveries. Accordingly, we cannot be certain that others have not filed patents that may cover our
technologies, our products or the use of our products. Additionally, pending patent applications which have been published can, subject
to certain limitations, be later amended in a manner that could cover our technologies, our products or the use of our products. As a
result, we may become party to, or threatened with, future adversarial proceedings or litigation regarding patents with respect to our
products and technology.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are sued for patent infringement, we would need to demonstrate that our products or methods either do not infringe the patent claims
of the relevant patent or that the patent claims are invalid, and we may not be able to do this. If we are found to infringe a third
party&#8217;s patent, we could be required to obtain a license from such third party to continue developing and marketing our products
and technology or we may elect to enter into such a license in order to settle litigation or in order to resolve disputes prior to litigation.
However, we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we are able to obtain
a license, it could be non- exclusive, thereby giving our competitors access to the same technologies that are licensed to us and could
require us to make substantial royalty payments. We could also be forced, including by court order, to cease commercializing the infringing
technology or products. A finding of infringement could prevent us from commercializing our products 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 similarly negative impact on our business.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such claims are likely to be expensive to defend, and some of our competitors may be able to sustain the costs of complex patent litigation
more effectively than us because they have substantially greater resources. Moreover, even if we are successful in defending any infringement
proceedings, we may incur substantial costs and divert management&#8217;s time and attention in doing so, which could materially adversely
affect our business, prospects, results of operations or financial condition.</span></p>

<p style="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"><b>Risks
Related to Our 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">&#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>Risks
relating to managing growth, employee matters and other risks relating to our business</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Growth
may place significant demands on our management and resources. We expect to experience growth in the number of our employees and the
scope of our operations in connection with the continued development and, in due course, the potential commercialization of our products.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
potential growth will place a significant strain on our management and operations, and we may have difficulty managing this future potential
growth.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are highly dependent on our current executive officers and their services are critical to the successful implementation of our product
development and regulatory strategies. While suitable contracts of employment and consultancy agreements are in place including six to
12 months&#8217; notice periods for all executive officers, they may give notice to terminate their employment or services with us at
any time. The loss of the services of any of our executive officers and our inability to find suitable replacements could harm our business,
prospects, financial condition, results of operations and ability to achieve the successful development or commercialization of our products.</span></p>

<p style="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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Challenges
in identifying and retaining key personnel could impair our ability to conduct and grow our operations effectively. Our ability to compete
in the highly competitive pharmaceutical industry depends upon our ability to attract and retain highly qualified management and sales
teams. We are intending to recruit our own commercial team and expand our existing central infrastructure team. Many of the other pharmaceutical
companies and academic institutions that we compete against for qualified personnel have greater financial and other resources, different
risk profiles and a longer history in the industry than we do. We might not be able to attract or retain these key persons on conditions
that are economically feasible. Our inability to attract and retain these key persons could have a material adverse effect on our business,
prospects, financial conditions and results of operation.</span></p>

<p style="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"><b><i>COVID-19
has previously adversely affected our business, and any new pandemic, epidemic or outbreak of an infectious disease may further adversely
affect our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, a novel strain of coronavirus, COVID-19, spread globally, substantially impacting the global economy and our operations,
including interrupting preclinical and clinical trial activities and disrupting our supply chain. The spread of an infectious disease,
including COVID-19, may also result in the inability of our suppliers to source or deliver components or raw materials necessary for
our clinical supply on a timely basis or at all. In addition, hospitals may reduce staffing and reduce or postpone certain treatments
in response to the spread of an infectious disease. Such events may result in a period of business disruption, and in reduced operations,
or doctors and medical providers may be unwilling to participate in our clinical trials, any of which could materially affect our business,
financial condition and results of operations. The extent to which COVID-19 impacts our business will depend on future developments,
which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus
and the actions to contain the coronavirus or treat its impact, among others. A significant pandemic as with COVID-19, or any other infectious
disease, could result in a widespread health crisis that could adversely affect the economies and financial markets worldwide, resulting
in an economic downturn that could impact our business, financial condition and 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"><b><i>We
may become subject to product liability claims.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face an inherent risk of product liability and associated adverse publicity as a result of the clinical testing of our products and sales
of our products once marketing approval is received from relevant regulatory authorities.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Criminal
or civil proceedings might be filed against us by any study subjects, patients, relevant regulatory authorities, pharmaceutical companies,
and any other third party using or marketing our products. Any such product liability claims may include allegations of defects in manufacturing
or design, negligence, strict liability, a breach of warranties and a failure to warn of dangers inherent in the product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we cannot successfully defend ourselves against product liability claims, we may incur substantial liabilities or be required to limit
commercialization of our products, if approved. Even if we successfully defend ourselves against such product liability claims it could
require significant financial and management resources. Regardless of the merits or eventual outcome, product liability claims may result
in:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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">decreased
    demand for our products due to negative public perception;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">injury
    to our reputation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">withdrawal
    of clinical study participants or difficulties in recruiting new study participants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">initiation
    of investigations by regulators;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">costs
    to defend or settle the related litigation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion
    of management&#8217;s time and our resources;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">substantial
    monetary awards to patients, study participants or subjects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
    recalls, withdrawals or labelling, marketing or promotional restrictions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
    of revenues from product sales; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    inability to commercialize any of our products, if approved.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we will maintain levels of insurance customary for our sector to cover our current and future business operations, any claim that may
be brought against us could result in a court judgment or settlement in an amount that is not covered, in whole or in part, by our insurance
or that is in excess of the limits of our insurance coverage. Our insurance policies also have various exclusions, and we may be subject
to a product liability claim for which we have no coverage. In such cases, we would have to pay any amounts awarded by a court or negotiated
in a settlement that exceed our coverage limitations or that are not covered by our insurance, and we may not have, or be able to obtain,
sufficient capital to pay such amounts.</span></p>

<p style="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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we or our partners, licensees and subcontractors were unable to obtain and maintain appropriate insurance coverage at an acceptable cost,
or to protect ourselves in any way against actions for damages, this would seriously affect the marketing of our products and, more generally,
be detrimental to our business, prospects, results of operations or financial condition.</span></p>

<p style="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"><b><i>Our
employees, contractors, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance
with regulatory standards.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of employees, independent contractors, principal investigators, consultants, commercial partners or vendors engaging
in fraud or other misconduct. Misconduct could include intentional failures to comply with FDA or EMA regulations or those of other relevant
regulatory authorities, to provide accurate information to the FDA, EMA or other relevant regulatory authorities, or to comply with manufacturing
standards we have established.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, sales, marketing and business arrangements in the life sciences and biotechnology sector are subject to extensive laws and
regulations intended to prevent fraud, misconduct, bribery 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.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
misconduct could also involve the improper use of information obtained in the course of clinical studies, which could result in regulatory
sanctions and serious harm to our reputation. It is not always possible to identify and deter employee misconduct, and the precautions
we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting
us from governmental or relevant regulatory authority investigations or other actions or lawsuits stemming from a failure to be in compliance
with such laws or regulations. If any such actions are instituted against us, and we are not successful in defending ourself or asserting
our rights, those actions could have a significant impact on our business, including the imposition of significant fines or other sanctions,
and our reputation.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be vulnerable to disruptions of information technology systems or breaches of data security. We are dependent on information technology
systems and infrastructure to operate our business. In the ordinary course of our business, we collect, store and transmit confidential
information, including intellectual property, proprietary business information and personal information. It is important that we do so
in a secure manner to maintain confidentiality and integrity of such confidential information. Any failure to do so could adversely affect
our business, prospects, results of operation or financial condition.</span></p>

<p style="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"><b><i>The
relationship of the UK with the EU could impact our ability to operate efficiently in certain jurisdictions or in certain markets.</i></b></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
UK formally exited the EU on January 31, 2020, which is commonly known as Brexit. Under the terms of its departure, the UK entered a
transition period during which it continued to follow all EU rules until December 31, 2020, or the Transition Period. On December 30,
2020, the UK and EU signed the Trade and Cooperation Agreement, which includes an agreement on free trade between the two parties.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is considerable uncertainty resulting from a lack of precedent and the complexity of the UK and EU&#8217;s intertwined legal regimes
as to how Brexit (following the Transition Period) will impact the medical devices industry in Europe. Since a significant proportion
of the regulatory framework in the UK applicable to our business and product candidates is derived from EU directives and regulations,
Brexit could materially impact the regulatory regime with respect to the development, manufacture, importation, approval and commercialization
of our product candidates in the UK or the EU. The impact will largely depend on the model and means by which the UK&#8217;s relationship
with the EU is governed post-Brexit and the extent to which the UK chooses to diverge from the EU regulatory framework. For example,
following the Transition Period, the UK will no longer be covered by the centralized procedures for obtaining EU-wide marketing authorizations
and our product candidates will therefore require a separate marketing authorization for such products to be marketed in the UK. It is
also unclear as to whether the relevant authorities in the EU and the UK are adequately prepared for the additional administrative burden
caused by Brexit. Any delay in obtaining, or an inability to obtain, any marketing approvals, as a result of Brexit or otherwise, would
prevent us from, or delay commercialization of, product candidates in the UK and/or the EEA and restrict our ability to generate revenue
and achieve and sustain profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of these outcomes occur, we may be forced to restrict or delay efforts to seek regulatory approval in the UK for its product candidates,
which could significantly and materially harm our business. There is a degree of uncertainty regarding the overall impact that Brexit
will have on the process to obtain regulatory approval in the UK for product candidates.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the UK&#8217;s withdrawal from the EU has resulted in the relocation of the EMA from the UK to the Netherlands. This relocation has caused,
and may continue to cause, disruption in the administrative and medical scientific links between the EMA and the UK Medicines and Healthcare
Products Regulatory Agency, including delays in granting clinical trial authorization or marketing authorization, disruption of importation
and export of medical devices, active substance and other components of new drug formulations, and disruption of the supply chain for
clinical trial product and final authorized formulations. The cumulative effects of the disruption to the regulatory framework may add
considerably to the development lead time to marketing authorization and commercialization of product candidates in the EU and/or the
UK. Brexit may also result in a reduction of funding to the EMA once the UK no longer makes financial contributions to EU institutions,
such as the EMA. If funding to the EMA is so reduced, it could create delays in the EMA issuing regulatory approvals for our product
candidates and, accordingly, have a material adverse effect on our business, financial condition, results of operations or prospects.</span></p>

<p style="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"><b>Risks
Related to Government Regulation</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if we complete the necessary clinical trials, we cannot predict when, or if, we will obtain regulatory approval to commercialize our
product candidates and whether 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; text-align: justify"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot commercialize a product candidate until the appropriate regulatory authorities have reviewed and approved the product candidate.
The FDA must review and approve any new pharmaceutical product before it can be marketed and sold in the United States. The FDA regulatory
review and approval process, which includes evaluation of preclinical studies and clinical trials of a product candidate and proposed
labeling, as well as the evaluation of the manufacturing process and manufacturers&#8217; facilities, all of which is lengthy, expensive
and uncertain. To obtain approval, we must, among other things, demonstrate with substantial evidence from well-controlled clinical trials
that the product candidate is both safe and effective for each indication where approval is sought. Even if our product candidates meet
the FDA&#8217;s safety and effectiveness endpoints in clinical trials, the FDA may not complete their review processes in a timely manner,
or we may not be able to obtain regulatory approval. The FDA has substantial discretion in the review and approval process and may refuse
to file our application for substantive review or may determine after review of our data that our application is insufficient to allow
approval of our product candidates. The FDA may require that we conduct additional preclinical studies, clinical trials or manufacturing
validation studies and submit that data before it will reconsider our application. Additional delays may result if an FDA Advisory Committee
or other regulatory authority recommends non-approval or 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 authority policy
during the period of product development, clinical trials and the review process.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA, EMA or other regulatory authorities also may approve a product candidate for more limited indications than requested or may impose
significant limitations in the form of narrow indications, warnings or a risk evaluation and mitigation strategy, or REMS. These regulatory
authorities may require precautions or contraindications with respect to conditions of use or may grant approval subject to the performance
of costly post-marketing clinical trials. In addition, the FDA, EMA or other regulatory authorities may not approve the labeling claims
that are necessary or desirable for the successful commercialization of our product candidates. Any of the foregoing scenarios could
harm the commercial prospects for our product candidates and negatively impact our business, financial condition, results of operations
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not currently operate manufacturing facilities for clinical or commercial production of our product candidates. Before we can begin
to commercially manufacture our product candidates, whether in a third-party facility or in our own facility, if and when established,
we must obtain regulatory approval from the FDA for our manufacturing process and facility. A manufacturing authorization must also be
obtained from the appropriate European Union and UK regulatory authorities and from other foreign regulatory authorities, as applicable.
In order to obtain approval, we will need to ensure that all of our processes, methods and equipment are compliant with Current Good
Manufacturing Practice (&#8216;cGMP&#8217;), and perform extensive audits of vendors, contract laboratories and suppliers. If any of
our vendors, contract laboratories or suppliers are found to be non-compliant with cGMP, 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 cGMP requirements
govern quality control of the manufacturing process and documentation policies and procedures. In complying with cGMP, 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 would be subject to possible regulatory action and may not be
permitted to sell any product candidate that we may develop.</span></p>

<p style="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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we or our third-party manufacturers fail to comply with applicable cGMP regulations, the FDA, EMA and 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; text-align: justify"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
if the supply of our products from our third-party manufacturers to us is interrupted for any reason, including due to regulatory requirements
or actions (including recalls), adverse financial developments at or affecting the supplier, failure by the supplier to comply with cGMP
requirements, contamination, business interruptions or labor shortages or disputes, there could be a significant disruption in commercial
supply of our products. We do not currently have a backup manufacturer of our product candidate supply for clinical trials or commercial
sale. An alternative manufacturer would need to be qualified through a supplement to its regulatory filing, which could result in further
delays. The regulatory authorities also may require additional clinical trials if a new manufacturer is relied upon for commercial production.
Switching manufacturers may involve substantial costs 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our competitors are able to obtain orphan drug exclusivity for products that constitute the same drug and treat the same indications
as our product candidates, we may not be able to have competing products approved by applicable regulatory authorities for a significant
period of time. In addition, even if we obtain orphan drug exclusivity for any of our products, such exclusivity may not protect us from
competition.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
authorities in some jurisdictions, including the United States and the European Union, may designate products for relatively small patient
populations as orphan drugs. Under the Orphan Drug Act of 1983, the FDA may designate a product candidate as an orphan drug if it is
intended to treat a rare disease or condition, which is generally defined as having a patient population of fewer than 200,000 individuals
in the United States, or a patient population greater than 200,000 in the United States where there is no reasonable expectation that
the cost of developing the drug will be recovered from sales in the United States. In the United States, orphan drug designation entitles
a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and user-fee waivers.
In the European Union, the EMA&#8217;s Committee for Orphan Medicinal Products grants orphan drug designation to promote the development
of products that are intended for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition
affecting not more than five in 10,000 persons in the European Union. Additionally, orphan drug 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 European Union would be sufficient to justify the necessary investment in developing
the drug or biologic product. In the European Union, orphan drug designation entitles a party to a number of incentives, such as protocol
assistance and scientific advice specifically for designated orphan medicines, and potential fee reductions depending on the status of
the sponsor.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
designation as an orphan product does not guarantee 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; text-align: justify"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
if a product candidate with an orphan drug designation receives the first marketing approval for the indication for which it has such
designation, the product is entitled to a period of marketing exclusivity, which precludes the FDA or the EMA from approving another
marketing application for a product that constitutes the same drug treating the same indication for that marketing exclusivity 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 United States and 10 years in the European Union. The exclusivity period in the European Union can be reduced to six
years if a product no longer meets the criteria for orphan drug designation or if the product 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 product to meet the needs of patients
with the rare disease or condition.</span></p>

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


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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: 0.25in"><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 condition. In the United States, 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 European
Union, marketing authorization may be granted to a similar medicinal product for the same orphan indication if:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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
    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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    holder of the marketing authorization for the original orphan medicinal product consents to a second orphan medicinal product application;
    or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    holder of the marketing authorization for the original orphan medicinal product cannot supply sufficient quantities of orphan medicinal
    product.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we obtain 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 may also be subject to 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 clinical effectiveness of the product.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our product candidates are classified as biologics in the United States, and therefore, can only be sold if we obtain a biologics
license application, or BLA, from the FDA. The holder of an approved BLA also must submit new or supplemental applications and obtain
FDA approval for certain changes to the approved product, product labeling or manufacturing process. In addition, the holder of a an
approved BLA must comply with the FDA&#8217;s advertising and promotion requirements, such as those related to 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;). Advertising and promotional materials must comply with FDA rules and are subject to FDA review, in addition to other potentially
applicable federal and state laws.</span></p>

<p style="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: 0.25in"><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 and other regulatory authorities for compliance with cGMP 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 if a regulatory authority
disagrees with the promotion, marketing or labeling of that product (in addition to our being obligated as holder of an approved BLA
to monitor and report adverse events and any failure of a product to meet the BLA specifications), 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; text-align: justify"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to comply with applicable regulatory requirements following approval of our product candidates, a regulatory or enforcement authority
may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 14.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">issue
    a warning letter asserting that we are in violation of the law;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    an injunction or impose administrative, civil or criminal penalties or monetary fines;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspend
    or withdraw regulatory approval;</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>


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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%">
  <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">suspend
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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">refuse
    to approve a pending BLA or comparable foreign marketing application (or any supplements thereto) submitted by us or our strategic
    partners;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">restrict
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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">seize
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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">refuse
    to permit the import or export of the product; 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>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refuse
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  </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; text-indent: 0.25in"><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; text-align: justify"><span style="font-family: Times 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: 0.25in"><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 United States 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 negatively impact our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if we obtain and maintain approval for our product candidates in a major pharmaceutical market such as the United States, we may never
obtain approval for our product candidates in other major markets.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to market any products in a country or territory, we must establish and comply with numerous and varying regulatory requirements
of such countries or territories regarding safety and effectiveness. Clinical trials conducted in one country may not be accepted by
regulatory authorities in other countries, and regulatory approval in one country does not mean that regulatory approval will be obtained
in any other country. Approval procedures vary among countries and can involve additional product testing and validation and additional
administrative review periods. Seeking regulatory approvals in all major markets could result in significant delays, difficulties and
costs for us and may require additional preclinical studies or clinical trials, which would be costly and time consuming. Regulatory
requirements can vary widely from country to country and could delay or prevent the introduction of our product candidates in those countries.
For example, in many jurisdictions outside of the United States, 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 would also be subject to
approval. Satisfying these and other regulatory requirements is costly, time consuming, uncertain and subject to unanticipated delays.
In addition, our failure to obtain regulatory approval in any country may delay or have negative effects on the process for regulatory
approval in other countries. We currently do not have any product candidates approved for sale in any jurisdiction, whether in the United
States, the European Union or any other international markets, and we do not have experience in obtaining regulatory approval in international
markets. If we fail to comply with regulatory requirements in international markets or to obtain and maintain required approvals, our
target market will be reduced and our ability to realize the full market potential of our product candidates will be compromised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 the European Union for some or all of our current product candidates, but we may not
be able to obtain or maintain such designation.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of its marketing authorization process, the EMA may grant marketing authorizations for certain categories of medicinal products
on the basis of less complete data than is normally required, when doing so may meet unmet medical needs of patients and serve the interest
of public health. In such cases, it is possible for the Committee for Medicinal Products for Human Use, or 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; text-align: justify"><span style="font-family: Times 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: 0.25in"><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 therapeutic utility 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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
    risk-benefit balance of the medicinal product is positive;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">it
    is likely that the applicant will be in a position to provide the comprehensive clinical data;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">unmet
    medical needs will be fulfilled; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    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; text-align: justify"><span style="font-family: Times 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: 0.25in"><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; text-align: justify"><span style="font-family: Times 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: 0.25in"><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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Healthcare
legislative reform measures may have a negative impact on our business and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States and some foreign jurisdictions, there have been, and continue to be, several legislative and regulatory changes and
proposed changes regarding the healthcare system that could prevent or delay marketing approval of our product candidates, restrict or
regulate post-approval activities and affect our ability to profitably sell any product candidates for which we obtain marketing approval.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, or the MMA, changed the way Medicare covers
and pays for pharmaceutical products. The MMA expanded Medicare coverage for outpatient drug purchases by adding a new Medicare Part
D program and introduced a new reimbursement methodology based on average sales prices for Medicare Part B physician-administered drugs.
In addition, the MMA authorized Medicare Part D prescription drug plans to limit the number of drugs that will be covered in any therapeutic
class in their formularies. The MMA&#8217;s cost reduction initiatives and other provisions could decrease the coverage and price that
we receive for any approved products. While the MMA applies only to drug benefits for Medicare beneficiaries, private payors often follow
Medicare coverage policy and payment limitations in setting their own reimbursement rates. Therefore, any reduction in reimbursement
that results from the MMA may result in a similar reduction in payments from private payors. Similar regulations or reimbursement policies
may be enacted in international markets, which could similarly impact our business.</span></p>

<p style="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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2010, the Patient Protection and Affordable Care Act (&#8216;PPACA&#8217;) (as amended by the Health Care and Education Reconciliation
Act of 2010) was passed, which substantially changes the way healthcare is financed by both the government and private insurers, and
significantly impacts the U.S. pharmaceutical industry. The PPACA, among other things: (i) addresses 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; (ii) increases the minimum Medicaid rebates owed by manufacturers under the Medicaid Drug Rebate Program and extends the
rebate program to individuals enrolled in Medicaid managed care organizations; (iii) establishes annual fees and taxes on manufacturers
of certain branded prescription drugs; (iv) expands the availability of lower pricing under the 340B drug pricing program by adding new
entities to the program; and (v) establishes a new Medicare Part D coverage gap discount program, in which manufacturers must agree to
offer 50% point-of-sale discounts off negotiated prices of applicable brand drugs to eligible beneficiaries during their coverage gap
period, as a condition for the manufacturer&#8217;s outpatient drugs to be covered under Medicare Part D. Additionally, in the United
States, the Biologics Price Competition and Innovation Act of 2009 created an abbreviated approval pathway for biologic products that
are demonstrated to be biosimilar or &#8220;interchangeable&#8221; with an FDA-approved biologic product. This new pathway could allow
competitors to reference data from biologic products already approved after 12 years from the time of approval. This could expose us
to potential competition by lower-cost biosimilars even if we commercialize a product candidate faster than our competitors. Moreover,
the creation of this abbreviated approval pathway does not preclude or delay a third party from pursuing approval of a competitive product
candidate via the traditional approval pathway based on their own clinical trial data.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
changes that may affect our business include those changes governing enrollment in federal healthcare programs, reimbursement changes,
rules regarding prescription drug benefits under the health insurance exchanges and fraud and abuse and enforcement. Continued implementation
of the PPACA and the passage of additional laws and regulations may result in the expansion of new programs such as Medicare payment
for performance initiatives, and may impact existing government healthcare programs, such as by improving the physician quality reporting
system and feedback program.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each state that does not choose to expand its Medicaid program, there likely will be fewer insured patients overall, which could impact
the sales, business and financial condition of manufacturers of branded prescription drugs. Where patients receive insurance coverage
under any of the new options made available through the PPACA, manufacturers may be required to pay Medicaid rebates on that resulting
drug utilization. The U.S. federal government also has announced delays in the implementation of key provisions of the PPACA. The implications
of these delays for our and our potential partners&#8217; business and financial condition, if any, are not yet clear.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there have been judicial and congressional challenges to certain aspects of the PPACA, and we expect the current administration
and Congress will likely continue to seek legislative and regulatory changes, including repeal and replacement of certain provisions
of the PPACA. In January 2017, President Trump 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. More recently, the U.S. House of Representatives passed legislation known as the American Health Care Act of 2017, and Senate
Republicans have released a draft bill known as the Better Care Reconciliation Act of 2017, each of which would repeal certain aspects
of the PPACA if ultimately enacted. The prospects for enactment of these legislative initiatives remain uncertain. Further, Congress
could also consider other legislation to replace elements of the PPACA. We cannot know how efforts to repeal and replace the PPACA or
any future healthcare reform legislation will impact our business.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that the PPACA, as well as other healthcare reform measures that may be adopted in the future, may result in more rigorous coverage
criteria and in additional downward pressure on the price that we receive for any approved product. Any reduction in reimbursement from
Medicare or other government programs may result in a similar reduction in payments from private payors. 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; text-align: justify"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Department of Health and Human Services Office of Inspector General in the US issued final regulations on November 30, 2020 to eliminate
safe harbor protection under the anti-kickback statute for drug price reductions that pharmaceutical manufacturers pay to Medicare and
Medicaid plan sponsors and their pharmacy benefit managers. The proposal reflects a clear intent to substantially alter many of the current
drug discount and services compensation practices among pharmaceutical manufacturers and Medicare and Medicaid managed care organizations
and their pharmacy benefit managers. The proposal also reflects a skepticism that current drug discount and compensation practices among
manufacturers and pharmacy benefit managers are sufficiently transparent to health plans to ensure that all appropriate cost reductions
and value is passed through to health plans and reflected in lower health plans costs and lower premiums for beneficiaries. The Biden
Administration has delayed the effective date of this rule until January 1, 2023, and a lawsuit initiated by the Pharmaceutical Care
Management Administration has challenged this final rule. If the regulation becomes effective it could result in lower prices for pharmaceutical
products in general.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Centers for Medicare and Medicaid Services issued an interim final rule on November 20, 2020 that would tie prices for certain drugs
under Medicare Part B to the lowest price for those drugs available in certain countries that are members of the Organization for Economic
Co-operation and Development. This &#8220;most favored nation&#8221; drug pricing rule is also the subject of lawsuits, and a federal
court has placed an injunction on the implementation of the rule. This rule, if finalized, could also result in lower prices for pharmaceutical
products in general.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Biden Administration will have the opportunity to address these regulations as well as drug pricing, health care access, and other health
care reform issues. Any further legislative or administrative action to reduce reimbursement or health benefits to beneficiaries under
the Medicare or Medicaid program could affect the payment we could collect from the sale of any product in the United States.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that additional state and federal healthcare reform measures will be adopted in the future, any of which could limit the amounts
that federal and state governments will pay for healthcare products and services, which could result in reduced demand for our product
candidates or additional pricing pressures.</span></p>

<p style="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"><b><i>We
are subject to stringent and changing privacy laws, regulations and standards as well as contractual obligations related to data privacy
and security. Our actual or perceived failure to comply with such obligations could harm our reputation, subject us to significant fines
and liability, or otherwise adversely affect our business</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>or
prospects.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to data privacy and protection laws, regulations, policies and contractual obligations that apply to the collection, transmission,
storage, processing and use of personal information or personal data, which among other things, impose certain requirements relating
to the privacy, security and transmission of personal information.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legislative and regulatory landscape for privacy and data protection continues to evolve in jurisdictions worldwide, and there has been
an increasing focus on privacy and data protection issues with the potential to affect our business. Failure to comply with laws, regulations
and other obligations governing personal information could result in enforcement actions against us, including fines, imprisonment of
company officials and public censure, processing penalties, claims for damages by affected individuals, damage to our reputation and
loss of goodwill, any of which could have a material adverse effect on our business, financial condition, results of operations or prospects.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regulatory framework for the collection, use, retention, safeguarding, disclosure, sharing, transfer and other processing of personal
information worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future. Globally, virtually every jurisdiction
in which we operate has established its own data security and privacy frameworks with which we must comply. For example, the collection,
use, disclosure, transfer or other processing of personal data regarding individuals in the European Union, including personal health
data, is subject to the European Union General Data Protection Regulation (EU) 2016/679, or the GDPR, which took effect across all member
states of the European Union, or EU, in May 2018 and similar legislation in the United Kingdom. The GDPR is wide-ranging in scope and
imposes 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, establishing a legal basis for processing, providing
information to individuals regarding data processing activities, implementing safeguards to protect the security and confidentiality
of personal data that requires the adoption of administrative, physical and technical safeguards, providing notification of data breaches
to appropriate data protection authorities or data subjects, establishing means for data subjects to exercise rights in relation to their
personal data and taking certain measures when engaging third-party processors. The GDPR increases our obligations with respect to clinical
trials conducted in the EU and UK by expanding the definition of personal data to include coded data and requiring changes to informed
consent practices and more detailed notices for clinical trial subjects and investigators. In addition, the GDPR also imposes strict
rules on the transfer of personal data to countries outside the European Economic Area, or EEA, including the United States and, as a
result, increases the scrutiny for transfers of personal data from clinical trial sites located in the EU to the United States. The United
Kingdom and Switzerland have adopted similar restrictions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Brexit and ongoing developments in the United Kingdom have created uncertainty with regard to data protection regulation in the United
Kingdom.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Privacy
and data security requirements are also either in place or underway in the United States. There are a broad variety of data protection
laws that may be applicable to our activities, and a range of enforcement agencies at both the state and federal levels that can review
companies for privacy and data security concerns based on general consumer protection laws. The Federal Trade Commission and state attorneys
general can all be aggressive in reviewing privacy and data security protections for consumers. New laws also are being considered or
have been implemented at both the state and federal levels. For example, the California Consumer Privacy Act of 2018, or the CCPA, which
became effective on January 1, 2020, requires companies that process information on California residents to make new disclosures to consumers
about their data collection, use and sharing practices, provides such individuals with new data privacy rights (including the ability
to opt out of certain disclosures of personal information), imposes new operational requirements for covered businesses, provides a private
right of action for data breaches and creates a statutory damages framework. Virginia became the second state to adopt a comprehensive
privacy legislation on March 2, 2021 with enactment of the Virginia Consumer Data Protection Act. Many other states are considering similar
legislation, and a broad range of legislative measures also have been introduced at the federal level. Although there are limited exemptions
for clinical trial data under the CCPA, the CCPA and other similar laws could impact our business activities depending on how it is interpreted
and exemplifies the vulnerability of our business to the evolving regulatory environment related to personal data.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
regulations promulgated pursuant to the federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, as amended, establish
privacy and security standards that limit the use and disclosure of individually identifiable health information, or protected health
information, and require the implementation of administrative, physical and technological safeguards to protect the privacy of protected
health information and ensure the confidentiality, integrity and availability of electronic protected health information. These provisions
may be applicable to our business or that of our collaborators, service providers, contractors or consultants. Determining whether protected
health information has been handled in compliance with applicable privacy standards and our contractual obligations can be complex and
may be subject to changing interpretation. If we are unable to properly protect the privacy and security of protected health information,
we could be found to have violated these privacy and security laws and/or breached certain contracts with our business partners (including
as a business associate). Further, if we fail to comply with applicable privacy laws, such as, to the extent applicable, HIPAA privacy
and security standards, we could face significant civil and criminal penalties. In the United States, the Department of Health and Human
Services&#8217; and state attorney&#8217;s general enforcement activity can result in financial liability and reputational harm, and
responses to such enforcement activity can consume significant internal resources. In addition, state attorneys general are authorized
to bring civil actions seeking either injunctions or damages in response to violations that threaten the privacy of state residents.
We cannot be sure how these regulations will be interpreted, enforced or applied to our operations. In addition to the risks associated
with enforcement activities and potential contractual liabilities, our ongoing efforts to comply with evolving laws and regulations at
the federal and state level may be costly and require ongoing modifications to our policies, procedures and systems.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the breadth and depth of changes in data protection obligations, preparing for and complying with the GDPR, CCPA and other similar law
requirements are rigorous and time-intensive and require significant resources and a review of our technologies, systems and practices,
as well as those of any third-party collaborators, service providers, contractors or consultants that process or transfer personal data.
Changes involving the GDPR, CCPA or other laws or regulations associated with the enhanced protection of certain types of sensitive data,
such as healthcare data or other personal information from our clinical trials, could require us to change our business practices and
put in place additional compliance mechanisms, may interrupt or delay our development, regulatory and commercialization activities and
increase our cost of doing business, and could expose us to government enforcement actions, regulatory investigations, private litigation
and significant fines, penalties and remediation costs and could have a material adverse effect on our business, financial condition
or results of operations. Additionally, any failure by our third-party collaborators, service providers, contractors or consultants to
comply with applicable law, regulations or contractual obligations related to data privacy or security could result in proceedings against
us by governmental entities or others, fines, reputational harm and other liabilities.&#160;</span></p>

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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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may publish privacy policies and other documentation regarding our collection, processing, use and disclosure of personal information
and/or other confidential information. Although we endeavor to comply with our published policies and other documentation, we may at
times fail to do so or may be perceived to have failed to do so. Moreover, despite our efforts, we may not be successful in achieving
compliance if our employees or vendors fail to comply with our published policies and documentation. Such failures can subject us to
potential foreign, local, state and federal action if they are found to be deceptive, unfair, or misrepresentative of our actual practices.
Moreover, subjects about whom we or our partners obtain information, as well as the providers who share this information with us, may
contractually limit our ability to use and disclose the information. Claims that we have violated individuals&#8217; privacy rights or
failed to comply with data protection laws or applicable privacy notices even if we are not found liable, could be expensive and time-consuming
to defend and could result in adverse publicity that could harm our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that new and existing laws may be interpreted and applied in a manner that is inconsistent with our practices and our efforts
to comply with the evolving data protection rules may be unsuccessful. If so, this could result in government-imposed or court&#8211;imposed
fines, or penalties or orders requiring that we change our practices, which could adversely affect our business. We must devote significant
resources to understanding and complying with this changing landscape. Failure to comply with local and foreign laws, including US federal
and state laws regarding privacy and security of personal information could expose us to government-imposed fines and penalties under
such laws, penalties or orders requiring that we change our practices, claims for damages or other liabilities, regulatory investigations
and enforcement actions, litigation and significant costs for remediation, reputational harm, diminished profits and earnings, additional
reporting requirements and/or oversight, any of which could adversely affect our business, our results of operations or prospects. We
also face a threat of consumer class actions related to these laws and the overall protection of personal data. Even if we are not determined
to have violated these laws, government or court investigations into these issues typically require the expenditure of significant resources
and generate negative publicity. Any of the foregoing could have a materially adverse effect on our reputation and our business, financial
condition, results of operations or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to the U.K. Bribery Act, the U.S. Foreign Corrupt Practices Act and other anti-corruption laws, as well as export control
laws, import and customs laws, trade and economic sanctions laws and other laws governing our operations.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are subject to anti-corruption laws, including the U.K. Bribery Act 2010, or the U.K. Bribery Act, the U.S. Foreign Corrupt
Practices Act of 1977, or the FCPA, the U.S. domestic bribery statute contained in 18 &#167;201, the U.S. Travel Act 1961, and other
anti-corruption laws that apply in countries where we do business. The U.K. Bribery Act 2010, the FCPA and these other laws generally
prohibit us and our employees and intermediaries from authorizing, promising, offering, or providing, directly or indirectly, improper
or prohibited payments, or anything else of value, to government officials or other persons to obtain or retain business or gain some
other business advantage. Under the U.K. Bribery Act 2010, we may also be liable for failing to prevent a person associated with us from
committing a bribery offense. We and our commercial partners operate in a number of jurisdictions that pose a high risk of potential
U.K. Bribery Act or FCPA violations, and we participate in collaborations and relationships with third parties whose corrupt or illegal
activities could potentially subject us to liability under the U.K. Bribery Act, FCPA or local anti-corruption laws, even if we do not
explicitly authorize or have actual knowledge of such activities. In addition, we cannot predict the nature, scope or effect of future
regulatory requirements to which our international operations might be subject or the manner in which existing laws might be administered
or interpreted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also subject to other laws and regulations governing our international operations, including regulations administered by the governments
of the United Kingdom and the United States, and authorities in the European Union, including applicable export control regulations,
economic sanctions and embargoes on certain countries and persons, anti-money laundering laws, import and customs requirements and currency
exchange regulations, collectively referred to as the Trade Control laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no assurance that we will be completely effective in ensuring our compliance with all applicable anti-corruption laws, including the
U.K. Bribery Act, the FCPA or other legal requirements, including Trade Control laws. If we are not in compliance with the U.K. Bribery
Act, the FCPA and other anti-corruption laws or Trade Control laws, we may be subject to criminal and civil penalties, disgorgement and
other sanctions and remedial measures, and legal expenses, which could have an adverse impact on our business, financial condition, results
of operations and liquidity. Likewise, any investigation of any potential violations of the U.K. Bribery Act, the FCPA, other anti-corruption
laws or Trade Control laws by United Kingdom, United States or other authorities could also have an adverse impact on our reputation,
our business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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


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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"></span></p>

<p style="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>Our
relationships with customers, physicians and third-party payors will be subject, directly or indirectly, to federal and state healthcare
fraud and abuse laws, false claims laws, health information privacy and security laws and other healthcare laws and regulations. If we
are found in violation of these laws and regulations, we may be required to pay a penalty or be suspended from participation in federal
or state healthcare programs, which may adversely affect our business, financial condition and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we obtain FDA approval for our product candidates and begin commercializing them in the United States, our operations will be directly,
or indirectly through our prescribers, customers and purchasers, subject to various federal and state fraud and abuse laws and regulations,
including, without limitation, the federal Anti-Kickback Statute, the federal civil and criminal false claims laws and Physician Payments
Sunshine Act of 2010 and regulations. These laws will impact, among other things, our proposed sales, marketing and educational programs.
In addition, we may be subject to patient privacy laws by both the U.S. federal government and the states in which we conduct our business.
The laws that will affect our operations include, but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal Anti-Kickback Statute, which prohibits, among other things, persons or entities from knowingly and willfully soliciting,
    receiving, offering or paying any remuneration (including any kickback, bribe or rebate), directly or indirectly, overtly or covertly,
    in cash or in kind, in return for either the referral of an individual, or the purchase, leasing, furnishing or arranging for the
    purchase, lease or order of a good, facility, item or service reimbursable under a federal healthcare program, such as the Medicare
    and Medicaid programs. This statute has been interpreted to apply to arrangements between pharmaceutical manufacturers on the one
    hand, and prescribers, purchasers and formulary managers on the other. The PPACA amended the intent requirement of the federal Anti-Kickback
    Statute, such that a person or entity no longer needs to have actual knowledge of this statute or specific intent to violate it;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">federal
    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 or approval from Medicare, Medicaid or other government
    payors that are false or fraudulent. The PPACA provides, and recent government cases against pharmaceutical and medical device manufacturers
    support the view that federal Anti-Kickback Statute violations and certain marketing practices, including off-label promotion, may
    implicate the False Claims Act of 1863;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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, or HIPAA, which created new federal criminal statutes that prohibit,
    among other things, a person from knowingly and willfully executing a scheme or from making false or fraudulent statements to defraud
    any healthcare benefit program, regardless of the payor (e.g., public or private);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIPAA
    (as amended by the Health Information Technology for Economic and Clinical Health Act of 2009), and their implementing regulations,
    which impose certain requirements relating to the privacy, security and transmission of individually identifiable health information
    without appropriate authorization by entities subject to the rule, such as health plans, health care clearinghouses and health care
    providers, and their respective business associates that perform certain functions or activities that involve the use or disclosure
    of protected health information on their behalf;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">federal
    transparency laws, including the federal Physician Payment Sunshine Act, that require certain manufacturers of drugs, devices, biologics
    and medical supplies for which payment is available under Medicare, Medicaid or the Children&#8217;s Health Insurance Program, with
    specific exceptions, to report annually to the CMS information related to: (i) payments or other &#8220;transfers of value&#8221;
    made to physicians and teaching hospitals and (ii) ownership and investment interests held by physicians and their immediate family
    members;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">federal
    consumer protection and unfair competition laws, which broadly regulate marketplace activities and activities that potentially harm
    consumers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">state
    and foreign law equivalents of each of the above federal laws, state and local 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
    and foreign 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.</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">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Efforts
to ensure that our business arrangements with third parties will comply with applicable healthcare laws and regulations will involve
substantial costs. Because of the breadth of these laws and the narrowness of the statutory exceptions and safe harbors available, it
is possible that some of our business activities could be subject to challenge under one or more of such laws. It is possible that governmental
authorities will conclude that our business practices may not comply with current or future statutes, regulations or case law involving
applicable fraud and abuse or other healthcare laws and regulations. If our operations are found to be in violation of any of these laws
or any other governmental regulations that may apply to us, we may be subject to significant criminal, civil and administrative sanctions
including monetary penalties, damages, fines, disgorgement, individual imprisonment, and exclusion from participation in government funded
healthcare programs, such as Medicare and Medicaid, additional reporting requirements and oversight if we become subject to a corporate
integrity agreement or similar agreement to resolve allegations of non-compliance with these laws, reputational harm, and we may be required
to curtail or restructure our operations, any of which could adversely affect our ability to operate our business and our results of
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
risk of our being found in violation of these laws is increased by the fact that many of them have not been fully interpreted by the
regulatory authorities or the courts, and their provisions are open to a variety of interpretations. Any action against us for violation
of these laws, even if we successfully defend against it, could cause us to incur significant legal expenses and divert our management&#8217;s
attention from the operation of our business. The shifting compliance environment and the need to build and maintain robust and expandable
systems to comply with multiple jurisdictions with different compliance and/or reporting requirements increases the possibility that
a healthcare company may run afoul of one or more of the requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur
substantial costs.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to numerous environmental, health and safety laws and regulations, including those governing laboratory procedures and the
generation, handling, use, storage, treatment, manufacture, transportation and disposal of, and exposure to, hazardous materials and
wastes, as well as laws and regulations relating to occupational health and safety. We contract with third parties that conduct operations
on our behalf that involve the use of hazardous and flammable materials, including chemicals and biologic materials. Our contractors
also produce and dispose of hazardous waste products. We cannot eliminate the risk of contamination or injury from these materials. In
the event of contamination or injury resulting from our contractors&#8217; use of hazardous materials, we could be held liable for any
resulting damages and any liability could exceed our resources, and our clinical trials or regulatory approvals could be suspended. We
also could incur significant costs associated with civil or criminal fines and penalties. Our third-party contractors may not carry specific
biological or hazardous waste insurance coverage, and their property, casualty and general liability insurance policies specifically
exclude coverage for damages and fines arising from biological or hazardous waste exposure or contamination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we maintain workers&#8217; compensation insurance for certain costs and expenses that we may incur due to injuries to our employees resulting
from the use of hazardous materials or other work-related injuries, this insurance may not provide adequate coverage against potential
liabilities. We do not maintain insurance for toxic tort claims that may be asserted against us in connection with our storage or disposal
of biologic, hazardous or radioactive materials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may incur substantial costs in order to comply with current or future environmental, health and safety laws and regulations,
which have tended to become more stringent over time. These current or future laws and regulations may impair our research, development
or production efforts. Failure to comply with these laws and regulations also may result in substantial fines, penalties or other sanctions
or liabilities, which 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Computer
system failures, cyber-attacks or deficiencies in our, or related parties&#8217;, cyber security could result in a material disruption
of our product development programs, compromise sensitive information related to our business or trigger contractual and legal obligations,
any of which could potentially expose us to liability or reputational harm or otherwise adversely affect our business and financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have implemented our security measures designed to protect the information (including but not limited to intellectual property, proprietary
business information and personal information) in our possession, custody or control. Our internal computer systems and those of current
and future third parties (such as vendors, CROs, collaborators or others) on which we rely may fail and are vulnerable to breakdown,
breach, interruption or damage from computer viruses, computer hackers, malicious code, employee error or malfeasance, theft or misuse,
denial-of-service attacks, sophisticated nation-state and nation-state-supported actors, unauthorized access, natural disasters, terrorism,
war, telecommunication and electrical failures or other compromise. Despite our security practices, there is a risk that we may be subject
to phishing and other cyberattacks in the future. The risk of a security breach or disruption, particularly through cyber-attacks or
cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity
and sophistication of attempted attacks and intrusions from around the world have increased.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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, terrorist organizations
or hostile foreign governments or agencies. Our information technology and other internal infrastructure systems, including corporate
firewalls, servers, leased lines and connection to the Internet, face the risk of systemic failure that could disrupt our operations.
If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our development
programs and our business operations. 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. Likewise, we rely
on third parties for the manufacture of our product candidates or any future product candidates and to conduct clinical trials, and similar
events relating to their computer systems could also have a material adverse effect on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
use, disclosure of or access to confidential or proprietary information, we could incur liability, our competitive position could be
harmed and the further development and commercialization of our product candidates or any future product candidates could be hindered
or delayed. If we were to experience a significant cybersecurity breach of our information systems or data, the costs associated with
the investigation, remediation and potential notification of the breach to counterparties, data subjects, regulators or others could
be material. In addition, our remediation efforts may not be successful. Moreover, if the information technology systems of our vendors,
CROs, collaborators or other contractors or consultants become subject to disruptions or security breaches, we may 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. If we do not allocate and effectively manage the resources
necessary to build and sustain the proper technology and cybersecurity infrastructure, we could suffer significant business disruption,
including transaction errors, supply chain or manufacturing interruptions, processing inefficiencies, data loss or the loss of or damage
to intellectual property or other proprietary information. Furthermore, any such event that leads to unauthorized access, use, or disclosure
of personal information, including personal information regarding clinical trial participants or employees, could harm our reputation,
compel us to comply with federal and/or state breach notification laws and foreign law equivalents, cause us to breach our contractual
obligations, subject us to mandatory corrective action, and otherwise subject us to liability under laws, regulations and contracts that
protect the privacy and security of personal information, which could result in significant legal and financial exposure and reputational
damages. As cyber threats continue to evolve, we may be required to incur significant additional expenses in order to enhance our protective
measures or to remediate any information security vulnerability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial exposure from the events referenced above could either not be insured against or not be fully covered through any insurance
that we maintain. There can be no assurance that the limitations of liability in our contracts would be enforceable or adequate or would
otherwise protect us from liabilities or damages as a result of the events referenced above.&#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: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in response to the ongoing COVID-19 pandemic, varying parts of our workforce are currently working remotely on a part or full-time
basis. This could increase our cyber security risk, create data accessibility concerns, and make us more susceptible to communication
disruptions. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations or
prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the Ownership of Our Securities</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
prices of our ordinary shares may be volatile and fluctuate substantially, which could result in substantial losses for holders of our
ordinary shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our ordinary shares on the Nasdaq Capital Market may be volatile and fluctuate substantially. The stock market in general
and the market for smaller pharmaceutical and biotechnology companies in particular have experienced extreme volatility that has often
been unrelated to the operating performance of particular companies. As a result of this volatility, holders of our ordinary shares may
not be able to sell their ordinary shares at or above the price at which they were purchased. The market price for ordinary shares may
be influenced by many factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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
    success of competitive products or technologies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">results
    of clinical trials of OK-101, OK-201 and any other future product candidate that we develop;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">results
    of clinical trials of product candidates of our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">changes
    or developments in laws or regulations applicable to OK-101, OK-201 and any other future product candidates that we develop;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    entry into, and the success of, any collaboration agreements with third parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developments
    or disputes concerning patent applications, issued patents or other proprietary rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    recruitment or departure of key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    level of expenses related to any of our product candidates or clinical 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; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    results of our efforts to discover, develop, acquire or in-license additional product candidates, products or technologies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated changes in estimates as to financial results, development timelines or recommendations by securities analysts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">variations
    in our financial results or those of companies that are perceived to be similar to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market
    conditions in the biotechnology and pharmaceutical sectors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">general
    economic, industry and market conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    other factors described in this &#8220;Risk Factors&#8221; section</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>


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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"><b><i>The
rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of Guernsey. The rights of holders of ordinary shares and, therefore, certain of the rights of any potential
future holders of our ordinary shares, are governed by the laws of Guernsey, including the provisions of the Companies Law (Guernsey)
2008, and by our Memorandum and Articles of Incorporation, or Articles. These rights differ in certain respects from the rights of shareholders
in typical U.S. corporations. See &#8220;Description of Share Capital and Memorandum and Articles of Incorporation &#8212;-Differences
in Corporate Law&#8221; in this report for a description of the principal differences between the provisions of the Guernsey Companies
Law applicable to us and, for example, the Delaware General Corporation Law relating to stockholders&#8217; rights and protections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we engage in future acquisitions or strategic partnerships, this may increase our capital requirements, dilute our shareholders, cause
us to incur debt or assume contingent liabilities and subject us to other risks.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to continue to evaluate various acquisitions and strategic partnerships, including licensing or acquiring complementary drugs,
intellectual property rights, technologies or businesses. Any potential acquisition or strategic partnership may entail numerous risks,
including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    drugs or drug candidates and regulatory approvals; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    or even to offset the associated acquisition and maintenance costs.</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>


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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; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a Foreign Private Issuer (&#8216;FPI&#8217;), we are exempt from a number of rules under the U.S. securities laws and are permitted to
file less information with the SEC than U.S. public companies</i>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an FPI, as defined in the SEC rules and regulations and, consequently, we are not subject to all of the disclosure requirements applicable
to companies organized within the United States. For example, we are exempt from certain rules under the Exchange Act, that regulate
disclosure obligations and procedural requirements related to the solicitation of proxies, consents or authorizations applicable to a
security registered under the Exchange Act. In addition, our officers and directors are exempt from the reporting and &#8220;short-swing&#8221;
profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities.
Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. public
companies. We are also not required to file financial statements prepared in U.S. GAAP, to comply with Regulation FD and the proxy rules.
Accordingly, there may be less publicly available information concerning our company than there is for U.S. public companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an FPI, we will file an annual report on Form 20-F within four months of the close of each fiscal year ended March 31 and reports on
Form 6-K relating to certain material events promptly after we publicly announce these events. However, because of the above exemptions
for FPIs, our ordinary share holders will not be afforded the same protections or information generally available to investors holding
shares in public companies organized in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>While
we are an FPI, we are not subject to certain Nasdaq corporate governance rules applicable to U.S. listed companies.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are entitled to rely on a provision in Nasdaq&#8217;s corporate governance rules that allows us to follow the laws of Guernsey with regard
to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant
respects from the corporate governance requirements applicable to U.S. companies listed on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, we have elected to rely on the exemption allowing us to follow the laws of Guernsey instead of Nasdaq regulations that require
a listed U.S. company to (i) have a majority of the board of directors consist of independent directors, (ii) require non-management
directors to meet on a regular basis without management present and (iii) promptly disclose any waivers of the code for directors or
executive officers that should address certain specified items.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with our Nasdaq listing, our audit, risk and disclosure committee are required to comply with the provisions of Section 301
of the Sarbanes-Oxley Act and Rule 10A-3 of the Exchange Act, both of which are also applicable to Nasdaq-listed U.S. companies. Because
we have elected to rely on the exemption allowing us to follow the laws of Guernsey, however, our audit, risk and disclosure committee
is not subject to additional Nasdaq requirements applicable to listed U.S. companies, including an affirmative determination that all
members of the audit, risk and disclosure committee are &#8220;independent,&#8221; using more stringent criteria than those applicable
to us as an FPI. Furthermore, Nasdaq&#8217;s corporate governance rules require listed U.S. companies to, among other things, seek shareholder
approval for the implementation of certain equity compensation plans and issuances of ordinary shares, however as an FPI, we may elect
to follow the rules applicable to companies admitted to listing on the Main Market of the London Stock Exchange in lieu of these Nasdaq
requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may lose our FPI status, which would then require us to comply with the Exchange Act&#8217;s domestic reporting regime and cause us to
incur significant legal, accounting and other expenses.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an FPI, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable
to U.S. domestic issuers. We may no longer be an FPI as early as September 30, 2023 (the end of our second fiscal quarter in the fiscal
year following this Nasdaq listing), which would require us to comply with all of the periodic disclosure and current reporting requirements
of the Exchange Act applicable to U.S. domestic issuers as of March 31, 2024. In order to maintain our current status as an FPI, either
(a) a majority of our outstanding voting securities must be either directly or indirectly owned of record by non-residents of the United
States or (b)(i) a majority of our executive officers or directors cannot be U.S. citizens or residents, (ii) more than 50% of our assets
must be located outside the United States and (iii) our business must be administered principally outside the United States. If we lose
our status as an FPI, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic
issuers, which are more detailed and extensive than the requirements for FPIs. We may also be required to make changes in our corporate
governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities
laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than
the cost we would incur as an FPI. As a result, we expect that a loss of FPI status would increase our legal and financial compliance
costs and is likely to make some activities highly time consuming and costly. We also expect that if we were required to comply with
the rules and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain director
and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage.
These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times 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: 0.25in"></p>

<p style="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>We
are an emerging growth company (EGC) within the meaning of the Securities Act of 1933, or the Securities Act, and will take advantage
of certain reduced reporting requirements.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an EGC, as defined in the Jumpstart Our Business Startups (JOBS) Act, 2012). For as long as we continue to be an EGC, we may take
advantage of exemptions from various reporting requirements that are applicable to other public companies that are not EGCs, including
not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, or Section 404, exemptions
from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved. As an EGC, we are required to report only two years of financial results and selected financial data
compared to three and five years, respectively, for comparable data reported by other public companies. We may take advantage of these
exemptions until we are no longer an EGC. We could be an EGC for up to five years, although circumstances could cause us to lose that
status earlier, including if the aggregate market value of our ordinary shares s held by non-affiliates exceeds $700 million as of any
September 30 (the end of our second fiscal quarter) before that time, in which case we would no longer be an EGC as of the following
March 31 (our fiscal year-end). We cannot predict if investors will find our ordinary shares less attractive because we may rely on these
exemptions. If some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our
ordinary shares and the price of our ordinary shares may be more volatile in the event that we decide to make an offering of our ordinary
shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to establish and maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable
regulations could be impaired.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.05in"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
404(a) of the Sarbanes-Oxley Act, or Section 404(a), requires that beginning with our second annual report following our IPO, management
assess and report annually on the effectiveness of our internal control over financial reporting and identify any material weaknesses
in our internal control over financial reporting. Although Section 404(b) of the Sarbanes-Oxley Act, or Section 404(b), requires our
independent registered public accounting firm to issue an annual report that addresses the effectiveness of our internal control over
financial reporting, we have opted to rely on the exemptions provided in the JOBS Act, and consequently will not be required to comply
with SEC rules that implement Section 404(b) until such time as we are no longer an EGC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect our first Section 404(a) assessment will take place for our annual report for the fiscal year ending March 31, 2023. The presence
of material weaknesses could result in financial statement errors which, in turn, could lead to errors in our financial reports, delays
in our financial reporting, which could require us to restate our operating results or our auditors may be required to issue a qualified
audit report. We might not identify one or more material weaknesses in our internal controls in connection with evaluating our compliance
with Section 404 (a). In order to establish, maintain and improve the effectiveness of our disclosure controls and procedures and internal
control over financial reporting, we will need to expend significant resources and provide significant management oversight.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Implementing
any appropriate changes to our internal control may require specific compliance training of our directors and employees, entail substantial
costs in order to modify our existing accounting systems, take a significant period of time to complete and divert management&#8217;s
attention from other business concerns. These changes may not, however, be effective in maintaining the adequacy of our internal control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
either we are unable to conclude that we have effective internal control over financial reporting or, at the appropriate time, our independent
auditors are unwilling or unable to provide us with an unqualified report on the effectiveness of our internal control over financial
reporting as required by Section 404(b), then in the event we have decided to make an offering of our ordinary shares, investors may
lose confidence in our operating results, the price of our ordinary shares could decline and we may be subject to litigation or regulatory
enforcement actions. In addition, if we are unable to meet the requirements of Section 404, we may not be able to remain listed on Nasdaq.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will incur significant increased costs as a result of operating as a company that publicly listed on Nasdaq in the United States, and
our management will be required to devote substantial time to new compliance initiatives.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a U.S. public company, and particularly after we no longer qualify as an EGC, we will incur significant legal, accounting and other expenses
that we did not incur previously. The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 1987, the
listing requirements of Nasdaq and other applicable securities rules and regulations impose various requirements on non-U.S. reporting
public companies, including the establishment and maintenance of effective disclosure and financial controls and corporate governance
practices. Our senior management and other personnel will need to devote a substantial amount of time to these compliance initiatives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming
and costly. For example, we expect that these rules and regulations may make it more difficult and more expensive for us to obtain director
and officer liability insurance, which in turn could make it more difficult for us to attract and retain qualified senior management
personnel or members for our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
these rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result,
their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result
in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 404, we will be required to furnish a report by our senior management on our internal control over financial reporting. However,
while we remain an EGC, we will not be required to include an attestation report on internal control over financial reporting issued
by our independent registered public accounting firm. To prepare for eventual compliance with Section 404, which is required once we
no longer qualify as an EGC, we will be engaged in a process to document and evaluate our internal control over financial reporting,
which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside
consultants and adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue
steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement
a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that
we will not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective
as required by Section 404. If we identify one or more material weaknesses, it could result in an adverse reaction in the financial markets
due to a loss of confidence in the reliability of our financial statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<p style="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>Claims
of U.S. civil liabilities may not be enforceable against us.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of Guernsey. Certain members of our board of directors and senior management are not residents of the
United States, and all or a substantial portion of our assets and the assets of such persons are located outside the United States. As
a result, it may not be possible to serve process on such persons or us in the United States or to enforce judgments obtained in U.S.
courts against them or us based on civil liability provisions of the securities laws of the United States. As a result, it may not be
possible for investors to effect service of process within the United States upon such persons or to enforce judgments obtained in U.S.
courts against them or us, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Description of Share Capital and Memorandum and Articles of Incorporation&#8212;Enforcement of Civil Liabilities.&#8221; Additionally,
it may be difficult to assert securities law claims in actions originally instituted outside of the United States. Foreign courts may
refuse to hear a securities law claim because foreign courts may not be the most appropriate forum in which to bring such a claim. Even
if a foreign court agrees to hear a claim, it may determine that the law of the jurisdiction in which the foreign court resides, and
not U.S. law, is applicable to the claim. Further, if U.S. law is found to be applicable, the content of applicable U.S. law must be
proved as a fact, which can be a time-consuming and costly process, and certain matters of procedure would still be governed by the law
of the jurisdiction in which the foreign court resides.</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"><b><i>The
rights afforded to shareholders are governed by Guernsey law. Not all rights available to shareholders under English law or U.S. law
will be available to shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights afforded to shareholders will be governed by Guernsey law and by our Articles, and these rights differ in certain respects from
the rights of shareholders in typical English companies and U.S. corporations. In particular, Guernsey law significantly limits the circumstances
under which shareholders of companies may bring derivative actions and, in most cases, only the corporation may be the proper claimant
or plaintiff for the purposes of maintaining proceedings in respect of any wrongful act committed against it. Neither an individual nor
any group of shareholders has any right of action in such circumstances. In addition, Guernsey law does not afford appraisal rights to
dissenting shareholders in the form typically available to shareholders of a U.S. corporation.</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"><b><i>The
insolvency laws of Guernsey and other jurisdictions may not be as favorable to you as the U.S. bankruptcy laws.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of Guernsey. In the event of a bankruptcy, insolvency or similar event, proceedings could be initiated
in Guernsey or another relevant jurisdiction. The bankruptcy, insolvency, administrative and other laws of our and our subsidiaries&#8217;
jurisdictions of organization or incorporation may be materially different from, or in conflict with, each other and those of the United
States, including in the areas of rights of creditors, shareholders, priority of governmental and other creditors and duration of the
proceeding. The application of these laws, or any conflict among them, could call into question whether any particular jurisdiction&#8217;s
law should apply, adversely affecting your ability to enforce your rights under the ordinary shares in those jurisdictions or limit any
amounts that you may receive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are a passive foreign investment company (&#8216;PFIC&#8217;), there could be adverse U.S. federal income tax consequences to U.S.
holders.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Internal Revenue Code of 1986, or the Internal Revenue Code, we will be a PFIC for any taxable year in which (1) 75% or more of our
gross income consists of passive income or (2) 50% or more of the average quarterly value of our assets consists of assets that produce,
or are held for the production of, passive income. For purposes of these tests, passive income includes dividends, interest, gains from
the sale or exchange of investment property and certain rents and royalties. In addition, for purposes of the above calculations, a non-U.S.
corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held its
proportionate share of the assets and received directly its proportionate share of the income of such other corporation. If we are a
PFIC for any taxable year during which a U.S. Holder (as defined below under &#8220;Certain U.S. and Guernsey Tax Considerations-Material
U.S. Federal Income Tax Considerations for U.S. Holders&#8221;) holds our shares, the U.S. Holder may be subject to adverse tax consequences
regardless of whether we continue to qualify as a PFIC, including ineligibility for any preferred tax rates on capital gains or on actual
or deemed dividends, interest charges on certain taxes treated as deferred, and additional reporting requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not believe that we were a PFIC for our taxable year ended March 31, 2022 but cannot provide any assurances regarding our PFIC status
for any past, current or future taxable years. The determination of whether we are a PFIC is a fact-intensive determination made on an
annual basis applying principles and methodologies which in some circumstances are unclear and subject to varying interpretation. In
particular, the characterization of our assets as active or passive may depend in part on our current and intended future business plans,
which are subject to change. In addition, for our current and future taxable years, the total value of our assets for PFIC testing purposes
may be determined in part by reference to the market price of our ordinary shares from time to time, which may fluctuate considerably.
Under the income test, our status as a PFIC depends on the composition of our income which will depend on the transactions we enter into
in the future and our corporate structure. The composition of our income and assets is also affected by how, and how quickly, we spend
the cash we raise in any offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain circumstances, a U.S. Holder of shares in a PFIC may alleviate some of the adverse tax consequences described above by making,
where available, a qualified electing fund, or QEF, election to include in income its pro rata share of the corporation&#8217;s income
on a current basis or a mark-to-market election. A U.S. Holder may make a QEF election with respect to our ordinary shares only if we
agree to furnish such U.S. Holder annually with a PFIC annual information statement as specified in the applicable U.S. Treasury Regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
further discussion of the PFIC rules and the adverse U.S. federal income tax consequences in the event we are classified as a PFIC, see
the section of this report entitled &#8220;Certain U.S. and Guernsey Tax Considerations-Material U.S. Federal Income Considerations for
U.S. Holders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
change in our tax residence could have a negative effect on our future profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are incorporated under the laws of Guernsey, our affairs are, and are intended to continue to be, managed and controlled in the United
Kingdom for tax purposes and therefore we are resident in the United Kingdom for U.K. and Guernsey tax purposes. It is possible that
in the future, whether as a result of a change in law or the practice of any relevant tax authorities or as a result of any change in
the conduct of our affairs or for any other reason, we could become, or be regarded as having become, a resident in a jurisdiction other
than the United Kingdom. If we cease to be a U.K. tax resident, we may be subject to a charge to U.K. corporation tax on chargeable gains
on our assets and to unexpected tax charges in other jurisdictions on our income. Similarly, if the tax residency of any of our subsidiaries
were to change from their current jurisdiction for any of the reasons listed above, we may be subject to a charge to local capital gains
tax on the assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to use net operating loss and tax credit carryforwards and certain built-in losses to reduce future tax payments or benefit
from favorable U.K. tax legislation.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a U.K. resident trading entity, we are subject to U.K. corporate taxation. Due to the nature of our business, we have generated losses
since inception. As of March 31, 2023, we had cumulative carryforward tax losses of $23,903,092. Subject to any relevant restrictions,
we expect these to be available to carry forward and offset against future operating profits. As a company that carries out extensive
research and development activities, we benefit from the U.K. research and development tax credit regime for small and medium-sized companies,
whereby we are able to surrender the trading losses that arise from our qualifying research and development activities for a payable
tax credit of up to 33.35% of eligible research and development expenditures. Qualifying expenditures largely comprise employment costs
for research staff, consumables and certain internal overhead costs incurred as part of research projects. Certain subcontracted qualifying
research expenditures are eligible for a cash rebate of up to 21.67%. The majority of our pipeline research, clinical trials management
and manufacturing development activities are eligible for inclusion within these tax credit cash rebate claims. Our ability to continue
to claim payable research and development tax credits in the future may be limited because we may no longer qualify as a small or medium-sized
company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may benefit in the future from the United Kingdom&#8217;s &#8220;patent box&#8221; regime, which allows certain profits attributable
to revenues from patented products to be taxed at an effective rate of 10%. We are the exclusive licensee or owner of several patent
applications which, if issued, would cover our product candidates, and accordingly, future upfront fees, milestone fees, product revenues
and royalties could be taxed at this tax rate. When taken in combination with the enhanced relief available on our research and development
expenditures, we expect a long-term lower rate of corporation tax to apply to us. If, however, there are unexpected adverse changes to
the U.K. research and development tax credit regime or the &#8220;patent box&#8221; regime, or for any reason we are unable to qualify
for such advantageous tax legislation, or we are unable to use net operating loss and tax credit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
and uncertainties in the tax system in the countries in which we have operations could materially adversely affect our financial condition
and results of operations and reduce net returns to our shareholders.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
tax position could be adversely impacted by changes in tax rates, tax laws, tax practice, tax treaties or tax regulations or changes
in the interpretation thereof by the tax authorities in the United Kingdom, the United States and other jurisdictions as well as being
affected by certain changes currently proposed by the Organization for Economic Co-operation and Development and their action plan on
Base Erosion and Profit Shifting. Such changes may become more likely as a result of recent economic trends in the jurisdictions in which
we operate, particularly if such trends continue.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
actual effective tax rate may vary from our expectation and that variance may be material. A number of factors may increase our future
effective tax rates, including: (1) the jurisdictions in which profits are determined to be earned and taxed; (2) the resolution of issues
arising from any future tax audits with various tax authorities; (3) changes in the valuation of our deferred tax assets and liabilities;
(4) increases in expenses not deductible for tax purposes, including transaction costs and impairments of goodwill in connection with
acquisitions; (5) changes in the taxation of share-based compensation; (6) changes in tax laws or the interpretation of such tax laws,
and changes in generally accepted accounting principles; and (7) challenges to the transfer pricing policies related to our structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
tax authority may disagree with tax positions that we have taken, which could result in increased tax liabilities. For example, Her Majesty&#8217;s
Revenue &amp; Customs, or HMRC, the U.S. Internal Revenue Service, or IRS, or another tax authority could challenge our allocation of
income by tax jurisdiction and the amounts paid between our affiliated companies pursuant to our intercompany arrangements and transfer
pricing policies, including methodologies for valuing developed technology and amounts paid with respect to our intellectual property
development. Similarly, a tax authority could assert that we are subject to tax in a jurisdiction where we believe we have not established
a taxable connection, often referred to as a &#8220;permanent establishment&#8221; under international tax treaties, and such an assertion,
if successful, could increase our expected tax liability in one or more jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
tax authority may take the position that material income tax liabilities, interest and penalties are payable by us, for example where
there has been a technical violation of contradictory laws and regulations that are relatively new and have not been subject to extensive
review or interpretation, in which case we expect that we might contest such assessment. High-profile companies can be particularly vulnerable
to aggressive application of unclear requirements. Many companies must negotiate their tax bills with tax inspectors who may demand higher
taxes than applicable law appears to provide. Contesting such an assessment may be lengthy and costly and if we were unsuccessful in
disputing the assessment, the implications could increase our anticipated effective tax rate, where applicable.</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"><b>Risks
Related to Our Reliance on Third Parties</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"><b><i>We
rely, and expect to continue to rely, on third parties to conduct our preclinical studies and clinical trials. If these third parties
do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for
or commercialize our product candidates.</i></b></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"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied upon and plan to continue to rely upon third parties, including independent clinical investigators and third-party CROs,
to conduct our preclinical studies and clinical trials and to monitor and manage data for our ongoing preclinical and clinical programs.
In engaging these third parties, we typically have to, and expect to have to, negotiate budgets and contracts, which may result in delays
to our development timelines and increases costs. Additionally, there is a limited number of qualified third-party service providers
that specialize or have the expertise required to achieve our business objectives, and so it may be challenging to find alternative investigators
or CROs, or do so on commercially reasonable terms. We rely on these parties for execution of our preclinical studies and clinical trials,
and control only certain aspects of their activities. Nevertheless, we are responsible for ensuring that each of our preclinical studies
and clinical trials is conducted in accordance with the applicable protocol and legal, regulatory and scientific standards, and our reliance
on these third parties does not relieve us of our regulatory responsibilities. We and our third-party contractors and CROs are required
to comply with GCP requirements, which are regulations and guidelines enforced by the FDA, the Competent Authorities of the Member States
of the European Economic Area and comparable foreign regulatory authorities for all of our product candidates in clinical development.
Regulatory authorities enforce these GCP requirements through periodic inspections of trial sponsors, principal investigators and clinical
trial sites. If we fail to exercise adequate oversight over any of our CROs or if we or any of our CROs fail to comply with applicable
GCP requirements, the clinical data generated in our clinical trials may be deemed unreliable and the FDA, EMA or other regulatory authorities
may require us to perform additional clinical trials before approving our marketing applications. We cannot assure you that upon a regulatory
inspection of us or our CROs or other third parties performing services in connection with our clinical trials, such regulatory authority
will determine that any of our clinical trials complies with GCP regulations. In addition, our clinical trials must be conducted with
product produced under applicable cGMP regulations. Our failure to comply with these regulations may require us to repeat clinical trials,
which would delay the regulatory approval process.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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">Further,
these investigators and CROs are not our employees, and we will not be able to control, other than by contract, the amount of resources,
including time, which they devote to our product candidates and clinical trials. If independent investigators or CROs fail to devote
sufficient resources to the development of our product candidates, or if their performance is substandard, it may delay or compromise
the prospects for approval and commercialization of our product candidates. These investigators and CROs may also have relationships
with other commercial entities, including our competitors, for whom they may also be conducting clinical studies or other drug development
activities, which could affect their performance on our behalf. In addition, the use of third-party service providers requires us to
disclose our proprietary information to these parties, which increases the risk that a competitor will discover them or that this information
will be misappropriated or disclosed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of our relationships with these third-party CROs terminate, we may not be able to enter into arrangements with alternative CROs or
to do so on commercially reasonable terms. If CROs do not successfully carry out their contractual duties or obligations or meet expected
deadlines, if they need to be replaced or if the quality or accuracy of the clinical data they obtain is compromised due to the failure
to adhere to our clinical protocols, regulatory requirements or for other reasons, our clinical trials may be extended, delayed or terminated
and we may not be able to obtain regulatory approval for or successfully commercialize our product candidates. As a result, our results
of operations and commercial prospects would be harmed, our costs could increase and our ability to generate revenues could be delayed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repeating
clinical trials or switching or engaging additional CROs involves additional cost and requires our management&#8217;s time and focus.
In addition, there is a natural transition period when a clinical trial has to be repeated or when a new CRO commences work. As a result,
delays could occur, which could materially impact our ability to meet our desired clinical development timelines.</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"><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 disclosed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have engaged CROs specializing in ophthalmic drug development, to prepare and support the IND filing, and we must, at times, share our
proprietary technology and confidential information, including 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. 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 proprietary technology and confidential information or other unauthorized use
or disclosure of such technology or information would impair our competitive position and may have an 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; 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">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 by third parties. A competitor&#8217;s discovery of
our trade secrets would impair our competitive position and have an adverse impact on our business, financial condition, results of operations
and prospects.</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"><b><i>We
utilize, and expect to continue to utilize, third parties to conduct our 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; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will rely on contract manufacturing organizations (CMOs) for the manufacturing of clinical batches and intend to continue to rely on
third parties to manufacture our preclinical study and clinical trial product supplies. If our current CMOs, or any future third-party
manufacturers, do not successfully carry out their contractual duties, meet expected deadlines or manufacture our product candidates
in accordance with regulatory requirements, or if there are disagreements between us and our CMOs or any future third-party manufacturers,
we will not be able to complete, or may be delayed in completing, the preclinical studies required to support future investigational
new drug, or IND, submissions and the clinical trials required for approval of our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to our current CMOs, we may rely on additional third parties to manufacture ingredients of our product candidates in the future
and to perform quality testing, and reliance on these third parties entails risks to which we would not be subject if we manufactured
the product candidates ourselves, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    control for certain aspects of manufacturing 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">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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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 FDA, EMA or other regulatory authority action, including injunction,
recall, seizure or total or partial suspension of product manufacture.</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"><b><i>To
the extent we rely on a third-party manufacturing facility for commercial supply, that third party will be subject to significant regulatory
oversight with respect to manufacturing our product candidates.</i></b></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"><b><i>&#160;</i></b></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
preparation of therapeutics for clinical trials or commercial sale is subject to extensive regulation. Components of a finished therapeutic
product approved for commercial sale or used in late-stage clinical trials must be manufactured in accordance with cGMP requirements.
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 products and products approved for sale. Poor control of production processes
can lead to the introduction of outside agents or other contaminants, or to inadvertent changes in the properties or stability of a product
candidate that may not be detectable in final product testing. To the extent that we utilize third-party facilities for commercial supply,
the third party&#8217;s facilities and quality systems must pass an inspection for compliance with the applicable regulations as a condition
of regulatory approval. In addition, the regulatory authorities may, at any time, audit or inspect the third-party manufacturing facility
or the associated quality systems for compliance with the regulations applicable to the activities being conducted. If, for example,
these facilities do not pass a plant inspection, the FDA will not approve the applicable New Drug Application (&#8216;NDA&#8217;) or
biologics license application, or BLA.</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">We
do not directly control the manufacturing of, and are completely dependent on, our CMOs for compliance with cGMP requirements. If our
CMOs cannot successfully manufacture material that conforms to our specifications and the strict regulatory requirements of the FDA,
EMA or other regulatory authorities, they will not be able to secure and/or maintain regulatory approval for their manufacturing facilities.
In addition, we have no direct control over the ability of our CMOs to maintain adequate quality control, quality assurance and qualified
personnel. Furthermore, all of our CMOs are engaged with other companies to supply and/or manufacture materials or products for such
companies, which exposes our CMOs to regulatory risks for the production of such materials and products. As a result, failure to meet
the regulatory requirements for the production of those materials and products may generally affect the regulatory clearance of our CMOs&#8217;
facilities. Our failure, or the failure of third parties, to comply with applicable regulations could result in sanctions being imposed
on us, including clinical holds, fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, license revocation,
seizures or recalls of product candidates or products, operating restrictions and criminal prosecutions, any of which could significantly
and adversely affect supplies of our products and product candidates.</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">Our
potential future dependence upon others for the manufacture of our product candidates may adversely affect our future profit margins
and our ability to commercialize any products that receive regulatory approval on a timely and competitive 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"><b><span id="a_005"></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
History and Development of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were originally incorporated in the British Virgin Islands as a British Virgin Islands Business Company on July 4, 2007 under the BVI
Business Companies Act 2004 with company number 1415559 under the name Jellon Enterprises, Inc. Our legal and commercial name was changed
to Minor Metals &amp; Mining, Inc. on October 24, 2007, to Emerging Metals Limited on November 28, 2007, to West African Minerals Corporation
on December 9, 2011, and to OKYO Pharma Corporation on January 10, 2018. On March 9, 2018, shareholders approved the cancellation of
our AIM listing and migration to Guernsey. On July 3, 2018, following the approval of the Guernsey Companies Registry, we were registered
under the Guernsey Companies Law under the name OKYO Pharma Limited, as a Guernsey company with limited liability, an indefinite life
and company number 65220. We are domiciled in Guernsey. On July 17, 2018, our Ordinary Shares were admitted to listing on the standard
segment of the Official List of the FCA and admitted to trading on the standard listing of the Main Market of the London Stock Exchange.
We are subject to the Takeover Code.</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">Our
registered office is located at Martello Court, Admiral Park, St. Peter Port, Guernsey GY1 3HB and our telephone number is +44 (0) 20
7495 2379. Our website address is www.okyopharma.com. The reference to our website is an inactive textual reference only and the information
contained in, or that can be accessed through, our website is not a part of this annual report. Our agent for service of process in the
United States is OKYO Pharma US, Inc.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers, such
as us, that file electronically, with the SEC at www.sec.gov.</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"><b>B.
Business 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"><b>Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a clinical-stage biopharmaceutical company developing next-generation therapeutics to improve the lives of patients suffering from
inflammatory eye diseases and ocular pain. Our research program is focused on a novel G Protein-Coupled Receptor, or GPCR, which we believe
plays a key role in the pathology of these inflammatory eye diseases of high unmet medical need. Our therapeutic approach is focused
on targeting inflammatory and pain modulation pathways that drive these conditions. We are presently developing OK-101, our lead clinical
product candidate, for the treatment of dry-eye disease (&#8220;DED&#8221;). We also plan to evaluate its potential in benefiting patients
with ocular neuropathic pain, uveitis and allergic conjunctivitis. We have also been evaluating OK-201, a bovine adrenal medulla, or
BAM, lipidated-peptide preclinical analogue candidate that is currently in developmental stage.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evidence from over 40 years of scientific literature suggests inflammation as the most common underlying cause of DED. An increase in
the levels of inflammatory cytokines in both conjunctiva and tears is known to cause the chronic inflammation associated with DED. Consequently,
development of new therapeutic agents that target inflammatory pathways is crucial in improving symptoms in DED patients. On February
21, 2018, we announced that we successfully obtained (via assignment from Panetta Partners Limited, a related party) a license from OTT
to patents owned or controlled by OTT and a sub-license from OTT to certain patents licensed by OTT from TMC to support our ophthalmic
disease drug programs. These licenses gave us the right to exploit the IP estate which is directed to compositions-of-matter and methodologies
for treating ocular inflammation, DED with chemerin or lipid-linked chemerin analogues. We also have a license from TMC to a separate
IP estate for treating symptoms of ocular neuropathic pain, uveitis and associated pain. The scope of our use of the TMC IP granted to
us through the sublicense with OTT is commensurate with the scope of use of the IP granted to OTT from TMC. This intellectual property
forms the basis of our OK-101 program, which is discussed in greater detail below.</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"><b><i>OK-101</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OK-101,
our lead clinical product candidate, is focused on keratoconjunctivitis sicca, commonly referred to as DED, which is a multifactorial
disease caused by an underlying inflammation resulting in the lack of lubrication and moisture in the surface of the eye. DED is one
of the most common ophthalmic conditions encountered in clinical practice. Symptoms of DED include constant discomfort and irritation
accompanied by inflammation of the ocular surface, visual impairment and potential damage to the ocular surface. There are presently
approximately 20 million people suffering from DED in the U.S. alone (Farrand et al. AJO 2017; 182:90), with the disease affecting approximately
up to 34% of the population aged 50+ (Dana et al. AJO 2019; 202:47), and with women representing approximately two-thirds of those affected
(Matossian et al. J Womens Health (Larchmt) 2019; 28:502&#8211;514). Prevalence of DED is anticipated to increase substantially in the
next 10-20 years due to aging populations in the U.S., Europe, Japan and China and use of contact lenses in the younger population. We
believe this increase in prevalence of dry eye syndrome represents a major expanding economic burden to public healthcare. According
to Market Research Report, Dry Eye Syndrome, December 2020, the global DED market in 2019 was approximately $5.22 billion, with the market
size expected to reach $6.54 billion by 2027. In addition, DED causes approximately $3.8 billion annually in healthcare costs and represents
a major economic burden to public healthcare, accounting for more than $50 billion to the U.S. economy annually.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
present, there are 5 prescription drugs available to treat DED: 1) Restasis (0.05% cyclosporine), 2) Cequa (0.09% cyclosporine), 3) Xiidra
(5% lifitegrast), 4) Tyrvaya (0.03 mg varenicline), and 5) Eysuvis (0.25% loteprednol &#8211; a corticosteroid for short term use only).
However, DED continues to be a major unmet medical need due to the large number of patients not well served by the treatments available
to them through the medical community.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development of new drugs to treat DED has been particularly challenging due to the heterogeneous nature of the patient population suffering
from DED, and due to the difficulties in demonstrating an improvement in both signs and symptoms of the disease in well-controlled clinical
trials. The evidence from over 40 years of scientific literature, however, suggests inflammation as the most common underlying element
of DED. Consequently, development of new therapeutic agents that target inflammatory pathways is looking to be an attractive approach
in improving symptoms in DED patients. Moreover, large number of dry eye patients suffer from ocular neuropathic pain, making their condition
more resistant to topical anti-inflammatory therapy, and a drug capable of targeting both of these aspects of DED would be a significant
addition to the ocular-care practitioner&#8217;s arsenal for the treatment of DED.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chemerin receptor (CMKLR1 or ChemR23) is a chemokine like GCPR expressed on select populations of cells including inflammatory mediators,
epithelial and endothelial cells as well as neurons and glial cells in the dorsal root ganglion, spinal cord, and retina. Activation
of CMKLR1 by chemerin has been shown to resolve the inflammation and pain in animal models of asthma and pain, respectively. We have
been pioneering the development of OK-101, a lipidated-chemerin analogue, which is an agonist of CMKLR1, in treating DED and other ocular
inflammatory conditions. OK-101 was first identified in a program developed by OTT using membrane-tethered ligand technology.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 15, 2022, we announced the successful completion of the pre-IND meeting facilitated by Ora with the FDA regarding development
plans for OK-101 to treat DED. Both nonclinical and clinical development milestones were covered in the pre-IND meeting, with the FDA
agreeing that our first human trial would be a Phase 2 safety and efficacy trial in DED patients. The FDA also provided guidance on the
planned protocol for this trial in DED patients, concurring with one particular option OKYO has considered for the protocol which is
to designate co-primary efficacy endpoints covering both a sign and a symptom of DED in the clinical trial. Notably, the final decision
we recently took to, in fact, designate these two primary efficacy endpoints in the clinical protocol of the ongoing phase 2 trial is
significant as should this phase 2 trial then meet these prespecified endpoints, the trial should considerably affect the timeline to
an NDA filing with the FDA for OK-101 to treat DED.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the 4<sup>th</sup> quarter of 2022 we finished the final stages of a concerted effort to complete all Investigational New Drug (&#8220;IND&#8221;)
enabling activities and filed with the U.S. Food and Drug Administration (&#8220;FDA&#8221;) an IND on OK-101 to treat DED patients on
November 18, 2022. On December 22, 2022 we announced that we had received clearance of the IND application from the FDA to enable us
to initiate a Phase 2, first-in-human, clinical study of OK-101 for the treatment of DED.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 2, 2023, we announced that the first patient has been screened for our Phase 2, multi-center, randomized, double-blinded, placebo-controlled
trial of OK-101. Because the drug is designed to be administered topically, we were able to skip the standard Phase 1 studies typically
expected with orally delivered or injectable drug candidates in non-life-threatening conditions and we opened the first trial with OK-101
as a Phase 2 clinical trial in DED patients (See OKYO Pipeline below). This trial is planned to be conducted in approximately 200 to
240 DED patients. The study is being designed in conjunction with and is being managed and monitored by Ora, well known for its leadership
of ophthalmic clinical trial activities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 6, 2023 we announced that patients in the ongoing phase 2 trial were now being dosed in the randomized portion of the phase 2, multi-center,
double-masked, placebo-controlled trial of topical ocular OK-101 to treat DED, following the two-week placebo run-in period intended
to minimize the placebo effect. The Phase 2 trial is expected to be completed in 6-8 months from enrollment of the first patient. At
that point in time, we hope to have succeeded with two major goals for the Company: 1) demonstration of &#8220;proof of concept&#8221;
that OK-101 shows efficacy in the treatment of DED patients, and 2) convincing evidence that OK-101 is potentially an FDA-approvable
drug to treat DED patients, based on results from the primary efficacy points that are being evaluated in this phase 2 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">Figure
1. OKYO Pipeline</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="image_002.jpg" alt="" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional
Applicable Disease Indications for OK-101</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ophthalmic
diseases</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neuropathic
corneal pain has remained a challenging condition to treat since there are no FDA approved topical drugs available to treat this condition.
Current treatments for neuropathic corneal pain are limited to short term NSAIDs, steroids, gabapentin, and opioids in severe cases.
Neuropathic pain occurs through changes in both peripheral and central neurons leading to allodynia and hyperalgesia. Peripheral sensitization
from the inflammatory cytokines during and after ocular surface injury alters responsiveness of peripheral sensory neurons, which initiates
complex neuroinflammatory and electrophysiological signaling in the central nervous system that amplify the pain signaling.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chemerin receptor (ChemR23) that OK-101 targets to produce its anti-inflammatory activity is not only expressed on select populations
of immune cells, but is now believed to be expressed, as well, on neurons and glial cells in the dorsal root ganglion, spinal cord, and
retina. In a separate set of animal model experiments, we evaluated the pain-reducing activity of OK-101 in a ciliary nerve ligation
mouse model of corneal neuropathic pain. In collaboration with Pedram Hamrah, MD, Professor of Ophthalmology, an internationally recognized
cornea specialist, and clinician-scientist at Tufts Medical Center, Boston, we demonstrated that OK-101 suppresses corneal neuropathic
pain in a mouse model of ciliary nerve ligation developed in Dr. Hamrah&#8217;s laboratory. OK-101 was topically administered to mice
in comparison to the positive control gabapentin which was administered via intraperitoneal injection. Pain relief was evaluated by an
eye-wipe count, and OK-101 was shown to reduce corneal pain similar to that of gabapentin, a commonly used anticonvulsant oral drug typically
used to treat neuropathic pain for conditions such as shingles and other systemic nerve pain disorders. Notably, the drug concentration
of OK-101 used in this study was identical to that used in mouse models of DED that demonstrated ocular anti-inflammatory activity. OK-101
had no neurotoxic effect and did not affect the corneal epithelial integrity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the success of the animal model experiments, we believe OK-101 has the potential to address both the increased inflammatory cytokines
resulting from tear film imbalance as well as heightened neurosensory abnormalities through peripheral corneal nerve damage. Consequently,
we believe that OK-101 has the potential to not only treat DED but to separately treat neuropathic corneal pain.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2023 we announced a new agreement with Tufts Medical Center to conduct a 40-patient open-label clinical trial evaluating the
efficacy and safety of OK-101 in subjects with neuropathic corneal pain (&#8220;NCP&#8221;). The trial is planned to start in Fall 2023.
The Investigational New Drug (&#8220;IND&#8221;) application for NCP is planned to be filed in Q4 of 2023, with study enrollment planned
to commence shortly after IND allowance by the FDA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trial, once started, is anticipated to take 6-9 months to conduct, and is anticipated to have a minor budgetary impact, with a total
cost for the trial, including cost of drug manufacture and formulation, amounting to under $1 million. NCP remains a major unmet medical
need for the ocular community, as there is no FDA approved drug to treat NCP and this trial provides the opportunity to quickly establish
OK-101&#8217;s potential to treat this condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
NCP trial will be led by Pedram Hamrah, MD, Professor and Vice Chair of Research and Academic Programs, Co-Director of the Cornea Service
and Director of the Center for Translational Ocular Immunology at Tufts Medical Center. An ophthalmologist and a clinician-scientist,
Dr. Hamrah is a leading expert in NCP and co-inventor on the OK-101 patent. He is a member of OKYO&#8217;s Scientific Advisory Board
and will serve as Principal Investigator of the study, which will be conducted at Tufts Medical Center. This collaborative effort is
focused on evaluating OK-101 as a potential non-opioid analgesic to reduce neuropathic corneal pain, a major unmet medical need.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
second related ophthalmic disease indication that is the target of our chemerin-based technology is uveitis. Uveitis is the third leading
cause of blindness worldwide. The most common type of uveitis is an inflammation of the iris called iritis (anterior uveitis). Uveitis
can damage vital eye tissue, leading to permanent vision loss. Uveitis is currently treated with corticosteroid eyedrops and injections
that reduce inflammation, however, the long-term use of corticosteroids causes increased risk of cataracts and glaucoma, requiring close
monitoring for the drug&#8217;s potential side effects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we progress with our ongoing clinical evaluation of OK-101 to treat DED, we will also undertake the clinical plan to explore the drug
candidate&#8217;s potential to suppress the inflammation associated with uveitis. In support of this plan, we will also be exploring
preclinical development of OK-101 for the uveitis indication by first establishing &#8216;proof-of-concept&#8217; for this indication
utilizing animal model studies of anterior uveitis to evaluate the potential of OK-101 to suppress the inflammation associated with uveitis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
third related ophthalmic disease indication that is the target of our chemerin-based technology is allergic conjunctivitis. Allergic
conjunctivitis is inflammation of the conjunctiva caused by an allergic reaction that affects about 20% of the global population and
is typically treated with antihistamines, mast cell stabilizers and corticosteroids. Although there are effective drugs for the treatment
of ocular allergies, about one third of patients do not respond adequately to the currently marketed drugs. Further, patients who display
poor response to antihistamines appear to suffer from chronic and seasonal allergies. There is a lack of an optimal treatment for the
perennial and severe forms of ocular allergies. We plan on conducting &#8216;proof-of-concept&#8217; studies using OK-101 for the treatment
of chronic and seasonal allergic conjunctivitis using a conjunctival allergen challenge animal model to investigate the potential of
OK-101 to suppress the inflammation associated with allergic conjunctivitis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times 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: 0.25in"></p>

<p style="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>OK-201</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 1, 2018, we obtained a license agreement from Tufts Medical Center for the right to exploit all the intellectual property claimed
in patent application PCT/US2016/0611101 &#8216;Lipidated BAM8-22 and methods of using same&#8217; including claims covering composition-of-matter
and methodology for treating symptoms of neuropathic chronic pain, ocular pain and uveitis-associated pain. OKYO began an effort to explore
BAM8-22 analogs that have potential to ameliorate inflammation and neuropathic pain. OK-201 is the lead compound from the license agreement
with Tufts Medical Center and was the focus of the Company&#8217;s initial efforts to develop a lipidated BAM8-22 analogue to treat neuropathic
pain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 6, 2019, we signed a collaborative agreement with Tufts Medical Center, Boston and Pedram Hamrah, MD, Professor of Ophthalmology
at Tufts University School of Medicine, Boston, MA to evaluate OKYO&#8217;s BAM8-22 analogues, including OK-201, as non-opioid analgesics
to suppress corneal neuropathic pain using a mouse ocular pain model developed in Dr. Hamrah&#8217;s laboratory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2021, we announced positive results of OK-201, a non-opioid analgesic drug candidate delivered topically in Dr. Hamrah&#8217;s
mouse neuropathic corneal pain model, as a potential drug to treat acute and chronic ocular pain. Importantly, OK-201 demonstrated a
reduced corneal pain response equivalent to that of gabapentin, a commonly used oral drug for neuropathic pain. These observations demonstrated
preclinical &#8216;proof-of-concept&#8217; for the topical administration of OK-201 as a potential non-opioid analgesic for ocular pain.
Current treatments for corneal pain are limited to short term NSAIDs, steroids, and oral gabapentin and opioids in severe cases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the results with OK-201 were encouraging, due to subsequent success obtained with OK-101 (see section on OK-101) in follow-on animal
model studies utilizing the same mouse neuropathic corneal pain model as for OK-201, we have decided to maintain this drug candidate
at the exploratory level while we focus our primary energy on the OK-101 program to treat DED, based on OK-101&#8217;s combination of
anti-inflammatory and ocular pain-reducing activities in animal models of these conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consider the protection of our proprietary technologies and products, as well as our ability to maintain patent protection that covers
the composition of matter of our product candidates, their methods of use, and other related technologies and inventions, to be a critical
element in the success of our business. As of August 1, 2023, our owned and licensed intellectual property included 8 issued patents
and 15 pending patent applications in the U.S. and abroad.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
United States patent directed to lipidated chemerin fragments or analogs has a statutory expiration date of March 13, 2034, with potential
patent term extension available until 2039, following the grant of marketing authorization. Issued United States patent directed to methods
of using lipidated chemerin fragments or analogs for treating neuropathic pain has a statutory expiration date of March 13, 2034 (plus
187 days of patent term adjustment, or PTA), with potential patent term extension available until 2039, following the grant of marketing
authorization. Issued United States patent directed to methods of using lipidated chemerin fragments or analogs for treating DED has
a statutory expiration date of January 23, 2037, with potential patent term extension available until 2041, following the grant of marketing
authorization. We have pending patent applications for lipidated chemerin fragments or analogs and methods of use thereof that, if issued,
would be expected to expire in the United States and in countries outside of the United States between 2034 and 2043, excluding any patent
term adjustment that might be available following the grant of the patent and any patent term extensions that might be available following
the grant of marketing authorizations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
United States patent directed to lipidated BAM8-22 peptides or analogs and methods of use thereof has a statutory expiration date of
November 9, 2036 (plus 70 days of PTA), with potential patent term extension available until 2042, following the grant of marketing authorization.
We have pending patent applications for lipidated BAM8-22 peptides or analogs and methods of use thereof that, if issued, would be expected
to expire in the United States and in countries outside of the United States between 2036 and 2040, excluding any patent term adjustment
that might be available following the grant of the patent and any patent term extensions that might be available following the grant
of marketing authorizations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to protect our intellectual property position by, among other things, licensing or filing our own U.S. and foreign patent applications
related to our proprietary technologies and products, and any inventions or improvements that are important to the development and implementation
of our business. We also may seek patent protection, if available, with respect to biomarkers and diagnostic methods that may be used
to determine optimal patient populations for use of our product candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wherever
possible, we seek to protect our inventions by filing U.S. patent applications as well as foreign counterpart applications in select
countries. Because patent applications in the U.S. are maintained in secrecy for at least 18 months after the applications are filed,
and since publication of discoveries in the scientific or patent literature often lags behind actual discoveries, we cannot be certain
that we were the first to make the inventions covered by each of our issued or pending patent applications, or that we were the first
to file for protection of inventions set forth in such patent applications. Our planned or potential products may be covered by third-party
patents or other intellectual property rights, in which case continued development and marketing of our products would require a license.
Required licenses may not be available to us on commercially acceptable terms, if at all. If we do not obtain these licenses, we could
encounter delays in product introductions while we attempt to design around the patents, or we could find that the development, manufacture
or sale of products requiring such licenses are not possible.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to patent protection, we also rely on know-how, trade secrets and the careful monitoring of proprietary information, all of
which can be difficult to protect. We seek to protect some of our proprietary technologies and processes by entering into confidentiality
agreements with our employees, consultants, and contractors. These agreements may be breached, we may not have adequate remedies for
any breach and our trade secrets may otherwise become known or be independently discovered by competitors. To the extent that our employees
or our consultants or contractors use intellectual property owned by others in their work for us, disputes may also arise as to the rights
in related or resulting know-how and inventions.</span></p>

<p style="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"><i>License
Agreement for OK-101</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; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
Target Therapeutics (OTT) and Tufts Medical Centre (TMC) entered into a license agreement on April 3, 2017, or the Master License, pursuant
to which OTT licensed exclusive rights to certain patent applications that describe and claim lipidated chemerin peptides and their uses
in DED, or Chemerin. The Master License remains in effect until they royalty term has expired with respect to all licensed products in
all countries. The Master License may be terminated by either party in the event of a material breach and in addition, OTT may terminate
the Master License at any time upon 90 days&#8217; notice.</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>


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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"></span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 22, 2017, OTT entered into a license and sublicense agreement with Panetta Partners Limited, one of our principal stockholders, relating
to Chemerin, or the Chemerin License Agreement, which was licensed from OTT and sublicensed from TMC. On May 1, 2018, we entered into
an assignment of the Sublicense with Panetta Partners Limited. Under the terms of the Chemerin License Agreement, we have exclusive rights
to Chemerin. Specifically, we have the benefit of the exclusive worldwide rights to a U.S. patent application (which if issued would
expire in 2036). In addition, we have exclusive worldwide rights to a Patent Cooperation Treaty, or PCT, patent which has been nationalized
in the U.S., Europe, Japan, Australia and Canada and if issued it would expire in 2037. The Chemerin License Agreement provides for the
payment by us of up to $4.9 million in development milestone payments and up to $37 million in sales milestones as follows:</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
milestone payments being:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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">$300,000
    upon first patient enrolled in a Phase I clinical trial;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$600,000
    upon first patient enrolled on a Phase II clinical trial;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,500,000
    upon first patient enrolled in a Phase III clinical trial; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,500,000
    upon first commercial sale of a licensed product.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
milestones payments as follows:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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">$2,000,000
    on first achievement of annual net sales of $50,000,000;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">$4,000,000
    on first achievement of annual net sales of $100,000,000;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">$6,000,000
    on first achievement of annual net sales of $250,000,000;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">$10,000,000
    on first achievement of annual net sales of $500,000,000; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">$15,000,000
    on first achievement of annual net sales of $1,000,000,000.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above payments equate to low and declining single digit percentage royalties on net sales.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we have novel composition-of-matter coverage on the lipidated chemerin peptide lead analogues and novel method-of-use claims
in treating DED and other ophthalmic diseases. Each patent office has different patentability requirements, but we believe that the license
patent applications 16/070,467 (U.S. patent application entitled &#8220;Compounds and methods for treating inflammation&#8221;; applicant:
Tufts Medical Center / Trustees of Tufts College) and PCT/US2017/014605 (U.S. patent application entitled &#8220;Compounds and methods
for treating inflammation&#8221;; applicant Tufts Medical Center / Trustees of Tufts College) contain patentable subject matter. The
process for issuance of a patent involves a correspondence with each local patent office in the jurisdictions in which the patent application
is filed. That process, patent prosecution, involves a discussion of any relevant prior art and typically a discussion of the scope of
the claims. The patent prosecution process can take several years depending on the jurisdiction and is not in the control of the patent
owner, but in the control of the local patent office.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subject matter of the licensed IP may have been developed with government financial assistance and are subject to certain federal regulations
under the Bayh-Dole Act of 1980. In particular, the federal government retains a &#8220;nonexclusive, nontransferable, irrevocable, paid-up
license&#8221; for its own benefit to inventions produced with its financial assistance. The Bayh-Dole Act also provides federal agencies
with &#8220;march-in rights&#8221; and allows the government certain rights to require products to be manufactured in the United States.
March-in rights allow the government, in specified circumstances, to require the contractor or successors in title to the patent to grant
a &#8220;nonexclusive, partially exclusive, or exclusive license&#8221; to a &#8220;responsible applicant or applicants.&#8221; If the
patent owner refuses to do so, the government may grant the license itself.</span></p>

<p style="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>


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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"></span></p>

<p style="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>OK-201</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; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into a license agreement with TMC on May 1, 2018, relating to intellectual property and proprietary technology for the use of
certain lipidated BAM peptides in the treatment of neuropathic pain. Under the terms of the license agreement, we have acquired an exclusive
license to certain patents (pending and issued), inventions (including future patent filings on lipidated BAM molecules related to the
licensed patents). The license agreement requires an upfront license fee of $15,000 (&#163;11,000), which has been paid by us and annual
maintenance fees of $15,000 (&#163;11,000) commencing on the first anniversary of the license agreement. The maintenance fees decrease
to $10,000 after the three-year anniversary until the first commercial sale. The license agreement also provides for further development
and sales milestone payments and royalties.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 23, 2021, we announced that patent No. 10,899,796 entitled &#8220;Compounds and Methods for Treating Pain&#8221; was issued
by the United States Patent and Trademark Office. The patent is directed to a class of BAM peptides linked to specific lipids that demonstrate
potential for treating symptoms of neuropathic pain, ocular pain, ocular inflammation and/or DED. The work recited in this patent lays
out the potential of this class of lipidated BAM analogues as non-opioid analgesics for ocular pain management without the side effects
and potential abuse associated with opioid medications and is the foundation of our OK-201 program. In addition to the license from TMC
we have a collaboration agreement with TMC pursuant to which TMC has agreed to make available the services of Dr Pedram Hamrah M.D. as
principal investigator and nominated reach associate to carry out investigative and research studies in furtherance of our OK-201 corneal
neuropathic pain program. The patent will expire in early 2036.</span></p>

<p style="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"><b>Government
Regulation</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><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; text-align: justify"><span style="font-family: Times 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
authorities in most jurisdictions extensively regulate the research, development, clinical testing, manufacture, distribution and marketing
of pharmaceutical products such as those that the company is developing. Obtaining regulatory approvals and ensuring subsequent compliance
with applicable laws and regulations requires the expenditure of substantial time and financial and managerial resources. Regulatory
requirements in different jurisdictions vary, and the timing and success of efforts to obtain regulatory approvals can be highly uncertain.
Development of a successful drug candidate, from identification of a candidate drug compound, through preclinical and clinical testing,
to filing of a marketing approval application, to registration, typically takes more than ten years.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drug
development is a highly structured process divided into two major stages, preclinical and clinical. In the preclinical stage, the toxicology
and mode of action of an active compound is evaluated. The clinical stage is designed to prove the safety of any new pharmaceutical,
determine dosage requirements and, predominantly in the later phases, prove its therapeutic utility. This stage is carried out in three
phases, which, as a developer moves through the phases, require increasingly large, complex, expensive and time-consuming clinical studies.
During Phase 1, the product candidate is initially given to a small number of healthy human subjects or patients and tested for safety,
tolerance, absorption, metabolism, distribution and excretion. During Phase 2, additional trials are conducted in a larger, but still
relatively limited, patient population to verify that the product candidate has the desired effect and to identify optimal dosage levels.
Furthermore, possible adverse effects and safety risks are identified. The therapeutic utility of the product candidate for specific
targeted diseases is also studied in more depth. During Phase 3, trials are undertaken to further evaluate dosage, to provide statistically
significant evidence of clinical effectiveness and to further study the safety in an expanded patient population at multiple clinical
trial sites. Phase 3 trials may require several hundreds or thousands of patients and are therefore the most expensive and time-consuming
to conduct. At any time during one of the phases, a trial may produce a negative result, in which case the developer may choose to end
the development project, or a regulator could force clinical trials to terminate.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
completion of the Phase 3 trials, the developer submits all the preclinical and clinical trial documentation as well as extensive data
characterizing the manufacturing process to the regulator to seek regulatory approval to market the formulation as a pharmaceutical product.
The regulator reviews all the information related to the safety of the active compound, and whether the pharmacological effect claimed
by the developer on the proposed label can be substantiated by the results of the clinical trials. The regulator has the option to decide
to approve the application as requested, ask for changes to the claims made by the developer, ask for more information, require that
further clinical trials are undertaken, or refuse to approve the formulation for sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
after initial regulatory approval has been obtained, further studies, including Phase 4 post-approval safety studies, may be required
to provide additional data on safety and will be required to gain approval for the use of a product as a treatment for clinical indications
other than those for which the product was initially tested. There are also continuing, annual user fee requirements for any marketed
products and the establishments at which such products are manufactured, as well as new application fees for supplemental applications
with clinical data. In addition, regulatory authorities require post-marketing reporting to monitor the adverse effects of the product.
Results of post-approval programs may limit or expand the further marketing of the products. Further, if there are any modifications
to the product, including changes in indication, manufacturing process or labeling, or a change in the manufacturing facility, an application
seeking approval of such changes or, as the case may be, notification, must be submitted to the relevant regulatory authorities before
the modified product can be commercialized. Moreover, an approved drug product may be subject to a REMS, which could impose a number
of post-approval obligations, including (among other things) a communication plan for physicians regarding safe use of the drug, distribution
and use restrictions, and/or periodic assessments of the effectiveness of the REMS. Finally, studies may be required as a contingency
of regulatory approval (post-approval commitments), and completion of these studies within a regulator mandated time frame may be required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development, marketing and sale of medicinal products in the EU is subject to extensive pre- and post- marketing regulation by regulatory
authorities at both the EU and national levels. The requirements, regulatory approvals and processes governing the conduct of clinical
trials, product licensing, pricing and reimbursement vary from country to country, although there is some degree of EU wide harmonization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Clinical
Trials</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; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trials of medicinal products in the EU must be conducted in accordance with EU and national regulations, focusing, in particular on traceability,
apply to clinical trials of advanced therapy medicinal products. If the sponsor of the clinical trial is not established within the EU,
it must appoint an entity within the EU to act as its legal representative. The sponsor must take out a clinical trial insurance policy
and, in most EU countries, the sponsor is liable to provide &#8216;no fault&#8217; compensation to any study subject injured in the clinical
trial.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to commencing a clinical trial, the sponsor must obtain a clinical trial authorization from the relevant regulatory authority, and a
positive opinion from an independent ethics committee. The application for a clinical trial authorization must include, among other things,
a copy of the trial protocol and an investigational medicinal product dossier containing information about the manufacture and quality
of the medicinal product under investigation. Currently, clinical trial authorization applications must be submitted to the regulatory
authority in each Member State in which the trial will be conducted. Under the new Regulation on Clinical Trials, which is currently
expected to take effect in 2019, there will be a centralized application procedure where one national authority takes the lead in reviewing
the application and the other national authorities have only a limited involvement. Any substantial changes to the trial protocol or
other information submitted with the clinical trial applications must be notified to or approved by the relevant competent authorities
and ethics committees. Medicines used in clinical trials must be manufactured in accordance with cGMP.</span></p>

<p style="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"><i>Marketing
Approval</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; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the EU medicinal products can only be commercialized after obtaining marketing authorization, or MA. There are three procedures for obtaining
marketing approvals: the centralized procedure, the decentralized procedure and the mutual recognition procedure/national procedure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times 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: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Community marketing authorization, which is issued by the European Commission through the centralized procedure, based on the opinion
of the Committee for Medicinal Products for Human Use (CHMP) of the EMA, is valid throughout the entire territory of the EU. The centralized
procedure is mandatory for certain types of products, such as biotechnology medicinal products, orphan medicinal products, and medicinal
products containing a new active substance indicated for the treatment of AIDS, cancer, neurodegenerative disorders, diabetes, autoimmune
and viral diseases. The centralized procedure is optional for products containing a new active substance not yet authorized in the EU,
or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest of public
health in the EU.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
approvals obtained using the decentralized procedure are available for products not falling within the mandatory scope of the Centralized
Procedure. An identical dossier is submitted to the regulatory authorities of each of the Member States in which the marketing approval
is sought, one of which is selected by the applicant as the Reference Member State, or RMS. The competent authority of the RMS prepares
a draft assessment report, a draft summary of the product characteristics and a draft of the labeling and package leaflet, which are
sent to the other the concerned Member States, or CMSs, for their approval. A CMS can raise an objection, based on the assessment report,
the summary of product characteristics, the labeling and the package leaflet on the grounds of potential serious risk to public health.
If no such objections are raised the product will be granted a national marketing authorization in the RMS and all of the selected CMSs.
Where a product has already been authorized for marketing in a Member State, this decentralized procedure approval can be recognized
in other Member States through the mutual recognition procedure.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
approvals obtained using the national procedure are issued by a single regulatory authority of one of the Member States and only apply
to the territory covered by the relevant regulatory authority. They are available for products not falling within the mandatory scope
of the centralized procedure. Once a product has been authorized for marketing in a Member State through the national procedure, any
application in another Member State must be by the mutual recognition procedure whereby the marketing approval can also be recognized
in other Member States through the mutual recognition procedure.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the procedures described above, before granting the MA, the EMA or the relevant regulatory authority of the Member States of the EU makes
an assessment of the risk-benefit balance of the product on the basis of scientific criteria concerning its quality, safety and therapeutic
utility.</span></p>

<p style="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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holder of a marketing authorization in any Member State of the EU is subject to various obligations under applicable EU regulations,
such as pharmacovigilance obligations, requiring it to, among other things, report and maintain detailed records of adverse reactions,
and to submit periodic safety update reports to the regulatory authorities. The holder must also ensure that the manufacturing and batch
release of its product is in compliance with the applicable requirements. The marketing approval holder is further obligated to ensure
that the advertising and promotion of its products complies with applicable laws, which can differ from Member State to Member State
of the EU.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Data
Exclusivity</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; margin: 0pt; text-align: justify; text-indent: 17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAAs
for generic medicinal products in the EU do not need to include the results of preclinical and clinical trials, but instead can refer
to the data included in the marketing approval of a reference product for which regulatory data exclusivity has expired. If a marketing
approval is granted for a medicinal product containing a new active substance, that product benefits from eight years of data exclusivity,
during which generic MAAs referring to the data of that product may not be accepted by the regulatory authorities, and a further two
years of market exclusivity, during which such generic products may not be placed on the market. The two-year period may be extended
to three years if during the first eight years a new therapeutic indication with significant clinical benefit over existing therapies
is approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 17pt"><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: 17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a special regime for biosimilars, or biological medicinal products that are similar to a reference medicinal product but that do not
meet the definition of a generic medicinal product, for example, because of differences in raw materials or manufacturing processes.
For such products, the results of appropriate preclinical or clinical trials must be provided, and guidelines from the EMA detail the
type of quantity of supplementary data to be provided for different types of biological product. There are no such guidelines for complex
biological products, such as gene or cell therapy medicinal products, and so it is unlikely that biosimilars of those products will currently
be approved in the EU. However, guidance from the EMA states that they will be considered in the future in light of the scientific knowledge
and regulatory experience gained at the 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"><i>Orphan
Medicinal Products</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; margin: 0pt; text-align: justify; text-indent: 17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EMA&#8217;s Committee for Orphan Medicinal Products, or COMP, may recommend orphan medicinal product designation to promote the development
of products that are intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions affecting
not more than five in 10,000 persons in the EU. 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 product in the EU would be sufficient to justify the necessary investment in developing the medicinal product. The
COMP may only recommend orphan medicinal product designation when the product in question offers a significant clinical benefit over
existing approved products for the relevant indication. Following a positive opinion by the COMP, the European Commission adopts a decision
granting orphan status. The COMP will reassess orphan status in parallel with EMA review of a marketing authorization application and
orphan status may be withdrawn at that stage if it no longer fulfills the orphan criteria (for instance because in the meantime a new
product was approved for the indication and no convincing data are available to demonstrate a significant benefit over that product).
Orphan medicinal product designation entitles a party to financial incentives such as reduction of fees or fee waivers and ten years
of market exclusivity is granted following marketing authorization. During this period, the competent authorities may not accept or approve
any similar medicinal product, unless it offers a significant clinical benefit. This period may be redacted to six years if the orphan
medicinal product designation criteria are no longer met, including where it is shown that the product is sufficiently profitable not
to justify maintenance of market exclusivity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 17pt"><span style="font-family: Times 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>United
States</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Standard
Procedure</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; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act of 1938 and its implementing regulations. The
process of obtaining regulatory approvals and the subsequent compliance with applicable federal, state, local and foreign statutes and
regulations requires the expenditure of substantial time and financial resources. Failure to comply with the applicable U.S. requirements
at any time during the product development process, approval process or after approval, may subject an applicant to a variety of administrative
or judicial sanctions, such as the FDA&#8217;s refusal to approve pending NDAs or BLAs, withdrawal of an approval, imposition of a clinical
hold, issuance of warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions,
fines, refusals of government contracts, restitution, disgorgement or civil or criminal penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process required by the FDA before a drug may be marketed in the United States generally involves the following:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">completion
    of preclinical laboratory studies, animal studies and formulation studies in compliance with the FDA&#8217;s good laboratory practice
    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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submission
    to the FDA of an IND, which the FDA must approve before human clinical trials may begin;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approval
    of the human clinical trial by the institutional review board, or IRB, at each clinical site before each trial may be initiated;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance
    of adequate and well-controlled human clinical trials in accordance with applicable IND and other clinical trial-related regulations,
    sometimes referred to as GCPs to establish the safety and clinical utility of the proposed product candidate for its proposed 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submission
    to the FDA of a BLA or NDA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfactory
    completion of an FDA pre-approval inspection of the production facility or facilities where the product is produced to assess compliance
    with the FDA&#8217;s cGMP requirements to assure that the facilities, methods and controls are adequate to preserve the product&#8217;s
    identity, strength, quality, purity and potency;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    FDA audit of the preclinical and/or clinical trial sites that generated the data in support of the NDA; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA
    review and approval of the BLA or NDA prior to any commercial marketing or sale of the product in the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Once
an approval is granted, the FDA may withdraw the approval if compliance with regulatory requirements and standards is not maintained
or if problems occur after the product reaches the market. Other potential consequences include, among other things:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">restrictions
    on the marketing or manufacturing of the product, complete withdrawal of the product from the market or product recalls;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">fines, warning
    letters or holds on post-approval clinical trials;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">refusal of
    the FDA to approve pending NDAs or supplements to approved NDAs, or suspension or revocation of product approvals;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">product seizure
    or detention, or refusal to permit the import or export of products; or</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">injunctions
    or the imposition of civil or criminal penalties.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Clinical
trials involve the administration of the IND to human patients under the supervision of qualified investigators in accordance with GCP
requirements, which include the requirement that all research patients provide their informed consent in writing for their participation
in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the trial, the
parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. A protocol for each clinical trial and any
subsequent protocol amendments must be submitted to the FDA as part of the IND. In addition, an IRB at each institution participating
in the clinical trial must review and approve the plan for any clinical trial before it commences at that institution. Information about
certain clinical trials must be submitted within specific timeframes to the National Institutes of Health for public dissemination on
their website. Regulatory authorities, IRBs or the sponsor may suspend or terminate a clinical trial at any time on various grounds,
including a finding that the research patients are being exposed to an unacceptable health risk.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Assuming
successful completion of the required clinical testing, the results of the preclinical studies and clinical trials, together with detailed
information relating to the product&#8217;s chemistry, manufacture, controls, or CMC, and proposed labeling, among other things, are
submitted to the FDA as part of an NDA or BLA requesting approval to market the product for one or more indications. In most cases, the
submission of an NDA or BLA is subject to a substantial application user fee. Under the Prescription Drug User Fee Act guidelines that
are currently in effect, the FDA has a goal of 10 months from the date of filing of a standard NDA for a new molecular entity to review
and act on the submission. This review typically takes 12 months from the date the NDA is submitted to the FDA because the FDA has approximately
two months to make a filing decision.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition, under the Pediatric Research Equity Act of 2003<b><i>, </i></b>certain NDAs or supplements to an NDA must contain data that
are adequate to assess the safety and effectiveness of the drug for the claimed indications in all relevant pediatric subpopulations,
and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may, on
its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval
of the product for use in adults, or full or partial waivers from the pediatric data requirements.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
FDA conducts a preliminary review of all NDAs within the first 60 days after submission, before accepting them for filing, to determine
whether they are sufficiently complete to permit substantive review. The FDA may request additional information rather than accept an
NDA for filing. In this event, the application must be resubmitted with the additional information. The resubmitted application is also
subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an in-depth substantive
review. The FDA reviews an NDA to determine, among other things, whether the drug is safe and effective and whether the facility in which
it is manufactured, processed, packaged or held meets standards designed to assure the product&#8217;s continued safety, quality and
purity.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
FDA may refer an application for a novel drug to an advisory committee. An advisory committee is a panel of independent experts, including
clinicians and other scientific experts, that reviews, evaluates and provides 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>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Before
approving a BLA or NDA, the FDA typically will inspect the facility or facilities where the product is manufactured. The FDA will not
approve an application unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements
and adequate to assure consistent production of the product within required specifications. Additionally, before approving an NDA, the
FDA may inspect one or more clinical trial sites to assure compliance with GCP requirements.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">After
evaluating the NDA or BLA and all related information, including the advisory committee recommendation, if any, and inspection reports
regarding the manufacturing facilities and clinical trial sites, the FDA may issue an approval letter, or, in some cases, a complete
response letter (which generally contains a statement of specific conditions that must be met in order to secure final approval of the
NDA and may require additional clinical or preclinical testing in order for the FDA to reconsider the application). Even with submission
of this additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for approval.
If and when those conditions have been met to the FDA&#8217;s satisfaction, the FDA will typically issue an approval letter. An approval
letter authorizes commercial marketing of the drug with specific prescribing information for specific indications.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Even
if the FDA approves a product, it may limit the approved indications for use of the product, require that contraindications, warnings
or precautions be included in the product labeling, require that post-approval studies, including Phase 4 clinical trials, be conducted
to further assess a drug&#8217;s safety after approval, require testing and surveillance programs to monitor the product after commercialization,
or impose other conditions, including distribution and use restrictions or other risk management mechanisms under a REMS, which can materially
affect the potential market and profitability of the product. The FDA may prevent or limit further marketing of a product based on the
results of post-marketing studies or surveillance programs. After approval, some types of changes to the approved product, such as adding
new indications, manufacturing changes, and additional labeling claims, are subject to further testing requirements and FDA review and
approval.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Under
the Orphan Drug Act of 1983, the FDA may designate a biologic product as an &#8220;orphan drug&#8221; if it is intended to treat a rare
disease or condition (generally meaning that it affects fewer than 200,000 individuals in the United States, or more in cases in which
there is no reasonable expectation that the cost of developing and making a biologic product available in the United States for treatment
of the disease or condition will be recovered from sales of the product).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
a product with orphan status receives the first FDA approval for the disease or condition for which it has such designation, the product
is entitled to orphan product exclusivity, meaning that the FDA may not approve any other applications to market the same drug or biologic
product for the same indication for seven years, except in limited circumstances, such as a showing of clinical superiority to the product
with orphan exclusivity or if the party holding the exclusivity fails to assure the availability of sufficient quantities of the drug
to meet the needs of patients with the disease or condition for which the drug was designated. Competitors, however, may receive approval
of different products for the same indication for which the orphan product has exclusivity or obtain approval for the same product but
for a different indication for which the orphan product has exclusivity.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Post-Approval
Requirements for the EU and United States</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
FDA and the relevant regulatory authorities in the EU strictly regulate marketing, labeling, advertising and promotion of products that
are placed on the market in their respective territories. Drugs may be promoted only for the approved indications and in accordance with
the provisions of the approved label. The regulatory authorities actively enforce the laws and regulations prohibiting the promotion
of off-label uses, and a company that is found to have improperly promoted off-label uses may be subject to significant liability.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition, drug manufacturers and other entities involved in the manufacture and distribution of approved drugs are required to register
their establishments with the relevant regulatory authorities and are subject to periodic unannounced inspections by them to confirm
compliance with cGMP requirements. Changes to the manufacturing process are strictly regulated and often require prior approval of the
relevant regulatory authorities before being implemented. Regulations laid down by the FDA and the regulatory authorities in the EU also
require investigation and correction of any deviations from the requirements of cGMP and impose reporting and documentation requirements
upon the marketing approval holder and any third-party manufacturers that the marketing approval holder may decide to use.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Other
Healthcare Laws in the EU and United States</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
company will also be subject to healthcare regulation and enforcement by the U.S. federal government and the state governments in the
EU and any other countries in which the company conducts its business, including its research, and the marketing and distribution of
its product candidates and products once they have obtained marketing approval. Failure to comply with these laws, where applicable,
can result in the imposition of significant civil penalties, criminal penalties, exclusion from participating in health care programs,
additional reporting requirements and oversight if the company becomes subject to a corporate integrity agreement or similar agreement
to resolve allegations of non-compliance with these laws and other sanctions. The healthcare laws and regulations that may affect the
Company&#8217;s ability to operate in the United States include: the federal fraud and abuse laws, including the federal anti-kickback
and false claims laws; federal data privacy and security laws; and federal transparency laws related to payments and/or other transfers
of value made to physicians and other healthcare professionals and teaching hospitals. Many U.S. states have similar laws and regulations
that may differ from each other and federal law in significant ways. Moreover, several U.S. states have enacted legislation requiring
pharmaceutical manufacturers to, among other things, establish marketing compliance programs, file periodic reports with the state, and
make periodic public disclosures on sales and marketing activities, and prohibiting certain other sales and marketing practices. Rules
and legislation covering more or less the same subject matter as those in the United States apply to in countries in the EU and to other
countries. These can differ between jurisdictions and can sometimes result in lower or higher exposure in those countries than in the
United States. Where a product is sold in a number of countries compliance efforts can therefore be complicated.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Coverage
and Reimbursement in the EU and United States</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Sales
of products developed from the Company&#8217;s product candidates, if approved, will depend, in part, on the extent to which such products
will be covered by third party payors, such as government health care authorities, government health care programs, commercial insurance
and managed healthcare organizations. These third-party payors are increasingly limiting coverage or reducing reimbursements for medical
products and services. In the United States, no uniform policy of coverage and reimbursement for products exists among third party payors.
Therefore, coverage and reimbursement for products can differ significantly from payor to payor. In addition, the U.S. government, state
legislatures and foreign governments have continued implementing cost-containment programs, including price controls, restrictions on
reimbursement and requirements for substitution of generic products.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Governments
influence the price of medicinal products in the EU through their pricing and reimbursement rules and control of national healthcare
systems that fund a large part of the cost of those products to consumers. Some jurisdictions operate positive and negative list systems
under which products may only be marketed once a reimbursement price has been agreed. To obtain reimbursement or pricing approval, some
of these countries may require the completion of clinical trials that compare the cost-effectiveness of a particular product candidate
to currently available therapies. Other Member States allow companies to fix their own prices for medicines but monitor and control company
profits. The downward pressure on healthcare costs in general in the EU governments influence the price of medicinal products through
their pricing and reimbursement.</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
adoption of price controls and cost-containment measures, and the adoption of more restrictive policies in jurisdictions with existing
controls and measures, could further limit the Company&#8217;s net revenue and results. Decreases in third party reimbursement for the
Company&#8217;s product candidates or a decision by a third-party payor to not cover the Company&#8217;s product candidates could reduce
physician usage of the Company&#8217;s product candidates, once approved, and have a material adverse effect on the Company&#8217;s sales,
results of operations and financial condition.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Privacy
and Data Protection Laws in Europe</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are subject to European laws relating to our and our suppliers&#8217;, partners&#8217; and subcontractors&#8217; collection, control,
processing and other use of personal data (i.e., any data relating to an identifiable living individual, whether that individual can
be identified directly or indirectly). We are subject to the supervision of local data protection authorities in those jurisdictions
where we are established, where we offer goods or services to EU residents and where we monitor the behavior of individuals in the EU
(i.e., undertaking clinical trials). We and our suppliers, partners and subcontractors process personal data including in relation to
our employees, employees of customers, clinical trial patients, healthcare professionals and employees of suppliers including health
and medical information. The data privacy regime in the EU includes the General Data Protection Regulation, or GDPR, the e-Privacy Directive
(2002/58/EC) and the e-Privacy Regulation (once in force) and the national laws and regulations implementing or supplementing each of
them.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
GDPR requires that personal data is only collected for specified, explicit and legal purposes as set out in the GDPR or local laws, and
the data may then only be processed in a manner consistent with those purposes. The personal data collected and processed must be adequate,
relevant and not excessive in relation to the purposes for which it is collected and processed, it must be held securely, not transferred
outside of the EEA, (unless certain steps are taken to ensure an adequate level of protection) and must not be retained for longer than
necessary for the purposes for which it was collected. In addition, the GDPR requires companies processing personal data to take certain
organizational steps to ensure that they have adequate records, policies, security, training and governance frameworks in place to ensure
the protection of data subject rights, including as required to respond to complaints and requests from data subjects. For example, the
GDPR requires us to make more detailed disclosures to data subjects, requires disclosure of the legal basis on which we can process personal
data, makes it harder for us to obtain valid consent for processing, will require the appointment of a data protection officer where
sensitive personal data (i.e., health data) is processed on a large scale, introduces mandatory data breach notification throughout the
EU and imposes additional obligations on us when we are contracting with service providers.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition, to the extent a company processes, controls or otherwise uses &#8220;special category&#8221; personal data (including patients&#8217;
health or medical information, genetic information and biometric information), more stringent rules apply, further limiting the circumstances
and the manner in which a company is legally permitted to process that data. Finally, the GDPR provides a broad right for Member States
to create supplemental national laws which may result in divergence across Europe making it harder to maintain a consistent operating
model or standard operating procedures. Such laws, for example, may relate to the processing of health, genetic and biometric data, which
could further limit our ability to use and share such data or could cause our costs to increase, and harm our business and financial
condition.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
depend on a number of third parties in relation to the provision of our services, a number of which process personal data on our behalf.
With each such provider we enter into contractual arrangements to ensure that they only process personal data according to our instructions,
and that they have sufficient technical and organizational security measures in place. Where we transfer personal data outside the EU,
we do so in compliance with the relevant data export requirements from time to time. We take our data protection obligations seriously,
as any improper, unlawful or accidental disclosure, loss, alteration or access to, personal data, particularly sensitive personal data
(i.e., special category), could negatively impact our business and/or our reputation.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are also subject to EU laws on personal data export, as we may transfer personal data from the EU to other jurisdictions which are not
considered by the European Commission to offer adequate protection of personal data. Such transfers need to be legitimized by a valid
transfer mechanism under the GDPR. There is currently ongoing litigation challenging the commonly used transfer mechanisms, the European
Commission approved model clauses. In addition, the U.S. Privacy Shield is currently under review by the European Commission. As such,
it is uncertain whether the Privacy Shield framework and/or model clauses will be invalidated in the near future. These changes may require
us to find alternative bases for the compliant transfer of personal data from the EU to the United States and we are monitoring developments
in this area. Invalidation of any mechanism on which we rely could require operational changes and increased costs and may lead to governmental
enforcement actions, litigation, fines and penalties or adverse publicity that could have an adverse effect on our business.</span></p>

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
EU is in the process of replacing the e-Privacy Directive with a new set of rules taking the form of a regulation, which will be directly
implemented in the laws of each Member State, without the need for further enactment. The draft e-Privacy Regulation imposes strict opt-in
marketing rules with limited exceptions for business-to-business communications and alters rules on third-party cookies, web beacons
and similar technology. Regulation of cookies and web beacons may lead to broader restrictions on online research activities, including
efforts to understand users&#8217; internet usage. The current draft also significantly increases fining powers to the same levels as
GDPR (i.e., the greater of 20 million Euros or 4% of total global annual revenue). The European Commission proposed the ePrivacy Regulation
in January 2017. It was intended to take effect alongside the EU GDPR (General Data Protection Regulation) on 25 May 2018.However, the
final text is still to be agreed, with the Council of the European Union and the European Parliament disagreeing about a number of issues.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
are costs and administrative burdens associated with compliance with the GDPR and the resultant changes in the EU and EEA member states&#8217;
national laws and the introduction of the e-Privacy Regulation once it takes effect. Any failure or perceived failure to comply with
global privacy laws carries with it the risk of significant penalties and sanctions of up to &#8364;20 million or 4% of global turnover.
These laws or new interpretations, enactments or supplementary forms of these laws, could create liability for us, could impose additional
operational requirements on our business, could affect the manner in which we use and transmit patient information and could increase
our cost of doing business. Claims of violations of privacy rights or contractual breaches, even if we are not found liable, could be
expensive and time-consuming to defend and could result in adverse publicity that could harm our business.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>C.
Organizational Structure</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets out details of the Company&#8217;s only subsidiary:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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    <td style="width: 36%; color: Black">&#160;</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 13%; color: Black">&#160;</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 13%; color: Black">&#160;</td><td style="width: 2%; color: Black">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>D.
Property, Plant and Equipment</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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below table contains information regarding existing or planned material tangible fixed assets owned or leased by OKYO Pharma Ltd and
its Subsidiary. We believe that suitable additional or substitute space will be available as needed to accommodate any future expansion
of our operations.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_001"></span>ITEM
4A: UNRESOLVED STAFF COMMENTS</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_002"></span>ITEM
5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>You
should read the following discussion and analysis of our financial condition and results of operations together with &#8220;Selected
Consolidated Financial Data&#8221; and our consolidated financial statements and the related notes thereto appearing at the end of this
Annual Report. We present our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting
Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB.</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Some
information included in this discussion and analysis, including statements regarding industry outlook, our expectations regarding our
future performance, liquidity and capital resources and other statements regarding our plans and strategy for our business and related
financing, are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties. You should
read the &#8220;Risk Factors&#8221; section of this Annual Report for a discussion of important factors that could cause actual results
to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion
and analysis.</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>We
maintain our books and records in Pounds Sterling, and we prepare our financial statements in accordance with IFRS as issued by the IASB.
We report our financial results in U.S. dollars.</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are a clinical-stage biopharmaceutical company developing next-generation therapeutics to improve the lives of patients suffering from
inflammatory eye diseases and ocular pain. Our research program is focused on a novel G Protein-Coupled Receptor, or GPCR, which we believe
plays a key role in the pathology of these inflammatory eye diseases of high unmet medical need. Our therapeutic approach is focused
on targeting inflammatory and pain modulation pathways that drive these conditions. We are presently developing OK-101, our lead clinical
product candidate, for the treatment of dry-eye disease (&#8220;DED&#8221;). We also plan to evaluate its potential in benefiting patients
with ocular neuropathic pain, uveitis and allergic conjunctivitis. We have also been evaluating OK-201, a bovine adrenal medulla, or
BAM, lipidated-peptide preclinical analogue candidate that is currently in developmental stage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the 4<sup>th</sup> quarter of 2022 we finished the final stages of a concerted effort to complete all Investigational New Drug (&#8220;IND&#8221;)
enabling activities and filed with the U.S. Food and Drug Administration (&#8220;FDA&#8221;) an IND on OK-101 to treat DED patients on
November 18, 2022. On December 22, 2022 we announced that we had received clearance of the IND application from the FDA to enable us
to initiate a Phase 2, first-in-human, clinical study of OK-101 for the treatment of DED.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
May 2, 2023, we announced that the first patient has been screened for our Phase 2, multi-center, randomized, double-blinded, placebo-controlled
trial of OK-101. Because the drug is designed to be administered topically, we were able to skip the standard Phase 1 studies typically
expected with orally delivered or injectable drug candidates in non-life-threatening conditions and we opened the first trial with OK-101
as a Phase 2 clinical trial in DED patients (See OKYO Pipeline below). This trial is planned to be conducted in approximately 200 to
240 DED patients. The study is being designed in conjunction with and is being managed and monitored by Ora, well known for its leadership
of ophthalmic clinical trial activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 6, 2023 we announced that patients in the ongoing phase 2 trial were now being dosed in the randomized portion of the phase 2, multi-center,
double-masked, placebo-controlled trial of topical ocular OK-101 to treat DED, following the two-week placebo run-in period intended
to minimize the placebo effect. The Phase 2 trial is expected to be completed in 6-8 months from enrollment of the first patient. At
that point in time, we hope to have succeeded with two major goals for the Company: 1) demonstration of &#8220;proof of concept&#8221;
that OK-101 shows efficacy in the treatment of DED patients, and 2) convincing evidence that OK-101 is potentially an FDA-approvable
drug to treat DED patients, based on results from the primary efficacy points that are being evaluated in this phase 2 trial.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 28, 2023 we announced a new agreement with Tufts Medical Center to conduct a 40-patient open-label clinical trial evaluating the
efficacy and safety of OK-101 in subjects with neuropathic corneal pain (&#8220;NCP&#8221;). The trial is planned to start in Fall 2023.
The Investigational New Drug (&#8220;IND&#8221;) application for NCP is planned to be filed in Q4 of 2023, with study enrollment planned
to commence shortly after IND allowance by the FDA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Figure
1. OKYO Pipeline</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img src="image_003.jpg" alt="" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Items
included in the financial statements are measured using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in U.S. dollars, which is our presentation currency.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Foreign
currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
financial statements of overseas subsidiary undertakings are translated into our functional currency on the following basis:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Exchange
differences arising from the translation of the net investment in foreign entities, borrowings and other currency instruments designated
as hedges of such investments, are taken to equity (and recognized in the statement of comprehensive income) on consolidation.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Components
of Our Results of Operations</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.2in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
date, we have not generated any revenue from product sales and do not expect to generate any revenue from the sale of products in the
near future. If our development efforts for our product candidates are successful and result in regulatory approval, we may generate
revenue in the future from product sales.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.2in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Research
and Development Expenses</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">R&amp;D
expenses consist primarily of costs incurred in connection with the R&amp;D of our product candidates and are expensed as incurred. These
expenses consist of:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
recognize external development costs based on an evaluation of the progress to completion of specific tasks using information provided
to us by our service providers.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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direct R&amp;D 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 and CMOs in connection with our preclinical development, manufacturing and clinical development
activities. Our direct R&amp;D expenses by program also include fees incurred under our license agreements. 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 use internal resources primarily to oversee the R&amp;D as well as
for managing our preclinical development, process development, manufacturing and clinical development activities. These employees work
across multiple programs and, therefore, we do not track their costs by program.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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table below summarizes our R&amp;D expenses incurred by program:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 13%; color: Black; text-align: right">1,514,361</td><td style="width: 1%; color: Black; text-align: left">&#160;</td><td style="width: 2%; color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">51,464</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black; text-align: left; padding-bottom: 2.5pt">Total research and development expense</td><td style="color: Black; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: Black; text-align: right">1,609,558</td><td style="padding-bottom: 2.5pt; color: Black; text-align: left">&#160;</td><td style="color: Black; padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">R&amp;D
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 and related product manufacturing expenses. As a result, we expect that our R&amp;D expenses will increase substantially over
the next several years as we increase personnel costs and prepare for regulatory filings related to our product candidates. We also expect
to incur additional expenses related to milestone, royalty payments and maintenance fees payable to third parties with whom we have entered
into license agreements to acquire the rights related to our product candidates.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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 development and commercialization, including the uncertainty of:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the scope,
    progress, outcome and costs of our preclinical development activities, clinical trials and other R&amp;D activities;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">establishing
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">successful
    patient enrollment in, and the initiation and completion of, clinical trials;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the timing,
    receipt and terms of any marketing approvals from applicable regulatory authorities;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">establishing
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">development
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">obtaining,
    maintaining, defending and enforcing patent claims and other intellectual property rights;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">significant
    and changing government regulation;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">launching
    commercial sales of our product candidates, if and when approved, whether alone or in collaboration with others; and</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">maintaining
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  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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 to discontinue, delay or modify clinical trials.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>General
and Administrative Expenses</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">General
and administrative expenses consist primarily of salaries, 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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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 incur increased accounting, audit, legal,
regulatory, compliance, director and officer insurance costs, as well as investor and public relations expenses associated with being
a public company.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
tax expense for a period represents the total of current taxation and deferred taxation. The charges in respect of current taxation are
based on the estimated taxable profit for the relevant year. Taxable profit for the year is based on the profit as shown in the income
statement, as adjusted for items of income or expenditure which are not deductible or chargeable for tax purposes. The current tax liability
for the year is calculated using tax rates which have either been enacted or substantively enacted at the relevant balance sheet date.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Under
UK tax legislation, small and medium entity R&amp;D relief allows us to claim back up to 14.5% of our surrenderable losses as a tax cash
credit.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>A.
Results of Operations</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
results of operations that follow reflect the historic periods under review and should not be taken as indicative of future performance.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Comparison
of Years Ended March 31, 2023 and 2022</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following tables summarizes our results of operations for the years ended March 31, 2023 and 2022:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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    <td style="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">Operating Expenses:</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 13%; color: Black; text-align: right">(6,337,698</td><td style="width: 1%; color: Black; text-align: left">)</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 13%; color: Black; text-align: right">(1,609,558</td><td style="width: 1%; color: Black; text-align: left">)</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 13%; color: Black; text-align: right">(4,728,140</td><td style="width: 1%; color: Black; text-align: left">)</td></tr>
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    <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">(4,608,008</td><td style="color: Black; text-align: left">)</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">(2,241,494</td><td style="color: Black; text-align: left">)</td></tr>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">(96,687</td><td style="color: Black; text-align: left">)</td><td style="color: Black">&#160;</td>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Research
and Development Expenses</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Research
and development activities were $6,337,698 for the year ended March 31, 2023 compared to $1,609,698 for the year ended March 31, 2022
an increase of $4,728,140. The increase is due to an increase in R&amp;D activity focused on progressing the pipeline towards the eventual
IND filing for OK-101 in DED.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>General
and Administrative Expenses</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Operating
expenses were $6,849,502 for the year ended March 31, 2023 as compared to $4,608,008 for the year ended March 31, 2022, an increase of
$2,241,494. The increase is predominantly due to costs relating to the IPO and additional NASDAQ listing such as D&amp;O, compliance
and legal, plus additional public and investor relations expenses, professional fees and other general administrative expenses as we
increased our activities to progress our pipeline.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Other
expenses were $96,687 for the year ended March 31, 2023 as compared to nil for the year ended March 31, 2022. Other expenses comprises
of the interest due on a related party loan.</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Income
Tax Credit</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Income
tax credits of $12,202 and $786,521 are recognized for the years ended March 31, 2023 and 2022, respectively. The credits are obtained
at a rate of 14.5% of 230% of our qualifying research and development expenditure. The decrease in the provision is due primarily to
a revision of the income tax credit policy for the year ending March 31, 2023 due to stricter requirements by the UK tax authorities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Comparison
of Years Ended March 31, 2022 and 2021</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following tables summarizes our results of operations for the years ended March 31, 2022 and 2021:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Research
and Development Expenses</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Research
and development activities were $1,609,558 for the year ended March 31, 2022 compared to $348,347 for the year ended March 31, 2021 an
increase of $1,261,211. The increase is due to an increase in R&amp;D activity after the temporary pause in R&amp;D activity in 2020
while the Scientific Advisory Board and management team were established.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>General
and Administrative Expenses</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Operating
expenses were $4,608,008 for the year ended March 31, 2022 as compared to $3,017,859 for the year ended March 31, 2021, an increase of
$1,590,149. The increase is predominantly due to the establishment of a management team and an increase in activity in the Company.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Income
Tax Credit</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Income
tax credits of $786,521 and $24,994 are recognized for the years ended March 31, 2022 and 2021, respectively. The credits are obtained
at a rate of 14.5% of 230% of our qualifying research and development expenditure. The increase in the provision is due primarily to
an increase in qualifying research and development expenditure incurred in the year ending March 31, 2022, plus more qualifying research
and development expenditure identified for the year ending March 31, 2021 than was provided for.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>B.
Liquidity and Capital Resources</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Since
our inception, we have not generated any revenue and have incurred operating losses and negative cash flows from our operations. We have
funded our operations to date primarily with proceeds from the sale of our ordinary shares, exercise of warrants and convertible loan
notes.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
of March 31, 2023, we had cash and cash equivalents of $4,045,381.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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March 31, 2022, we had received net cash proceeds of $5,987,167 from the issuance of ordinary shares.</span></p>

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Flows</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table summarizes our cash flows for each of the periods presented:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; color: Black; font-weight: bold">&#160;</td></tr>
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    <td style="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 13%; color: Black; text-align: right">(5,468,065</td><td style="width: 1%; color: Black; text-align: left">)</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 13%; color: Black; text-align: right">(1,600,198</td><td style="width: 1%; color: Black; text-align: left">)</td></tr>
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    <td style="color: Black; text-align: left">Net cash used in investing activities</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">(1,669</td><td style="color: Black; text-align: left">)</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">(18,114</td><td style="color: Black; text-align: left">)</td></tr>
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    <td style="padding-bottom: 1.5pt; color: Black; text-align: left">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt; color: Black">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; color: Black; text-align: right">2,153,270</td><td style="padding-bottom: 1.5pt; color: Black; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; color: Black">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; color: Black; text-align: right">7,826,938</td><td style="padding-bottom: 1.5pt; color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: Black; text-align: right">(3,316,464</td><td style="padding-bottom: 2.5pt; color: Black; text-align: left">)</td><td style="color: Black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: Black; text-align: right">6,208,627</td><td style="padding-bottom: 2.5pt; color: Black; text-align: left">&#160;</td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Net
Cash Used in Operating Activities</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
use of cash in each of the years ended March 31, 2023, 2022 and 2021, resulted primarily from our net losses, adjusted for non-cash charges
and changes in components of working capital. Net cash used in operating activities of $7,695,242 during the year ended March 31, 2023
increased by $2,227,177 compared to the year ended March 31, 2022. The increase in net cash used in operating activities was primarily
due to an increase in activity progressing the pipeline towards the IND filing for OK-101.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
use of cash in each of the years ended March 31, 2022 and 2021 resulted primarily from our net losses, adjusted for non-cash charges
and changes in components of working capital. Net cash used in operating activities of $5,468,065 during the year ended March 31, 2022
increased by $3,867,867 compared to the year ended March 31, 2021. The increase in net cash used in operating activities was primarily
due to increased activity.</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Net
Cash Used in Investing Activities</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the year ended March 31, 2023 and the year ended March 31, 2022, we used $5,916 and $1,669 of cash respectively, in investing activities
for the purchases of property and equipment.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the year ended March 31, 2021 we used $18,114 of cash in investing activities for the purchases of property and equipment and advances
under a loan facility to West African Minerals Ltd.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Net
Cash Provided by Financing Activities</i></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the years ended March 31, 2023, net cash provided by financing activities was $9,323,354, consisting of net cash proceeds from our sale
and issuance of ordinary shares plus a $2M loan from a related party.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the years ended March 31, 2022 and 2021, net cash provided by financing activities was $1,378,387 and $7,826,938, respectively, consisting
of net cash proceeds from our sale and issuance of ordinary shares, entering into fixed term convertible loan agreements and the exercise
of warrants.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
expect our expenses to increase substantially in connection with our ongoing activities, particularly as we advance the preclinical activities,
manufacturing and clinical trials of our product candidates and as we:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">seek regulatory
    approvals for any product candidates that successfully complete clinical trials;</span></td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">establish
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    marketing approval and intend to commercialize on our own or jointly;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">hire additional
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">expand our
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
do not believe that our existing cash, will enable us to fund our operating expenses and capital expenditure requirements for the foreseeable
future. We have experienced net losses and significant cash outflows from cash used in operating activities over the past years, and
as of March 31, 2023, had an accumulated deficit of $126m , a net loss for the year ended March 31, 2023, of $13.3m and net cash used
in operating activities of $7.7m.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have prepared cash flow projections that include the costs associated with the continued clinical trials and additional investment to
fund that operation. On the basis of those projections, we conclude that significant doubt exists about the Group&#8217;s ability to
continue as a going concern. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our available
capital resources sooner than we expect. If we receive regulatory approval for our other product candidates, we expect to incur significant
commercialization expenses related to product manufacturing, sales, marketing and distribution. See note 2 in the consolidated financial
statements.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Because
of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical product candidates,
we are unable to estimate the exact amount of our working capital requirements. Our future funding requirements will depend on and could
increase significantly as a result of many factors, including:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the scope,
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the costs
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the costs
    of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Until
such time, if ever, that we can generate product revenue sufficient to achieve profitability, we expect to finance our cash needs through
equity offerings and other financing activities such as debt arrangements. To the extent that we raise additional capital through the
sale of equity, your ownership interest will be diluted. If we raise additional funds through other third-party funding, collaboration
agreements, strategic alliances, licensing arrangements or marketing and distribution arrangements, we may have to relinquish valuable
rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be
favorable to us. If we are unable to raise additional funds through equity financings when needed, we may be required to delay, limit,
reduce or terminate our product development or future commercialization efforts or grant rights to develop and market products or product
candidates that we would otherwise prefer to develop and market ourselves.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b></span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
August 2022, we entered into a short-term credit facility with a related party for $2m to support short term liquidity. The loan is available
for a period of 6 months upon first draw-down and carries an interest rate of 16% per annum, with additional default interest of 4% if
the loan is not repaid after the 6-month period.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
February 2023, we entered into an additional short-term credit facility with a related party for $0.5m to further support short term
liquidity, under the same terms as the loan above. The capital on this additional facility was repaid in March 2023.</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>C.
Research and Development Expenses, Patents and Licenses, etc.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">See
&#8220;Item 4.B.&#8212;Business Overview,&#8221; and &#8220;Item 5. Operating and Financial Review and Prospects.&#8221;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>D.
Trend Information</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">See
&#8220;Item 5. Operating and Financial Review and Prospects&#8212;Trend Information.&#8221;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>


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    <!-- Field: /Page -->

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

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined in the rules
and regulations of the SEC.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>F.
Tabular Disclosure of Contractual Obligations</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table summarizes our contractual commitments and obligations as of March 31, 2023 and 2022.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="color: Black; text-align: center">As at March 31, 2023</td><td style="color: Black">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As at March
    31, 2022</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="15" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
    <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Total</b></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
    <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Less
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Borrowings</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Operating lease obligations</span></td>
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    <td style="border-bottom: black 1.5pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Please
refer to &#8220;Item 4 B. Business Overview&#8221; and &#8220;Item 10.C. Material Contracts&#8221; for further details.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>G.
Safe Harbor</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">This
Annual Report on Form 20-F contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E
of the Exchange Act and as defined in the Private Securities Litigation Reform Act of 1995. See the section titled &#8220;Cautionary
Statement Regarding Forward-Looking Statements&#8221;.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_003"></span>ITEM
6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -10.25pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets forth information regarding our directors and senior management as of the date of this annual report.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black; font-weight: bold">Name</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">Age</td><td style="padding-bottom: 1.5pt; color: Black; font-weight: bold">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold">Position</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; color: Black; text-align: left">Gabriele Marco Antonio Cerrone MBA (2)</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: center">&#160;</td><td style="width: 12%; color: Black; text-align: center">51</td><td style="width: 1%; color: Black; text-align: left">&#160;</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 46%; color: Black; text-align: left">Non-Executive Chairman</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: Black; text-align: left">Dr. Gary S. Jacob</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: center">&#160;</td><td style="color: Black; text-align: center">76</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">CEO and Executive Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black; text-align: left">Dr. Raj Patil</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: center">&#160;</td><td style="color: Black; text-align: center">66</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">Chief Scientific Officer</td></tr>
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    <td style="color: Black; text-align: left">Keeren Shah</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: center">&#160;</td><td style="color: Black; text-align: center">47</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">Willy Simon (1) (2) (3)</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: center">&#160;</td><td style="color: Black; text-align: center">72</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">Bernard Denoyer (1) (2) (3)</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: center">&#160;</td><td style="color: Black; text-align: center">76</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Remuneration
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Nomination
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3)</span></td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Gabriele
Marco Antonio Cerrone &#8211; <i>Non-Executive Chairman</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Gabriele
Cerrone has been the Non-Executive Chairman of our company since January 2021. Mr. Cerrone is the Founder of Tiziana Life Sciences Limited
and has been its Executive Chairman since April 2014. Mr. Cerrone has founded 10 biotechnology companies in oncology, infectious diseases
and molecular diagnostics, and has listed seven of these companies on Nasdaq, and two to the Main Market and AIM Market in London. Mr.
Cerrone co-founded Cardiff Oncology, Inc., an oncology company and served as its Co-Chairman; he was a co-founder and served as Chairman
of both Synergy Pharmaceuticals, Inc. and Callisto Pharmaceuticals, Inc. and was a Director of and led the restructuring of Siga Technologies,
Inc. Mr. Cerrone also co-founded FermaVir Pharmaceuticals, Inc. and served as Chairman of the Board until its merger in September 2007
with Inhibitex, Inc. Mr. Cerrone served as a director of Inhibitex, Inc. until its US$2.5bn sale to Bristol Myers Squibb Co in 2012.
Mr. Cerrone is the Executive Chairman and Founder of Nasdaq-listed Tiziana Life Sciences Limited, an oncology focused therapeutics company;
Co-Founder of Rasna Therapeutics Inc., a company focused on the development of therapeutics for leukaemias; Co-Founder of Hepion Pharmaceuticals,
Inc.; Executive Chairman and Co-Founder of Gensignia Life Sciences, Inc., a molecular diagnostics company focused on oncology using microRNA
technology; Non-Executive Chairman and Founder of Accustem Sciences Limited; and founder of BioVitas Capital Ltd. Mr. Cerrone graduated
from New York University&#8217;s Stern School of Business with a master&#8217;s degree in business administration (MBA).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Dr.
Gary S. Jacob</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Dr.
Gary S. Jacob has served as Chief Executive Officer and a director of our company since January 2021. From November 2018 to March 2020,
Dr. Jacob was the Chief Executive Officer of Immuron Limited, an Australian microbiome biopharmaceutical company. From July 2008 until
December 2017, Dr. Jacob was President and Chief Executive Officer of Synergy Pharmaceuticals Inc., a biopharmaceutical company, where
he held various positions from July 2008 to November 2018 and he served as its Chairman from September 2013 to November 2018. On December
12, 2018, Synergy Pharmaceuticals Inc. filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code. Since March 19, 2014,
Dr. Jacob has been Chairman of the Board of Hepion Pharmaceuticals, Inc., a biotechnology company, and earlier served as its Chief Executive
Officer from May 15, 2013 until March 19, 2014. Dr. Jacob served as Chief Executive Officer of Callisto Pharmaceuticals, Inc. from May
2003 until January 2013 and a director from October 2004 until January 2013. Dr. Jacob also serves as a director of Rasna Therapeutics,
Inc., and is a past director of Cardiff Oncology, Inc. Dr. Jacob has over 35 years of experience in the pharmaceutical and biotechnology
industries across multiple disciplines including research &amp; development, operations and business development. Prior to 1999, Dr.
Jacob served as a Monsanto Science Fellow, specializing in the field of glycobiology, and from 1997 to 1998 Dr. Jacob was Director of
Functional Genomics, Corporate Science &amp; Technology, at Monsanto Company. Dr. Jacob also served from 1990 to 1997 as Director of
Glycobiology at G.D. Searle Pharmaceuticals Inc. During the period of 1986 to 1990, he was Manager of the G.D. Searle Glycobiology Group
at Oxford University, England.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Dr.
Raj Patil</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Dr.
Raj Patil has served as Chief Scientific Officer of our company since March 2021. Dr. Patil has over 15 years of ophthalmic drug development
experience, including research &amp; development, operations and business development. Dr. Patil previously worked with Ora, as Vice
President of Research &amp; Development, where he was responsible for driving all anterior and posterior segment ocular research of Ora&#8217;s
R&amp;D Institute. From 2013 until 2018, Dr. Patil worked at iVeena Delivery Systems as Vice President of Advanced Ocular Delivery Systems.
Dr. Patil&#8217;s tenure at iVeena included a two-year sabbatical in Singapore, where he served as an Associate Professor of Ophthalmology
at DUKE/NUS Medical School, and Principal Investigator at Singapore Eye Research Institute. From 2004 until 2013, Dr. Patil also held
a number of leadership roles at Alcon/Novartis Institute of Biomedical Research, including Associate Director of Research and Head of
Molecular Pharmacology - glaucoma and retina research. Prior to 2004, Dr. Patil served as an Associate Professor of Ophthalmology, Cell
Biology &amp; Genetics at the University of Nebraska Medical Centre in Omaha from 2001 until 2004, and as an Assistant Professor of Ophthalmology,
Molecular Biology &amp; Pharmacology at Washington University in St. Louis from 1992 until 2000. Dr. Patil received his PhD in Biochemistry
from National Chemical Laboratory/University of Pune, India, and completed his postdoctoral training in Biochemistry and Molecular Biology
at the University of Michigan, Ann Arbor, MI. He is the recipient of the Olga Keith Wiess Special Scholar Award from the Research to
Prevent Blindness Foundation, and NIH Director&#8217;s New Innovator Award. Dr. Patil has authored over 50 peer-reviewed research articles,
serves as reviewer and editorial board member for numerous journals, and is frequently invited to lecture at academic and industry events.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Keeren
Shah has served as our Chief Financial Officer since August 2020. Ms. Shah currently also serves as the Finance Director of Tiziana Life
Sciences Limited, Accustem Sciences Incum and Rasna Therapeutics Inc., having previously served as the Group Financial Controller for
all businesses from June 2016 to July 2020. Prior to joining us, Ms. Shah spent 10 years at Visa, Inc. as a Senior Leader in its finance
team where she was responsible for key financial controller activities, financial planning and analysis, and core processes as well as
leading and participating in key transformation programs and Visa Inc.&#8217;s initial public offering. Before joining Visa, Ms. Shah
also held a variety of finance positions at other leading companies including Arthur Andersen and BBC Worldwide. She holds a Bachelor
of Arts with Honors in Economics and is a member of the Chartered Institute of Management Accountants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Willy
Simon &#8211; <i>Non-Executive Director</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Willy
Jules Simon has been a director of our company since November 2015. He is a banker and worked at Kredietbank N.V. and Citibank London
before serving as an executive member of the Board of Generale Bank NL from 1997 to 1999 and as the chief executive of Fortis Investment
Management from 1999 to 2002. He acted as chairman of Bank Oyens &amp; van Eeghen from 2002 to 2004. He was chairman of AIM-traded Velox3
plc (formerly 24/7 Gaming Group Holdings plc) until 2014 and had been a director of Playlogic Entertainment Inc., a Nasdaq OTC listed
company. Willy Simon has been the chairman of Bever Holdings, a company listed in Amsterdam, since 2006 and Chairman of Ducat Maritime
since 2015. He is also a non-executive director of Tiziana Life Sciences Limited, AccuStem Sciences Inc and Rasna Therapeutics Inc.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>John
Brancaccio &#8211; <i>Non-Executive Director</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">John
Brancaccio, a retired CPA, has served as a director of our company since June 2020. From April 2004 until May 2017, Mr. Brancaccio was
the Chief Financial Officer of Accelerated Technologies, Inc., an incubator for medical device companies. Mr. Brancaccio served as a
director of Callisto Pharmaceuticals, Inc. from April 2004 until its merger with Synergy Pharmaceuticals, Inc. in January 2013 and has
been a director of Tamir Biotechnology, Inc. (formerly Alfacell Corporation) since April 2004, as well as a director of Hepion Pharmaceuticals,
Inc. since December 2013 and Tiziana Life Sciences Limited since July 2020. Mr. Brancaccio served as a director of Synergy from July
2008 until April 2019. He is also a non-executive director of AccuStem Sciences Inc and Rasna Therapeutics Inc. Mr. Brancaccio is a past
director of Cardiff Oncology, Inc.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Bernard
Denoyer&#8211; <i>Non-Executive Director</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Bernard
F. Denoyer, a retired CPA, has served as a director of our company since December 2021. Mr. Denoyer served as Senior Vice President,
Finance and Secretary of Synergy Pharmaceuticals, Inc, from July 2008 until his retirement in June 2017. Between 2004 and January 2013
Mr. Denoyer concurrently served as Principal Financial Officer of Synergy&#8217;s former parent company, Callisto Pharmaceuticals, Inc.
From October 2000 to December 2003, Mr. Denoyer was an independent consultant. Prior to this, Mr. Denoyer served as Chief Financial Officer
and Senior Vice President of META Group, Inc., between June 1994 and October 2000. </span></p>

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Relationships</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
are no family relationships among any of our executive officers or directors.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Total
Compensation for the Non-Executive Chairman and Non-Executive Directors</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
table below sets out the total remuneration received by the Non-Executive Chairman and the Non-Executive Directors for the year ended
March 31, 2023.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The amounts
    have been translated into U.S. dollars from Pounds Sterling based upon the representative exchange rates as of March 31, 2023 of
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Narrative
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
entered into an appointment agreement with Gabriele Cerrone on January 6, 2021 to serve as our Non-Executive Chairman. This agreement
entitles Mr. Cerrone to receive a consultancy fee of &#163;120,000 per year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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May 2022, Mr Cerrone was awarded a bonus of $150,000 in recognition that in order to support the offering that took place in May 2022,
Mr Cerrone had subscribed to 37,500 ADSs at $4.00 per ADS. In March 2023, Mr Cerrone was awarded an additional bonus of $150,000 in recognition
of his efforts in arranging the global private placing.</span></p>

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March 2023 Mr Cerrone was granted a long-term realization bonus on the basis that (i) were the Company to be sold, during the currency
of his directorship or in the period of 6 years thereafter, for a price of, in excess of, US$275,000,000 that Mr Cerrone receive a bonus
equal to 3.5% of the value of the Company (and not just the excess); and (ii) in the event that the Company to be sold, during the currency
of his directorship or in the period of 6 years thereafter, for a price of, in excess of, US$500,000,000, Mr Cerrone would, instead of
the 3.5% bonus, receive a bonus equal to 6.5% of the enterprise value of the Company (and not just the excess over US$500,000,000). The
terms of the award are to make appropriate provision for any &#8220;spin-off&#8221; of assets and for the eventuality that the Company
be sold for non-cash consideration. Mr Cerrone be responsible for all tax liabilities in connection with any payment of the award.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Non
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>


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table below sets the remuneration of each of the Executive Directors for the financial year ended March 31, 2023.</span></p>

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salary based on annual performance goals. In May 2022, it was agreed that Mr Jacobs base salary would increase from US$350,000 to US$450,000
effective from 1 June 2022, provided that the increase will initially accrue but only be paid following a future equity raise.</span></p>

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Dr. Jacob will also be entitled to receive severance equal to continuation of his base salary as then currently in effect for 12 months
following his date of termination and will be eligible for a pro-rated bonus and for reimbursement for medical coverage premiums for
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: center">14/03/2023</td><td style="color: Black">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Employee
Share Option Plan with Non-Employee Sub-Plan and US Sub-Plan</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
main features of the Unapproved Share Option Plan are summarized below.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">All
executive directors, officers and employees of the Company and any of its subsidiaries are eligible to participate in the Unapproved
Share Option Plan. The Remuneration Committee selects the individuals to whom share options are to be granted from time to time.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Grant
of options</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Options
may be granted at such time or times as the Remuneration Committee (or the Board, excluding any interested Director, until a Remuneration
Committee is formally established) determines.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Exercise
price and adjustments to options</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">While
the Ordinary Shares are admitted to trading on the NASDAQ Capital Market, the exercise price per Ordinary Share may not be less than
the average of the middle market quotations for an Ordinary Share for the five dealing days immediately prior to the date of grant. If
the Ordinary Shares are not admitted to trading on the NASDAQ Capital Market, the exercise price will be the amount specified by the
Remuneration Committee. If the Ordinary Shares are newly issued the exercise price may not, in any event, be less than the nominal value
of an Ordinary Share. In the event of any variation in the share capital of the Company the exercise price and/or the number of Ordinary
Shares comprised in each option may be adjusted as the Remuneration Committee determines. No adjustment may be made which will reduce
the exercise price below the nominal value of an Ordinary Share.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Rights
and restrictions</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">An
option granted under the Unapproved Share Option Plan is not transferable. The option certificate will specify when the option will lapse,
and such date may not be later than the tenth anniversary of its date of grant. Except in the circumstances referred to below, an option
will only be exercisable on or after the date which is three years after the date of grant.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
the participant ceases to be employed by the Company by reason of injury, disability, ill-health or redundancy; or because the business
or company that employs them is transferred out of the ultimate ownership of the Company, their option may be exercised within six months
after such cessation or transfer. In the event of the death of a participant, the personal representatives of a participant may exercise
their option within six months after the date of death. The extent to which an option may be exercised in these circumstances will be
determined by reference to any exercise conditions and time vesting provisions set out in the option certificate unless the Remuneration
Committee decides otherwise and is satisfied that any waiver of such provisions does not constitute a reward for failure.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
cessation of employment for any other reason (or when a participant serves or has been served with, notice of termination of such employment),
the option will lapse unless the Remuneration Committee exercises its discretion to allow the exercise of the option for a period not
exceeding 6 months from the date of such cessation or notice. In such circumstances and where exercise is permitted, the extent to which
an option may be exercised will be determined by reference to any exercise conditions and time vesting provisions set out in the option
certificate unless the Remuneration Committee decides otherwise and is satisfied that any waiver of such provisions does not constitute
a reward for failure.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Options,
to the extent not already exercisable, will become exercisable immediately prior to a change in control of the Company, in the event
of a takeover of the Company, in the event that an officer becomes entitled or bound to acquire Ordinary Shares or in the event that
the court sanctions a compromise or arrangement for the reconstruction of the Company or its amalgamation with any other company. In
such event, all share options may be exercised for a limited period and will lapse to the extent not exercised. Options, to the extent
not already exercisable, will become exercisable in the event that the Company is proposed to be voluntarily wound up and all share options
may be exercised within a limited period in connection with the winding up, failing which they will lapse. In such circumstances and
where exercise is permitted, the extent to which an option may be exercised will be determined by reference to any exercise conditions
set out in the option certificate unless the Remuneration Committee decides otherwise and is satisfied that any waiver of such provisions
does not constitute a reward for failure.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
exercise of share options may be subject to the satisfaction of such performance conditions, if any, as may be specified and subsequently
varied and/or waived by the Remuneration Committee.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Issuance
of Ordinary Shares</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Ordinary Shares issued upon the exercise of share options granted under the Unapproved Share Option Plan will rank pari passu with the
Company&#8217;s issued Ordinary Shares on the date of exercise, save as regards any rights arising by reference to a record date prior
to the date of such exercise.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Options
may not be granted under the Unapproved Share Option Plan if such grant would result in the total number of &#8220;Dilutive Shares&#8221;
exceeding 15% of the Company&#8217;s issued share capital from time to time. &#8220;Dilutive Shares&#8221; means, on any date, all shares
of the Company which (a) have been issued, or transferred out of treasury, on the exercise of share options granted, or in satisfaction
of any other awards made, under any share incentive scheme (including the Unapproved Share Option Plan) in the shorter of the five years
ending on (and including) that date and the period since adoption of the Plan; and (b) remain capable of issue, or transfer out of treasury,
under any subsisting share options granted by the Company.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Alternative
settlement on exercise</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Instead
of delivering the number of Ordinary Shares specified in the exercise notice, the Remuneration Committee may make a cash payment with
the option holder&#8217;s consent or deliver Ordinary Shares equal to the value of the Ordinary Shares over which the option is exercised,
less the relevant exercise price, or may deliver a combination of the above two.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Remuneration Committee may alter the Unapproved Share Option Plan except that (apart from minor amendments to benefit the administration
of the Share Option Plan, to correct typographical or other errors, to take account of a change in legislation or to obtain or maintain
favorable tax, exchange control or regulatory treatment for participants or the Company) no alteration to the advantage of participants
or to the Unapproved Share Option Plan limit described above can be made without the prior approval of Shareholders in general meeting.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">No
amendment may have a materially adverse effect on share options granted before the amendment without the relevant option holder&#8217;s
consent.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Termination
and Plan period</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Remuneration Committee may terminate or suspend the operation of the Unapproved Share Option Plan at any time, whereupon no further share
options shall be granted but in all other respects the provisions of the Unapproved Share Option Plan shall remain in force. In any event,
no share options may be granted after the date which is five years after the date the Unapproved Share Option Plan is adopted.</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>C.
Board Practices</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are a &#8220;foreign private issuer,&#8221; as defined by the SEC. As a result, in accordance with Nasdaq listing requirements, we may
rely on home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance
standards. While we voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage of the following limited
exemptions:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Exemption
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    8-K upon the occurrence of specified significant events.</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Exemption
    from Section 16 rules requiring insiders to file public reports of their stock ownership and trading activities and liability for
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    companies that are subject to the Exchange Act.</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Exemption
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Exemption
    from the requirement that our board have a compensation committee that is composed entirely of independent directors with a written
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Exemption
    from the requirement to have independent director oversight of director nominations.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
follow the QCA code corporate governance practices in lieu of Nasdaq corporate governance requirements as follows:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We do not
    follow Nasdaq Rule 5620(c) regarding quorum requirements applicable to meetings of shareholders. Such quorum requirements are not
    required under English law. In accordance with generally accepted business practice, our Articles of Association will provide alternative
    quorum requirements that are generally applicable to meetings of shareholders.</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We do not
    follow Nasdaq Rule 5605(b)(2), which requires that independent directors regularly meet in executive sessions where only independent
    directors are present. Our independent directors may choose to meet in executive sessions at their discretion.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Although
we may rely on certain home country corporate governance practices, we must comply with Nasdaq&#8217;s Notification of Noncompliance
requirement (Nasdaq Rule 5625) and the Voting Rights requirement (Nasdaq Rule 5640). Further, we must have an audit committee that satisfies
Nasdaq Rule 5605(c)(3), which addresses audit committee responsibilities and authority and requires that the audit committee consist
of members who meet the independence requirements of Nasdaq Rule 5605(c)(2)(A)(ii).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
intend to take all actions necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance
requirements of the Sarbanes-Oxley Act, the rules adopted by the SEC and Nasdaq listing rules. Accordingly, our shareholders will not
have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.
For an overview of our corporate governance principles, see the section titled &#8220;Description of Share Capital and Articles of Association&#8212;Differences
in Corporate Law.&#8221;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Compliance
with the Quoted Companies Alliance Corporate Governance Code</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">All
companies with securities admitted to trading on LSE are required to include on their website details of a recognized corporate governance
code that the board of directors of the company have decided to apply, how the company complies with that code, and where it departs
from its chosen corporate governance code an explanation of the reasons for doing so. This information is required to be reviewed annually.</span></p>

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company has decided to apply the Corporate Governance Code published by the Quoted Companies Alliance, or the QCA Code. The QCA Code
sets out a standard of minimum best practice for small and midsize quoted companies. The Company will continue to follow these rules
despite the delisting from the LSE.</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Composition
of Our Board of Directors</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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board of directors is currently composed of five members. Our board of directors has determined that, of our five directors, three of
the directors, Mr. John Brancaccio, Mr. Bernard Denoyer and Mr. Simon, each do not have a relationship that would interfere with the
exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is &#8220;independent&#8221;
as that term is defined under Nasdaq rules.</span></p>

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accordance with our Articles, each of our directors for whom it is the third annual general meeting following the annual general meeting
at which they were elected or last re-elected, or who was appointed by the board since the previous annual general meeting, shall retire
from office but shall be eligible to stand for re-election. See &#8220;Description of Share Capital and Articles of Association&#8212;Articles
of Association&#8212;Board of Directors.&#8221;</span></p>

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expiration of the current terms of the members of the Board of Directors and the period each member has served in that term are as follows:</span></p>

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    <td style="padding-bottom: 1.5pt; width: 1%; color: Black; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 16%; color: Black; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Year Current<br /> Term Began</b></span></td><td style="width: 1%; padding-bottom: 1.5pt; color: Black; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%; color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; width: 1%; color: Black; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 16%; color: Black; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Year Current<br /> Term Expires</b></span></td><td style="width: 1%; padding-bottom: 1.5pt; color: Black; font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: center">2022</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: center">2023</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: center">2023</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black; text-align: left">Bernard Denoyer</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: center">2022</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: center">2023</td><td style="color: Black; text-align: left">&#160;</td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Company has adopted best practice for corporate governance in its country of incorporation so all directors will retire and stand for
re-election at each annual general meeting (as opposed to reliance upon rotational reappointment).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Committees
of Our Board of Directors</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
board of directors has three standing committees: an audit, risk and disclosure committee, a remuneration committee and a nomination
committee.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Audit,
Risk and Disclosure Committee</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
audit, risk and disclosure committee, which consists of John Brancaccio, Bernard Denoyer and Willy Simon, assists the board of directors
in overseeing our accounting and financial reporting processes. Mr. Brancaccio serves as chairman of the audit, risk and disclosure committee.
The audit, risk and disclosure committee consists exclusively of members of our board who are financially literate, and Mr. Brancaccio
is considered an &#8220;audit committee financial expert&#8221; as defined by applicable SEC rules and has the requisite financial sophistication
as defined under the applicable Nasdaq rules and regulations.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
board has determined that all of the members of the audit, risk and disclosure committee satisfy the &#8220;independence&#8221; requirements
set forth in Rule 10A-3 under the Exchange Act. The audit, risk and disclosure committee will be governed by a charter that complies
with Nasdaq rules.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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audit, risk and disclosure committee&#8217;s responsibilities include:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">recommending
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
remuneration committee consists of Mr. Brancaccio, Mr. Denoyer and Mr. Simon. Mr. Simon serves as chairman of the remuneration committee.
Under SEC and Nasdaq rules, there are heightened independence standards for members of the remuneration committee, including a prohibition
against the receipt of any compensation from us other than standard board member fees.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
remuneration committee&#8217;s responsibilities include:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">identifying,
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
nomination committee consists of Mr. Denoyer, Mr. Brancaccio and Mr. Simon. Mr. Denoyer serves as chairman of the nomination committee.
The nomination committee&#8217;s responsibilities include:</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">None
of our non-employee directors have any service contracts with Okyo Pharma Ltd or our subsidiary that provide for benefits upon termination
of employment.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
of March 31, 2022, we had 3 full time employees. Two of our employees were engaged in research and development and one employee was engaged
in management, administration and finance. One is located in England and two are located in the United States. None of our employees
are members of labor unions. None of our employees are covered by a collective bargaining agreement.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
the extent permitted by the Companies (Guernsey) Law, 2008, we are empowered to indemnify our directors against any liability they incur
by reason of their directorship. We maintain directors&#8217; and officers&#8217; insurance to insure such persons against certain liabilities.
We expect to enter into a deed of indemnity with each of our directors and executive officers prior to, or as soon as practicable, following
the filing of this annual report.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition to such indemnification, we provide our directors and executive officers with directors&#8217; and officers&#8217; liability
insurance.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Insofar
as indemnification of liabilities arising under the Securities Act may be permitted to our board of directors, executive officers, 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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -9.8pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>E.
Share Ownership</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">See
&#8220;Item 7. Major Shareholders and Related Party Transactions.&#8221;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_004"></span>ITEM
7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -10.25pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>A.
Major Shareholders</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets forth information relating to the beneficial ownership of our ordinary shares as of July 28, 2023 by:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">each person,
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">each member
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  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
number of ordinary shares beneficially owned by each entity, person, board member, or executive officer is determined in accordance with
the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules,
beneficial ownership includes any ordinary shares over which the individual has sole or shared voting power or investment power as well
as any ordinary shares that the individual has the right to acquire within 60 days of July 28, 2023 through the exercise of any option,
warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, the persons named in the table
have sole voting and investment power with respect to all ordinary shares held by that person.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">*</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Indicates
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><sup>(1)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Mr. Gabriele
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><sup>(5)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Consists
    of 5,128 stock options which are currently exercisable or exercisable within 60 days of July 28, 2023</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>B.
Related Party Transactions</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following is a description of related party transactions we have entered into since April 1, 2021, with the beneficial owners of 5% or
more of our ordinary shares, which are our only voting securities, and senior management and members of our board of directors.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have entered into deeds of indemnity with each of our directors.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have entered into a Shared Services agreement with Tiziana whereby we are charged for shared services such as payroll and rent.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Related
Person Transaction Policy</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
board of directors has adopted a written related person transaction policy, effective as of May 10, 2022. This policy covers, any transaction
or proposed transactions between us and a related person that are material to us or the related person, including without limitation,
purchases of goods or services by or from the related person or entities in which the related person has a material interest, indebtedness,
guarantees of indebtedness and employment by us of a related person. In reviewing and approving any such transactions, our audit, risk
and disclosure committee is tasked to consider all relevant facts and circumstances, including, but not limited to, whether the transaction
is on terms comparable to those that could be obtained in an arm&#8217;s length transaction and the extent of the related person&#8217;s
interest in the transaction.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -10.25pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>C.
Interests of Experts and Counsel</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_005"></span>ITEM
8: FINANCIAL INFORMATION</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -10.25pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>A.
Consolidated Statements and Other Financial Information</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">See
&#8220;Item 18. Financial Statements&#8221;.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Save
as disclosed in this paragraph, there are no governmental, legal or arbitration proceedings (including any such proceedings which are
pending or threatened of which the Company is aware), which may have, or have had during the 12 months prior to the date of this annual
report, a significant effect on the Company&#8217;s and/or our financial position or profitability. In addition to the proceedings set
out in this section, the Company is not involved in other legal proceedings and claims in the ordinary course of business.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -10.25pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>B.
Significant Changes</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">See
Note 25 of our consolidated financial statements at the end of this Annual Report for a description of the significant changes since
March 31, 2023.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_006"></span>ITEM
9: THE LISTING</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>A.
Listing Details</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">From
May 22, 2023, the principal trading market for our ordinary shares is the Nasdaq Capital Market. Prior to this date the primary market
was the main market of the London Stock Exchange (LSE), where our ordinary shares have been listed since July 17, 2018. Prior to July
17, 2018 we were listed on the AIM market of the London Stock Exchange since 2014. The following table sets forth, for the periods indicated,
the reported high and low closing prices on the London Stock Exchange for our ordinary shares in pounds Sterling. See &#8220;Exchange
Rate Information&#8221; on page 4 for the exchange rates applicable to the periods set forth below.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
ordinary shares traded on the Main Market of the London Stock Exchange under the symbol &#8220;OKYO&#8221; since July 17, 2018 until
May 19, 2023.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table presents, for the periods indicated, the reported high and low sale prices, including intra-day sales, of our ordinary
shares on the Main Market of the London Stock Exchange in Pounds Sterling and U.S. dollars. For the convenience of the reader, we have
translated Pounds Sterling amounts in the table below into U.S. dollars at the noon buying rate of the Federal Reserve Bank of New York
on July 14, 2023 which was &#163;1.00 to $1.3113.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    Ordinary Share $</b></span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="3" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="3" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="3" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td colspan="3" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">0.016</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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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)">
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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)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">0.078</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
American Depositary Shares, or ADSs, have been trading on the Nasdaq Capital Market under the symbol &#8220;OKYO&#8221; since May 17,
2022 until May 21, 2023. These were swapped for ordinary shares in Okyo Pharma Ltd on May 22, 2023. The following table sets forth, for
the periods indicated, the reported high and low closing sale prices of our ordinary shares on the Nasdaq Capital Market in U.S. dollars.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">2.37</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">1.96</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black; font-weight: bold">Year Ended March 31, 2023</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black">First Quarter (From May 17, 2022)</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">3.62</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">1.92</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black; text-align: left">Second Quarter</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">3.40</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">1.95</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black; text-align: left">Third Quarter</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">2.70</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">1.69</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black; text-align: left">Fourth Quarter</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">1.27</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">1.07</td><td style="color: Black; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 19, 2023, the last reported sale price of our ordinary shares on the Nasdaq Capital Market was $1.27 per ordinary share.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>B.
Plan of Distribution</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
ordinary shares are now listed on the Nasdaq Capital Market under the symbol &#8220;OKYO&#8221;. The listing of our ordinary shares on
the Main Market of the London Stock Exchange ceased on May 21, 2023.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>D.
Selling Shareholders</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>F.
Expenses of the Issue</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_007"></span>ITEM
10: ADDITIONAL INFORMATION</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>A.
Share Capital</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>B.
Memorandum and Articles of Association</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
incorporate by reference into this Annual Report the description of our amended articles of association contained in our Registration
Statement on Form F-1 originally filed with the SEC on March 4, 2022, as amended.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>C.
Material Contracts</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Except
as otherwise disclosed in this Annual Report (including the exhibits hereto), we are not currently, and have not been in the last two
years, party to any material contract, other than contracts entered into in the ordinary course of business.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>D.
Exchange Controls</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
are no governmental laws, decrees, regulations or other legislation in the United Kingdom that may affect the import or export of capital,
including the availability of cash and cash equivalents for use by us, or that may affect the remittance of dividends, interest, or other
payments by us to non-resident holders of our ordinary shares, other than withholding tax requirements. There is no limitation imposed
by English and our Guernsey law or our articles of association on the right of non-residents to hold or participate in shareholders vote.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Material
U.S. Federal Income Tax Considerations for U.S. Holders</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>U.S.
Federal Income Tax Considerations for U.S. Holders</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary
shares by U.S. Holders. This discussion applies to U.S. Holders that purchase our Ordinary shares pursuant to this offering and hold
such Ordinary shares as capital assets for tax purposes. This discussion is based on the Internal Revenue Code, U.S. Treasury regulations
promulgated thereunder and administrative and judicial interpretations thereof, and the income tax treaty between the United Kingdom
and the United States, or the Treaty, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive
effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders
in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as
certain financial institutions, insurance companies, dealers or traders in securities or other persons that generally mark their securities
to market for U.S. federal income tax purposes, tax-exempt entities or governmental organizations, retirement plans, regulated investment
companies, real estate investment trusts, grantor trusts, brokers, dealers or traders in securities, commodities, currencies or notional
principal contracts, certain former citizens or long-term residents of the United States, persons who hold our Ordinary shares as part
of a &#8220;straddle,&#8221; &#8220;hedge,&#8221; &#8220;conversion transaction,&#8221; &#8220;synthetic security&#8221; or integrated
investment, persons that have a &#8220;functional currency&#8221; other than the U.S. dollar, persons who are subject to the tax accounting
rules of Section 451(b) of the Internal Revenue Code, persons that own directly, indirectly or through attribution 10% or more (by vote
or value) of our equity, corporations that accumulate earnings to avoid U.S. federal income tax, partnerships and other pass-through
entities, and investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences
or any U.S. federal estate, gift or alternative minimum tax consequences.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
used in this discussion, the term &#8220;U.S. Holder&#8221; means a beneficial owner of our Ordinary shares that is, for U.S. federal
income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or entity treated as a corporation
for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District
of Columbia, (3) an estate the income of which is subject to U.S. federal income tax regardless of its source or (4) a trust (i) with
respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United
States persons have the authority to control all of its substantial decisions or (ii) that has elected under applicable U.S. Treasury
regulations to be treated as a domestic trust for U.S. federal income tax purposes.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary shares, the U.S. federal income tax consequences
relating to an investment in such Ordinary shares will depend upon the status and activities of such entity and the particular partner.
Any such entity and a partner in any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences
applicable to it (and, as applicable, its partners) of the purchase, ownership and disposition of our Ordinary shares.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have not sought, nor will we seek, a ruling from the IRS with respect to the matters discussed below. There can be no assurance that
the IRS will not take a different position concerning the tax consequences of the purchase, ownership or disposition of the Ordinary
shares or that any such position would not be sustained. Persons considering an investment in our Ordinary shares should consult their
own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our
Ordinary shares, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Passive
Foreign Investment Company (PFIC) Rules</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
general, a corporation organized outside the United States will be treated as a PFIC for any taxable year in which either (1) at least
75% of its gross income is &#8220;passive income,&#8221; or the PFIC income test, or (2) on average at least 50% of its assets, determined
on a quarterly basis, are assets that produce passive income or are held for the production of passive income, or the PFIC asset test.
Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale
or exchange of property that give rise to passive income. Assets that produce or are held for the production of passive income generally
include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce
passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of
each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Although
PFIC status is determined on an annual basis and generally cannot be determined until the end of the taxable year, based on the nature
of our current and expected income and the current and expected value and composition of our assets, we believe we were a PFIC for our
2017 tax year and we expect to be a PFIC for our current taxable year. There can be no assurance that we will not be a PFIC in future
taxable years. Even if we determine that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with
our conclusion and that the IRS would not successfully challenge our position. Because of the uncertainties involved in establishing
our PFIC status, our U.S. counsel expresses no opinion regarding our PFIC status, and also expresses no opinion with respect to our predictions
or past determinations regarding our PFIC status.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
we are a PFIC in any taxable year during which a U.S. Holder owns our ordinary shares, the U.S. Holder could be liable for additional
taxes and interest charges under the &#8220;PFIC excess distribution regime&#8221; upon (1) a distribution paid during a taxable year
that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder&#8217;s
holding period for our ordinary shares, and (2) any gain recognized on a sale, exchange or other disposition, including, under certain
circumstances, a pledge, of our ordinary shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime,
the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder&#8217;s
holding period for our ordinary shares. The amount allocated to the current taxable year (<i>i.e</i>., the year in which the distribution
occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income
earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect
for individuals or corporations, as applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable
to underpayments of tax, will be added to the tax.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
we are a PFIC for any year during which a U.S. Holder holds our ordinary shares, we must generally continue to be treated as a PFIC by
that U.S. Holder for all succeeding years during which the U.S. Holder holds such ordinary shares, unless we cease to meet the requirements
for PFIC status and the U.S. Holder makes a &#8220;deemed sale&#8221; election with respect to our ordinary shares. If the election is
made, the U.S. Holder will be deemed to sell our ordinary shares it holds at their fair market value on the last day of the last taxable
year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution
regime. After the deemed sale election, the U.S. Holder&#8217;s ordinary shares would not be treated as shares of a PFIC unless we subsequently
become a PFIC.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares and one of our non-United States subsidiaries
is also a PFIC (<i>i.e</i>., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and
on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions
or dispositions. Any of our non-United States subsidiaries that have elected to be disregarded as entities separate from us or as partnerships
for U.S. federal income tax purposes would not be corporations under U.S. federal income tax law and accordingly, cannot be classified
as lower-tier PFICs. However, a non-United States subsidiary that has not made the election may be classified as a lower-tier PFIC if
we are a PFIC during your holding period and the subsidiary meets the PFIC income test or PFIC asset test.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on our ordinary shares if a valid &#8220;mark-to-market&#8221; election is made by the U.S. Holder for our ordinary shares. An electing
U.S. Holder generally would take into account as ordinary income each year, the excess of the fair market value of our ordinary shares
held at the end of such taxable year over the adjusted tax basis of such ordinary shares. The U.S. Holder would also take into account,
as an ordinary loss each year, the excess of the adjusted tax basis of such ordinary shares over their fair market value at the end of
the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result
of the mark-to-market election. The U.S. Holder&#8217;s tax basis in our ordinary shares would be adjusted annually to reflect any income
or loss recognized as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our ordinary shares
in any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition
would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter
as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified as a PFIC because we no longer meet the PFIC
income or PFIC asset test, the U.S. Holder would not be required to take into account any latent gain or loss in the manner described
above and any gain or loss recognized on the sale or exchange of the ordinary shares would be classified as a capital gain or loss.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
mark-to-market election is available to a U.S. Holder only for &#8220;marketable stock.&#8221; Generally, stock will be considered marketable
stock if it is &#8220;regularly traded&#8221; on a &#8220;qualified exchange&#8221; within the meaning of applicable U.S. Treasury regulations.
A class of stock is regularly traded during any calendar year during which such class of stock is traded, other than in de minimis quantities,
on at least 15 days during each calendar quarter.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid Qualified Electing Fund (QEF) election. As we do not expect to provide U.S. Holders with the information necessary for a U.S.
Holder to make a QEF election, prospective investors should assume that a QEF election will not be available.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our ordinary shares, the consequences
to them of an investment in a PFIC, any elections available with respect to the ordinary shares and the IRS information reporting obligations
with respect to the purchase, ownership and disposition of ordinary shares of a PFIC.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Subject
to the discussion above under &#8220;Passive Foreign Investment Company Rules&#8221;, a U.S. Holder that receives a distribution with
respect to our ordinary shares generally will be required to include the gross amount of such distribution in gross income as a dividend
when actually or constructively received by the U.S. Holder to the extent of the U.S. Holder&#8217;s pro rata share of our current and/or
accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a
U.S. Holder is not a dividend because it exceeds the U.S. Holder&#8217;s pro rata share of our current and accumulated earnings and profits,
it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder&#8217;s
ordinary shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder&#8217;s ordinary shares, the remainder
will be taxed as a capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles,
U.S. Holders should expect all distributions to be reported to them as dividends. The amount of a dividend will include any amounts withheld
by the company in respect of United Kingdom taxes.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Distributions
on our ordinary shares that are treated as dividends generally will constitute income from sources outside the United States for foreign
tax credit purposes and generally will constitute passive category income. Subject to applicable limitations, some of which vary depending
upon the U.S. Holder&#8217;s particular circumstances, any United Kingdom income taxes withheld from dividends on ordinary shares at
a rate not exceeding the rate provided by the Treaty will be creditable against the U.S. Holder&#8217;s U.S. federal income tax liability.
The rules governing foreign tax credits are complex and U.S. Holders should consult their tax advisers regarding the creditability of
foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct
foreign taxes, including any United Kingdom income tax, in computing their taxable income, subject to generally applicable limitations
under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued
in the taxable year. The amount of any dividend income paid in a currency other than the U.S. dollar will be the U.S. dollar amount calculated
by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact
converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. holder should
not be required to recognize foreign currency gain or loss in respect of the dividend amount. A U.S. Holder may have foreign currency
gain or loss if the dividend is converted into U.S. dollars after the date of receipt.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Distributions
paid on our ordinary shares will not be eligible for the &#8220;dividends received&#8221; deduction generally allowed to corporate shareholders
with respect to dividends received from U.S. corporations under the Internal Revenue Code. Dividends paid by a &#8220;qualified foreign
corporation&#8217;&#8217; to non-corporate U.S. Holders are eligible for taxation at a reduced capital gains rate rather than the marginal
tax rates generally applicable to ordinary income provided that a holding period requirement (more than 60 days of ownership, without
protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) and certain other requirements
are met. Each U.S. Holder is advised to consult their tax advisors regarding the availability of the reduced tax rate on dividends to
their particular circumstances. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable
year (see discussion above under &#8220;Passive Foreign Investment Company Rules&#8217;&#8217;), we will not be treated as a qualified
foreign corporation, and therefore the reduced capital gains tax rate described above will not apply.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays
on ordinary shares that are readily tradable on an established securities market in the United States.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
amount of any dividend income that is paid in Pounds Sterling will be the U.S. dollar amount calculated by reference to the exchange
rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted
into U.S. dollars on the date of receipt (actual or constructive), a U.S. Holder should not be required to recognize foreign currency
gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gains or losses if the dividend is converted
into U.S. dollars after the date of receipt (actual or constructive).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Sale,
Exchange or Other Taxable Disposition of Our Ordinary Shares</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Subject
to the discussion above under &#8220;Passive Foreign Investment Company Rules&#8221;, a U.S. Holder generally will recognize capital
gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our ordinary shares in an amount equal
to the difference, if any, between the amount realized (<i>i.e</i>., the amount of cash plus the fair market value of any property received)
on the sale, exchange or other disposition and such U.S. Holder&#8217;s adjusted tax basis in the ordinary shares. Such capital gain
or loss generally will be a long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or a long-term capital loss
if, on the date of sale, exchange or other disposition, the ordinary shares were held by the U.S. Holder for more than one year. Any
capital gain of a non-corporate U.S. Holder that is not a long-term capital gain is taxed at ordinary income tax rates. The deductibility
of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our ordinary shares will
generally be a gain or loss from sources within the United States for U.S. foreign tax credit purposes.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of our ordinary shares. If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors
regarding the applicability of this Medicare tax to your income and gains in respect of your investment in our ordinary shares.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Information
Reporting and Backup Withholding</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our ordinary
shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). In addition, each U.S. Holder who is
a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than $100,000 for our ordinary
shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment.
Substantial penalties and other adverse circumstances may be imposed upon a U.S. Holder that fails to comply with the required information
reporting.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Dividends
on and proceeds from the sale or other disposition of our ordinary shares generally have to be reported to the IRS unless the U.S. Holder
establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (1) fails to provide an
accurate U.S. taxpayer identification number or otherwise establish a basis for exemption, or (2) is described in certain other categories
of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding
tax rules.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or
a credit against a U.S. Holder&#8217;s U.S. federal income tax liability if the required information is furnished by the U.S. Holder
on a timely basis to the IRS.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT THEIR OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN OUR ORDINARY SHARES
IN LIGHT OF THE INVESTOR&#8217;S OWN CIRCUMSTANCES. IN ADDITION, SIGNIFICANT CHANGES IN U.S. FEDERAL INCOME TAX LAWS WERE RECENTLY ENACTED.
PROSPECTIVE INVESTORS SHOULD ALSO CONSULT WITH THEIR TAX ADVISORS WITH RESPECT TO SUCH CHANGES IN U.S. TAX LAW AS WELL AS POTENTIAL CONFORMING
CHANGES IN STATE TAX LAWS.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>U.K.
Taxation</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following is intended as a general guide to current U.K. tax law and Her Majesty&#8217;s Revenue &amp; Customs, or HMRC, published practice
applying as at the date of this annual report (both of which are subject to change at any time, possibly with retrospective effect) relating
to the holding of ordinary shares. It does not constitute legal or tax advice and does not purport to be a complete analysis of all U.K.
tax considerations relating to the holding of ordinary shares, or all of the circumstances in which holders of ordinary shares may benefit
from an exemption or relief from U.K. taxation. It is written on the basis that the company does not (and will not) directly or indirectly
derive 75% or more of its qualifying asset value from U.K. land, and that the company is and remains solely resident in the U.K. for
tax purposes and will therefore be subject to the U.K. tax regime and not the U.S. tax regime save as set out above under &#8220;U.S.
Federal Income Taxation.&#8221;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Except
to the extent that the position of non-U.K. resident persons is expressly referred to, this guide relates only to persons who are resident
(and, in the case of individuals, domiciled or deemed domiciled) for tax purposes solely in the U.K. and do not have a permanent establishment
or fixed base in any other jurisdiction with which the holding of the ordinary shares is connected, or U.K. Holders, who are absolute
beneficial owners of the ordinary shares (where the ordinary shares are not held through an Individual Savings Account or a Self-Invested
Personal Pension) and who hold the ordinary shares as investments.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">This
guide may not relate to certain classes of U.K. Holders, such as (but not limited to):</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">persons who
    are connected with the company;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">financial
    institutions;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">insurance
    companies;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">charities
    or tax-exempt organizations;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">collective
    investment schemes;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">pension schemes;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">market makers,
    intermediaries, brokers or dealers in securities;</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">persons who
    have (or are deemed to have) acquired their ordinary shares by virtue of an office or employment or who are or have been officers
    or employees of the company or any of its affiliates; and</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">individuals
    who are subject to U.K. taxation on a remittance basis.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>THESE
PARAGRAPHS ARE A SUMMARY OF CERTAIN U.K. TAX CONSIDERATIONS AND ARE INTENDED AS A GENERAL GUIDE ONLY. IT IS RECOMMENDED THAT ALL HOLDERS
OF ORDINARY SHARES OBTAIN ADVICE AS TO THE CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSAL OF THE ORDINARY SHARES IN THEIR OWN
SPECIFIC CIRCUMSTANCES FROM THEIR OWN TAX ADVISORS. IN PARTICULAR, NON-U.K. RESIDENT OR DOMICILED PERSONS ARE ADVISED TO CONSIDER THE
POTENTIAL IMPACT OF ANY RELEVANT DOUBLE TAXATION AGREEMENTS.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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    <!-- Field: /Page -->

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Dividends
paid by the company will not be subject to any withholding or deduction for or on account of U.K. tax, irrespective of the residence
or particular circumstances of the holders of ordinary shares.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">An
individual U.K. Holder may, depending on his or her particular circumstances, be subject to U.K. tax on dividends received from the company.
An individual holder of ordinary shares who is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. income
tax on dividends received from the company unless he or she carries on (whether solely or in partnership) a trade, profession or vocation
in the U.K. through a branch or agency to which the ordinary shares are attributable. There are certain exceptions for trading in the
U.K. through independent agents, such as some brokers and investment managers.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">All
dividends received by an individual U.K. Holder from us or from other sources will form part of that U.K. Holder&#8217;s total income
for income tax purposes and will constitute the top slice of that income. A nil rate of income tax will apply to the first &#163;2,000
of taxable dividend income received by the individual U.K. Holder in a tax year. Income within the nil-rate band will be taken into account
in determining whether income in excess of the &#163;2,000 tax-free allowance falls within the basic rate, higher rate or additional
rate tax bands. Dividend income in excess of the tax-free allowance will (subject to the availability of any income tax personal allowance)
be taxed at 7.5 per cent. to the extent that the excess amount falls within the basic rate tax band, 32.5 per cent. to the extent that
the excess amount falls within the higher rate tax band and 38.1 per cent. to the extent that the excess amount falls within the additional
rate tax band.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 19.55pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
corporate holder of ordinary shares who is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. corporation
tax on dividends received from the company unless it carries on (whether solely or in partnership) a trade in the United Kingdom through
a permanent establishment to which the ordinary shares are attributable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Corporate
U.K. Holders should not be subject to U.K. corporation tax on any dividend received from the company so long as the dividends qualify
for exemption, which should be the case, provided the dividends fall within an exempt class and certain conditions are met. If the conditions
for the exemption are not satisfied, or such U.K. Holder elects for an otherwise exempt dividend to be taxable, U.K. corporation tax
will be chargeable on the amount of any dividends (at the current rate of 19%).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
disposal or deemed disposal of ordinary shares by a U.K. Holder may, depending on the U.K. Holder&#8217;s circumstances and subject to
any available exemptions or reliefs (such as the annual exemption), give rise to a chargeable gain or an allowable loss for the purposes
of U.K. capital gains tax and corporation tax on chargeable gains.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
an individual U.K. Holder who is subject to U.K. income tax at either the higher or the additional rate is liable to U.K. capital gains
tax on the disposal of ordinary shares, the current applicable rate will be 20%. For an individual U.K. Holder who is subject to U.K.
income tax at the basic rate and liable to capital gains tax on such disposal, the current applicable rate would be 10%, save to the
extent that any capital gains when aggregated with the U.K. Holder&#8217;s other taxable income and gains in the relevant tax year exceed
the unused basic rate tax band. In that case, the rate currently applicable to the excess would be 20%.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
a corporate U.K. Holder becomes liable to U.K. corporation tax on the disposal (or deemed disposal) of ordinary shares, the main rate
of U.K. corporation tax (currently 19%) would apply. Indexation allowance is not available in respect of disposals of ordinary shares
acquired on or after January 1, 2018 (and only covers the movement in the retail prices index up until 31 March 2017, in respect of assets
acquired prior to that date). A holder of ordinary shares which is not resident for tax purposes in the United Kingdom should not normally
be liable to U.K. capital gains tax or corporation tax on chargeable gains on a disposal (or deemed disposal) of ordinary shares unless
the person is carrying on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or
agency (or, in the case of a corporate holder of ordinary shares, through a permanent establishment) to which the ordinary shares are
attributable. However, an individual holder of ordinary shares who is treated as resident outside the United Kingdom for the purposes
of a double tax treaty, or who has ceased to be resident for tax purposes in the United Kingdom for a period of less than five years
and who disposes of ordinary shares during that period may be liable on his or her return to the United Kingdom to U.K. tax on any capital
gain realized (subject to any available exemption or relief).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Stamp
Duty and Stamp Duty Reserve Tax</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>The
discussion below relates to the holders of our ordinary shares or ordinary shares wherever resident, however it should be noted that
special rules may apply to certain persons such as market makers, brokers, dealers or intermediaries.</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Issue
of Shares</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">No
U.K. stamp duty or stamp duty reserve tax, or SDRT, is payable on the issue of the ordinary shares in the company.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Transfers
of Shares</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Transfers
of the ordinary shares (including instruments transferring ordinary shares and agreements to transfer ordinary shares) are not subject
to UK stamp duty or UK SDRT.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Issue
and Transfers of Ordinary Shares</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">U.K.
stamp duty or SDRT is not payable on the issue or transfer of (including an agreement to transfer) ordinary shares in a Guernsey incorporated
entity. Guernsey has no issue or transfer taxes on ordinary shares.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>F.
Dividends and Paying Agents</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>G.
Statements by Experts</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>H.
Documents on Display</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information
with the SEC, including annual reports on Form 20-F and reports on Form 6-K. You may inspect and copy reports and other information filed
with the SEC at the public reference facilities of the SEC located at 100 F Street, N.E., Washington, D.C. 20549. You may also obtain
copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington,
DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC also maintains a website
at http://www.sec.gov from which certain filings may be accessed.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
also make available on our website, free of charge, our Annual Report and the text of our reports on Form 6-K, including any amendments
to these reports, as well as certain other SEC filings, as soon as reasonably practicable after they are electronically filed with or
furnished to the SEC. Our website address is <span style="text-decoration: underline">www.okyopharma.com</span>. The information contained on our website is not incorporated
by reference in this Annual Report.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>I.
Subsidiary Information</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
information on our subsidiaries, see &#8220;Item 4C. Organizational Structure.&#8221;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_008"></span>ITEM
11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are exposed to market risks in the ordinary course of our business, which are principally limited to interest rate fluctuations and foreign
currency exchange rate fluctuations. We maintain significant amounts of cash and cash equivalents that are in excess of federally insured
limits in various currencies, placed with one or more financial institutions for varying periods according to expected liquidity requirements.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Interest
Rate Risk</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
exposure to interest rate sensitivity is impacted by changes in the underlying U.S. and U.K. bank interest rates. Our surplus cash and
cash equivalents have been invested in interest-bearing savings and money market accounts from time to time. We have not entered into
investments for trading or speculative purposes. Due to the conservative nature of our investment portfolio, which is predicated on capital
preservation of investments with short-term maturities, we do not believe an immediate one percentage point change in interest rates
would have a material effect on the fair market value of our portfolio, and therefore we do not expect our operating results or cash
flows to be significantly affected by changes in market interest rates.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Foreign
Currency Exchange Risk</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
maintain our consolidated financial statements in the functional currency Pounds Sterling. Monetary assets and liabilities denominated
in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance
sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included
in the determination of net income (loss) for the respective periods.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
financial reporting purposes, our consolidated financial statements are prepared using the functional currency, and translated into the
U.S. dollar. Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated
at the average exchange rates and shareholders&#8217; equity is translated based on historical exchange rates. Translation adjustments
are not included in determining net income (loss) but are included in foreign exchange adjustment to accumulate other comprehensive loss,
a component of shareholders&#8217; equity.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
do not currently engage in currency hedging activities in order to reduce our currency exposure, but we may begin to do so in the future.
Instruments that may be used to hedge future risks may include foreign currency forward and swap contracts. These instruments may be
used to selectively manage risks, but there can be no assurance that we will be fully protected against material foreign currency fluctuations.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_009"></span>ITEM
12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>A.
Debt Securities</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; background-color: white; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>B.
Warrants and Rights</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; background-color: white; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>C.
Other Securities</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; background-color: white; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>D.
American Depositary Shares</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; background-color: white; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; background-color: white; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_010"></span>PART
II</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_011"></span>ITEM
13: DEFAULTS, DIVIDEND ARREARAGES AN DELINQUENCIES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">None.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_012"></span>ITEM
14: MATERIAL MODIF</b>IC<b>ATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">None.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_013"></span>ITEM
15: CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Evaluation
of Disclosure Controls and Procedures</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Disclosure
Controls and Procedures</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Company&#8217;s management, with the participation of the Company&#8217;s Chief Executive Officer and Chief Financial Officer, have evaluated
the effectiveness of the Company&#8217;s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)) as of March 31, 2022. Based on that evaluation, the Company&#8217;s
Chief Executive Officer and the Company&#8217;s Chief Financial Officer have concluded that as of March 31, 2023, due to the existence
of the material weaknesses in the Company&#8217;s internal control over financial reporting described below, the Company&#8217;s disclosure
controls and procedures were not effective.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Management&#8217;s
Annual Report on Internal Control over Financial Reporting</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.75in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Company&#8217;s management is responsible for establishing and maintaining adequate internal controls over financial reporting as defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company&#8217;s internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB), and IFRIC interpretations as applicable to companies reporting under IFRS.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.75in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Because
of their inherent limitations, internal controls over financial reporting 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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Under
the supervision and with the participation of management, the Company&#8217;s Chief Executive Officer and the Company&#8217;s Chief Financial
Officer, the Company conducted an informal evaluation, based on regular verbal discussions between management and the audit committee,
of the effectiveness of its internal control over financial reporting based on the framework described in Internal Control-Integrated
Framework issued by the Commission of Sponsoring Organizations of the Treadway Commission, as revised in 2013. Based on that evaluation,
management has concluded that the Company did not maintain effective internal control over financial reporting as of the period ended
March 31, 2023 due to the existence of the material weaknesses in internal control over financial reporting described below.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Material
Weaknesses</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting, such that there is a reasonable
possibility that a material misstatement of the Company&#8217;s annual or interim financial statements will not be prevented or detected
on a timely basis.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Board and management have determined that the Company did not maintain effective internal control over financial reporting as of the
period ended March 31, 2023 due to the existence of the following material weaknesses identified by management. A consequence of the
material weaknesses identified below did result in material errors, but these were identified during the audit phase and adjusted for
in the consolidated financial statements. Management therefore believes that our consolidated financial statements present fairly the
consolidated financial position, results of operations and cash flows for the periods covered. However, management recognizes that the
failure of the internal control over financial reporting to operate effectively as described below could result in a material misstatement
which may not have been detected by our controls:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Lack
of Accounting Resources</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Due
to the limited financial resources available for expenditure other than research and development, the Company had a lack of accounting
resources resulting in over reliance on key staff, professional opinions, a weakness in monitoring controls and other oversight procedures,
which resulted in corrected misstatements.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Remediation
efforts</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Management
intends to remediate this item in the following manner:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">i.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Additional
    funds have been made available to enable the Company to address its lack of accounting resources and additional resources have been
    hired and formalized review controls have been implemented.</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ii.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Periodic
    assessments will be performed to evaluate the sufficiency of the Company&#8217;s accounting resources and needs for recruiting additional
    personnel, in addition to providing our accounting personnel with regular training over applicable IFRS accounting standards, complex
    accounting and financial reporting subject matters, and SEC reporting.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
intend to complete the remediation of the material weaknesses discussed above as soon as practicable, but we can give no assurance that
we will be able to do so. Designing and implementing effective disclosure controls and procedures is a continuous effort that requires
us to anticipate and react to changes in our business and the economic and regulatory environments and to devote significant resources
to maintain a financial reporting system that adequately satisfies our reporting obligations. The remedial measures that we have taken
and intend to take may not fully address the material weaknesses that we have identified, and material weaknesses in our disclosure controls
and procedures may be identified in the future. Should we discover such conditions, we intend to remediate them as soon as practicable.
We are committed to taking appropriate steps for remediation, as needed.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_014"></span>ITEM
16A: AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
members of our audit, risk and disclosure committee are Mr John Brancaccio, Mr Bernard Denoyer and Mr. Willy Simon. Mr. John Brancaccio
is the chair of the audit, risk and disclosure committee. Each of our audit, risk and disclosure committee members satisfies the independence
requirements of Rule 5605(a)(2) of the Nasdaq Stock Market Marketplace Rules and the independence requirements of Rule 10A-3(b)(1) under
the Exchange Act. Our board of directors has determined that Mr. John Brancaccio is an &#8220;audit committee financial expert&#8221;
as defined in Item 16A of Form 20-F.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_015"></span>ITEM
16B: CODE OF ETHICS</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
Code of Business Conduct and Ethics is applicable to all of our employees, officers and directors and is available on our website at
https://www.okyopharma.com. Our Code of Business Conduct and Ethics provides that our directors and officers are expected to avoid any
action, position or interest that conflicts with the interests of our company or gives the appearance of a conflict. Our directors and
officers have an obligation under our Code of Business Conduct and Ethics to advance our company&#8217;s interests when the opportunity
to do so arises. We expect that any amendment to this code, or any waivers of its requirements, will be disclosed on our website. Information
contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report, and you should not
consider information on our website to be part of this Annual Report.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_016"></span>ITEM
16C: PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets forth, for each of the years indicated, the aggregate fees billed to us for services rendered by PKF Littlejohn
LLP, our independent registered public accounting firm and Mazars, our previous independent registered public accounting firm:</span></p>

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Mazars LLP</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: Black; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Other assurance services<sup>(1)</sup></span></td><td style="color: Black; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: Black; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="color: Black; font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></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; color: Black">PKF Littlejohn LLP</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">Year Ending March 31,</td><td style="padding-bottom: 1.5pt; color: Black; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; color: Black; font-weight: bold">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; color: Black; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td colspan="6" style="color: Black; text-align: center">(in thousands)</td><td style="color: Black">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; color: Black; text-align: left">Audit fees</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: left">&#160;</td><td style="width: 16%; color: Black; text-align: right">121</td><td style="width: 1%; color: Black; text-align: left">&#160;</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: left">&#160;</td><td style="width: 16%; color: Black; text-align: right">-</td><td style="width: 1%; color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: Black; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Other assurance services<sup>(1)</sup></span></td><td style="color: Black; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; color: Black; text-align: right">-</td><td style="padding-bottom: 1.5pt; color: Black; text-align: left">&#160;</td><td style="color: Black; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; color: Black; text-align: right">-</td><td style="padding-bottom: 1.5pt; color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: Black; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="color: Black; font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: right">121</td><td style="padding-bottom: 2.5pt; color: Black; font-weight: bold; text-align: left">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: Black; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; color: Black; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Other assurance
    services include interim reviews and audit opinions required for other filings</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_017"></span>ITEM
16D: EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_018"></span>ITEM
16E: PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">None.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_019"></span>ITEM
16F: CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
November 24, 2022, Mazars LLP (&#8220;Mazars&#8221;) resigned as the Company&#8217;s independent registered public accounting firm. On
November 28, 2022, the Company appointed PKF Littlejohn, LLP (&#8220;PKF&#8221;) as the Company&#8217;s new independent registered public
accounting firm.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Audit Committee of the board of directors of the Company approved the appointment of PKF.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
reports of Mazars on the Company&#8217;s financial statements for each of fiscal years ended March 31, 2021 and 2022 did not contain
an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the fiscal years ended March 31, 2021 and 2022, and the subsequent interim period through November 24, 2022, there were no disagreements
(as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) between the Company and Mazars on any matter
of accounting principles or practices, financial statement disclosure or auditing scope or procedures which disagreements, if not resolved
to the satisfaction of Mazars would have caused Mazars to make reference thereto in their reports on the financial statements for such
years. The Company disclosed in its Form 20-F for the fiscal year ended March 31, 2022 that its internal control over financial reporting
was not effective as of March 31, 2022 due to a lack of accounting resources resulting in over reliance on key staff, professional opinions,
a weakness in monitoring controls and other oversight procedures, which resulted in corrected misstatements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Company provided Mazars with a copy of the disclosures it is making in this Annual Report on Form 20-F and requested that Mazars furnish
the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements contained
herein. A copy of Mazar&#8217;s letter, dated August 11, 2023 is filed as Exhibit 16.1 to this Annual Report on Form 20-F.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the fiscal years ended March 31, 2021 and 2022 and the period from April 1, 2022 through September 30, 2022, neither the Company, nor
anyone acting on its behalf, consulted with PKF regarding (i) the application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that may be rendered on the Company&#8217;s financial statements, and PKF did not
provide either a written report or oral advice to the Company that was an important factor considered by the Company in reaching a decision
as to the accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a disagreement (as defined
in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation
S-K).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_020"></span>ITEM
16G: CORPORATE GOVERNANCE</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including
our company, to comply with various corporate governance practices. In addition, Nasdaq rules provide that foreign private issuers may
follow home country practices in lieu of the Nasdaq corporate governance standards, subject to certain exceptions and except to the extent
that such exemptions would be contrary to U.S. federal securities laws. The home country practices followed by our company in lieu of
Nasdaq rules are described below:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We do not
    follow Nasdaq&#8217;s quorum requirements applicable to meetings of shareholders. Such quorum requirements are not required under
    Guernsey law. In accordance with generally accepted business practice, our articles of association provide alternative quorum requirements
    that are generally applicable to meetings of shareholders.</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We do not
    follow Nasdaq&#8217;s requirements that non-management directors meet on a regular basis without management present. Our board of
    directors may choose to meet in executive session at their discretion.</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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We do not
    follow Nasdaq&#8217;s requirements to seek shareholder approval for the implementation of certain equity compensation plans, the
    issuances of ordinary shares under such plans, or in connection with certain private placements of equity securities. In accordance
    with Guernsey law, we are not required to seek shareholder approval to allot ordinary shares in connection with applicable employee
    equity compensation plans. We will follow Guernsey law with respect to any requirement to obtain shareholder approval prior to any
    private placements of equity securities.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
intend to take all actions necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance
requirements of the Sarbanes-Oxley Act of 2002, the rules adopted by the SEC and Nasdaq&#8217;s listing standards.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Because
we are a foreign private issuer, our directors and senior management are not subject to short-swing profit and insider trading reporting
obligations under Section 16 of the U.S. Securities Exchange Act of 1934, as amended, or Exchange Act. They are, however, subject to
the obligations to report changes in share ownership under Section 13 of the Exchange Act and related SEC rules.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_021"></span>ITEM
16H: MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="b_022"></span>ITEM
16L: DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_001"></span>PART
III</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_002"></span>ITEM
17: FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to furnish financial statements and related information specified in Item 18.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_003"></span>ITEM
18: FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
the Financial Statements beginning on page F-1.</span></p>

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

<p style="font: 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="ap_004"></span>ITEM
19: EXHIBITS</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    No.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><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">Description</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: 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: #CCEEFF">
    <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**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1849296/000149315222006119/ex3-1.htm" style="-sec-extract: exhibit">Memorandum and Articles of Incorporation of OKYO Pharma Limited</a></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; 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="https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex21-1.htm" style="-sec-extract: exhibit">List of Subsidiaries. (Incorporated by reference to Exhibit 21.1 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <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**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1849296/000149315222006119/ex10-1.htm" style="-sec-extract: exhibit">OKYO Pharma Limited Share Option Plan With Non-Employee Sub-Plan And US Sub-Plan (Incorporated by reference to Exhibit 10.1 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1849296/000149315222006119/ex10-2.htm" style="-sec-extract: exhibit">Executive Employment Agreement dated December 21, 2020 between Gary S. Jacob and OKYO Pharma Limited as amended on January 19, 2021. (Incorporated by reference to Exhibit 10.2 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <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**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1849296/000149315222006119/ex10-3.htm" style="-sec-extract: exhibit">Collaboration Agreement between On Target Therapeutics, LLC and OKYO Pharma Limited dated June 4, 2018 (Incorporated by reference to Exhibit 10.3 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-4.htm" style="-sec-extract: exhibit">Amendment to Collaboration Agreement between On Target Therapeutics, LLC and OKYO Pharma Limited dated October 22, 2018 (Incorporated by reference to Exhibit 10.4 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-5.htm" style="-sec-extract: exhibit">License Agreement dated as of May 1, 2018 by and between Tufts Medical Center, Inc. and OKYO Pharma Limited (Incorporated by reference to Exhibit 10.5 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-6.htm" style="-sec-extract: exhibit">Shared Services Agreement dated as of January 1, 2018 by and between OKYO Pharma Limited and Tiziana Life Sciences plc (Incorporated by reference to Exhibit 10.6 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-7.htm" style="-sec-extract: exhibit">License and Sublicense Agreement dated May 22, 2017 by and between On Target Therapeutics, LLC and OKYO Pharma Limited (Incorporated by reference to Exhibit 10.7 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-8.htm" style="-sec-extract: exhibit">First Amendment to the License and Sublicense Agreement dated March 25, 2021 by and between On Target Therapeutics, LLC and OKYO Pharma Limited. (Incorporated by reference to Exhibit 10.8 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-9.htm" style="-sec-extract: exhibit">Collaboration Agreement dated August 6, 2019 between Tufts Medical Center, Inc. and OKYO Pharma Limited. (Incorporated by reference to Exhibit 10.9 to Amendment No. 6 to Form F-1 filed on May 13, 2022).</a></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</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="ex12-1.htm">Certification by the Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Certification by the Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</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="ex13-1.htm">Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-2.htm">Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</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"><a href="ex15-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Mazars LLP.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">15.2</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex15-2.htm">Consent of PKF Littlejohn LLP</a></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; text-align: justify">16.1*</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex16-1.htm">Letter from Mazars LLP dated August 14, 2023</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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">XBRL
    Instance Document.</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; 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">XBRL
    Taxonomy Extension Schema Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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">XBRL
    Taxonomy Extension Calculation Linkbase Document.</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; 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">XBRL
    Taxonomy Extension Definition Linkbase Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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">XBRL
    Taxonomy Extension Label Linkbase Document.</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; 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">XBRL
    Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    Herewith</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b>OKYO
    Pharma Ltd</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; width: 50%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </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"><i>/s/
    Gary Jacob </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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gary
    Jacob</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>Chief
    Executive Officer</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    14, 2023</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#af_001">Report of Independent Registered Public Accounting Firm</a> PCAOB ID: <span id="xdx_903_edei--AuditorFirmId_c20220401__20230331_zso7kfbRLpHe"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:AuditorFirmId">2814</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.1in; text-align: justify"><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; 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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#af_002">Report of Independent Registered Public Accounting Firm</a> PCAOB ID: <span id="xdx_909_edei--AuditorFirmId_c20210401__20220331_zRGHdv6pYgdb"><ix:nonNumeric contextRef="From2021-04-012022-03-31" name="dei:AuditorFirmId">1401</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="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">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#af_003">Consolidated Balance Sheets</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="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">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#af_004"><span style="font-size: 10pt">Consolidated Statements of O</span>perations and <span style="font-size: 10pt">Comprehensive
L</span>oss</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><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">F-6</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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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><span id="af_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the shareholders and Board of Directors of OKYO Pharma Limited</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying Consolidated Balance Sheet of OKYO Pharma Limited and its subsidiaries (the &#8220;Group&#8221;) as of
March 31, 2023 and the related Consolidated Statement of Operations and Comprehensive Loss, Consolidated Statement of Cash Flows and
Consolidated Statement of Changes in Equity for the year ended March 31, 2023 and the related notes (collectively referred to as the
&#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements above present
fairly, in all material respects, the financial position of the Group as of March 31, 2023 and the results of its operations and its
cash flows for the year ended March 31, 2023 in conformity with International Financial Reporting Standards as issued by the
International Accounting Standards Board.</span></p>

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

<p style="font: 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 have audited the adjustments to the 2022 and 2021 financial statements
as described in Note 2A Reclassification of Prior Year Presentation and Note 18 Basic and Diluted Loss Per Share. In our opinion, such
adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2022
and 2021 financial statements of the Group other than with respect to the adjustments and, accordingly, we do not express an opinion or
any other form of assurance on the 2022 and 2021 financial statements taken as a whole.&#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">&#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">Going
Concern Uncertainty</span></p>

<p style="font: 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 consolidated financial statements have been prepared assuming that the Group will continue as a going concern.
As discussed in note 2 to the consolidated financial statements, the Group is pre-revenue and its business model requires significant
ongoing expenditure on research and development that include the costs associated with the ongoing clinical trials. The forecast prepared
by management indicates that the current cash held will be utilised by October 2023 without additional financing facilities in place.
Management intends to raise sufficient funds to enable the Group to complete the Phase II clinical trials for OK101 and meet working capital
requirements, and are taking steps to include possible deferred payment of existing liabilities, working capital cost reductions and raising
additional equity. These conditions raise substantial doubt about the Group&#8217;s ability to continue as a going concern. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 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">Basis
for 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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Group&#8217;s management. Our responsibility is to express an
opinion on the Group&#8217;s 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 Group 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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, 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 Group&#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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit 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 audit 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 audit provides 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"><span id="xdx_905_edei--AuditorName_c20220401__20230331_zx7ZTLFMCUhb"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:AuditorName">PKF
Littlejohn 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">We
have served as the Group&#8217;s auditor since 28 November 2022.</span></p>

<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_906_edei--AuditorLocation_c20220401__20230331_zOkV47ewLAwh"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" name="dei:AuditorLocation">London,
England</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"><span>August 14, 2023&#160;</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">&#8195;</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"><i><span id="af_002"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the shareholders and Board of Directors of OKYO Pharma Limited</span></p>

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

<p style="font: 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>Opinion
on the Consolidated Financial Statements</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited, before the effects of the adjustments
to retrospectively apply changes in presentation and disclosure described in Note 2A and 18A, the consolidated balance sheets of OKYO Pharma
Limited and its subsidiary (the Group) as of March 31, 2022, together with the related consolidated statements of operations and comprehensive
loss, consolidated statements of shareholders&#8217; equity, and consolidated statements of cash flows for each of the two years in the
period ended March 31, 2022 and the related notes (collectively referred to as the &#8216;consolidated financial statements&#8217;). The
2022 and 2021 consolidated financial statements before the effects of the adjustments discussed in Note 2A and 18A are not presented herein.
The 2022 and 2021 consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audit.</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">In our opinion, the consolidated financial statements,
before the effects of the adjustments to retrospectively apply changes in presentation and disclosure described in Note 2A and 18A, present
fairly, in all material respects, the financial position of the Group as of March 31, 2022, and the results of its operations and its
cash flows for each of the two years in the period ended March 31, 2022, in conformity with International Financial Reporting Standards
as issued by the International Accounting Standards Board.</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">We were not engaged to audit, review, or apply any
procedures to the adjustments to retrospectively apply changes in presentation and disclosure described in Note 2A and 18A and, accordingly,
we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.
Those adjustments were audited by PKF Littlejohn LLP.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going
Concern Uncertainty</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">The
accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern. As discussed
in Note 2 to the consolidated financial statements, the Group are pre-revenue, and its business model requires significant ongoing expenditure
on research and development. The forecast prepared by management indicates that the current cash held will be exhausted by October 2022
without additional financing facilities in place. The Group is in the final stages of its Investigational New Drug (IND) application
for OK101, due to be filed with the U.S. Food and Drug Administration (FDA) in mid-November 2022 after which there is a 30 day period
for the FDA to raise questions or issue a clinical hold. Both Management and their Contract Research Organisation, Ora, Inc. believe
the risk of a clinical hold being issued is very low based on preliminary discussions with the FDA. On completion of the IND application
process, management intends to raise sufficient funds to enable the Group to complete Phase II clinical trials for OK101. As management&#8217;s
forecasts indicate current cash held is not sufficient to complete the IND application process and cover working capital requirements
until further funds are raised for the Phase II clinical trials, to meet the short-term need, the Group has secured a $2 million short-term
credit facility with a related party, Tiziana Life Sciences Limited, which must be repaid six months after the initial draw-down. After
taking this facility into consideration the available cash position will be extended to approximately April 2023. If further funds for
the Phase II clinical trials are not raised before then, to continue operating, the Group will need to raise additional funds sufficient
to meet its ongoing working capital requirements as well as to repay the $2 million short-term credit facility. These conditions raise
substantial doubt about the Group&#8217;s ability to continue as a going concern. The consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.</span></p>

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

<p style="font: 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>Basis
for Opinion</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">These
consolidated financial statements are the responsibility of the Group&#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) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. The Group is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, 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 Group&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--AuditorName_c20210401__20220331_zkNOvufVfmD7"><ix:nonNumeric contextRef="From2021-04-012022-03-31" name="dei:AuditorName">Mazars
LLP</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--AuditorLocation_c20210401__20220331_zJm4Fn2rpOij"><ix:nonNumeric contextRef="From2021-04-012022-03-31" name="dei:AuditorLocation">London,
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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">August
15, 2022</span></p>

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


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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>OKYO
Pharma Limited</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><span id="af_003"></span>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_402_eifrs-full--AssetsAbstract_iB_zSaV3r4ggvsg" 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>
  <tr id="xdx_409_eifrs-full--CurrentAssetsAbstract_i01B_zYvyOrlRijC5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--CashAndCashEquivalents_i02I_maCAzV2A_zrOaOu37Mulf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,045,381</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:CurrentTaxationReceivable" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">559,128</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_eifrs-full--OtherReceivables_i02I_maCAzV2A_zSUbGzdKFmBg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eifrs-full--CurrentAssets_i02TI_mtCAzV2A_maAz2k4_zy8zT5nUDAhf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eifrs-full--PropertyPlantAndEquipment_i01I_maNAzqZv_zXXmF1a9oaSk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eifrs-full--NoncurrentAssets_i01TI_mtNAzqZv_maAz2k4_z40fXGYj9n3j" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eifrs-full--Assets_i01TI_mtAz2k4_zsZ1Ai2fgHHf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--EquityAndLiabilitiesAbstract_iB_zXENzx5y5n6e" 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>
  <tr id="xdx_40A_eifrs-full--LiabilitiesAbstract_iB_zYbjuGpI5oMf" style="vertical-align: bottom; background-color: White">
    <td>Liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--CurrentLiabilitiesAbstract_i01B_zY1BHXXBlkBe" 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>
  <tr id="xdx_408_eifrs-full--TradeAndOtherCurrentPayables_i02I_maCLzw8a_z8Pvu5fpk3jg" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,262,855</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_i02I_maCLzw8a_z9Xo3EsZ96m9" 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"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">779,191</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,041</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--LoansPayableInDefault_i02I_maCLzw8a_z95aD1wnRPC7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Loan payable to related party</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LoansPayableInDefault" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,215,111</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0097">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--CurrentLiabilities_i02TI_maLz4KJ_mtCLzw8a_zqn5e4ofKNLb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,257,157</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,353,191</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--Liabilities_i01TI_mtLz4KJ_maEALzYYP_zgOYM5PceKJ1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,257,157</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,353,191</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--EquityAbstract_i01B_ziW199q95tU7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Shareholders&#8217; Equity:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--SharePremium_i02I_maEz67c_zAIOhM2p78n8" style="vertical-align: bottom; background-color: White">
    <td>Share premium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,385,892</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">123,976,510</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--ReserveOfSharebasedPayments_i02I_maEz67c_zvVIQVEf7MC8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Share options reserve</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ReserveOfSharebasedPayments" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,628,756</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ReserveOfSharebasedPayments" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,355,040</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--WarrantReserve_i02I_maEz67c_z2SSC56IYNha" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Warrants reserve</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:WarrantReserve" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">82,376</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:WarrantReserve" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">53,413</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--ForeignCurrencyTranslationReserve_i02I_maEz67c_z98pw247UfCg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Foreign currency translation reserve</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:ForeignCurrencyTranslationReserve" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,452,542</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:ForeignCurrencyTranslationReserve" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,011,527</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eifrs-full--RetainedEarnings_i02I_maEz67c_zTQqx4PgJSb1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Retained deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">125,697,719</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">112,426,034</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_402_eifrs-full--Equity_i01TI_mtEz67c_maEALzYYP_z3p3UOEkcFD4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total shareholders&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,053,237</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,947,402</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--EquityAndLiabilities_i01TI_mtEALzYYP_zKMFOAquGle" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>OKYO
Pharma Limited</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><span id="af_004"></span>Consolidated
Statements of Operations and Comprehensive Loss</b></span></p>

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

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></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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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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: White">
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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">&#160;</span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F08_zTZI5N6MqnJi" style="width: 55pt; text-align: right">*</td><td id="xdx_F15_zWeGSb3N2I4f" style="text-align: justify"><ix:footnote id="Footnote000196" xml:lang="en-US">Refer to Note 2A and 18A</ix:footnote></td>
</tr></table>




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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>OKYO
Pharma Limited</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><span id="af_005"></span>Consolidated
Statements of Shareholders&#8217; Equity</b></span></p>

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

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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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  <tr id="xdx_408_ecustom--SharesIssuedOnOptionsCharge_zpdQRMHkSmG2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eifrs-full--IncreaseDecreaseThroughExerciseOfOptions_i_pn3n3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_ecustom--IncreaseDecreaseThroughExerciseOfForfeiture_zCRnHYntgOpc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Options forfeiture</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0238">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--IncreaseDecreaseThroughExerciseOfWarrantsCharge_z1A1gtQi1xb8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Warrants charge</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0247">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0248">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0249">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--SharesIssuedOnConvertibleDebtConversion_zijFkSyE53mk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Convertible loan note issued</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:SharesIssuedOnConvertibleDebtConversion" contextRef="From2020-04-012021-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">558,396</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0253">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0254">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0256">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0257">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--SharesIssuedOnConvertibleDebtInterest_zFcIZdzm07fj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Convertible loan note interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_ecustom--SharesIssuedOnConvertibleDebtConversionShares_pid_c20200401__20210331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zPZQBS2fblh1" title="Convertible loan note conversion, shares" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0268">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0260">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0261">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0262">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="OKYO:SharesIssuedOnConvertibleDebtInterest" contextRef="From2020-04-012021-03-31_custom_ConvertibleLoanNoteReserveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">219,059</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="OKYO:SharesIssuedOnConvertibleDebtInterest" contextRef="From2020-04-012021-03-31_ifrs-full_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">219,059</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0265">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0266">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--SharesIssuedOnTotalTransactions_zD8Kqz6xKk15" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total transactions</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">(<ix:nonFraction name="OKYO:SharesIssuedOnTotalTransactions" contextRef="From2020-04-012021-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">450,811</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:SharesIssuedOnTotalTransactions" contextRef="From2020-04-012021-03-31_ifrs-full_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">217,544</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0275">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:SharesIssuedOnTotalTransactions" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,466,664</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; text-align: left">Comprehensive income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--ProfitLoss_zjDbfdj2yMt5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loss for the period</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"><span style="-sec-ix-hidden: xdx2ixbrl0278">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0279">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0280">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0281">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2020-04-012021-03-31_ifrs-full_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,353,507</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0283">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,353,507</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_z6DRCBALN7d2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Currency translation</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">&#160;</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"><span style="-sec-ix-hidden: xdx2ixbrl0286">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0287">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_43F_c20210401__20220331_eifrs-full--Equity_iS_zL04pnxpZzti" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--SharesIssuedOnConvertibleDebtAndWarrantInterest_zM3QEE6MCrl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Convertible loan note and warrant interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_ecustom--SharesIssuedOnConvertibleDebtConversion_zg4RkhvJSGBd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Convertible loan note conversion</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0321">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0322">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:SharesIssuedOnConvertibleDebtConversion" contextRef="From2021-04-012022-03-31_custom_ConvertibleLoanNoteReserveMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,876,397</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0324">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0326">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--SharesIssuedOnCurrencyTranslationOnConvertibleLoanNoteConversion_zgoRY6RIiGC4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Currency translation on Convertible Loan note conversion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0330">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0331">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0332">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0334">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_ecustom--StockIssuedDuringPeriodValueTransferBetweenEquityReserves_zRvPLmxFcDaj" 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"><span style="-sec-ix-hidden: xdx2ixbrl0338">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0339">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0342">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0343">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0344">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--SharesIssuedOnOptionsCharge_zjR0aLq5AVT5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0346">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0348">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0349">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0350">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0351">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:SharesIssuedOnOptionsCharge" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,737,876</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--IncreaseDecreaseThroughExerciseOfForfeiture_z25h2YhUvjSl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Options forfeiture</td><td>&#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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--ProfitLoss_zENA29rhddfh" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_zjJqua2uFTs1" 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"><span style="-sec-ix-hidden: xdx2ixbrl0398">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0407">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0408">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0409">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_43A_c20220401__20230331_eifrs-full--Equity_iS_z9b5dGMEm7F1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_ecustom--SharesIssuedValueOfFundraisingNet_zSNnGwFrMg23" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_ecustom--SharesIssuedValueOnExpensesSettledInShares_zIeDKbuVUQVl" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_ecustom--SharesIssuedOnOptionsCharge_z7F3QcMuGhB6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Options charge</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0456">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--IncreaseDecreaseThroughExerciseOfForfeiture_zNqkaii1meX8" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0464">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--IncreaseDecreaseThroughExerciseOfWarrantsCharge_zfZbSmuiP566" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Warrants charge</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0470">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_ecustom--SharesIssuedOnTotalTransactions_z3nDFiM4LFe4" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>OKYO
Pharma Limited</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><span id="af_006"></span>Consolidated
Statements of Cash Flows</b></span></p>

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

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  <tr id="xdx_408_eifrs-full--CashFlowsFromUsedInOperatingActivitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--ProfitLossBeforeTax_i01_ma001_zEGRKQeEI7v7" style="vertical-align: bottom; background-color: White">
    <td style="width: 58%; text-align: left">Loss from operations before income taxes</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,283,887</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,217,566</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,378,501</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr id="xdx_40E_eifrs-full--AdjustmentsForReconcileProfitLossAbstract_i01B_zrwtThCfy0da" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--AdjustmentsForSharebasedPayments_i02_ma001_zZ1hL7ZlZVI6" style="vertical-align: bottom; background-color: White">
    <td>Share option charge</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForSharebasedPayments" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,286,128</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForSharebasedPayments" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,737,876</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForSharebasedPayments" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">550,138</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--AdjustmentsForChangeInFairValueOfWarrantCharge_i02N_di_ms001_z7ph7O2KPIW8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warrant charge</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:AdjustmentsForChangeInFairValueOfWarrantCharge" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">28,963</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:AdjustmentsForChangeInFairValueOfWarrantCharge" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">61,721</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:AdjustmentsForChangeInFairValueOfWarrantCharge" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">83,006</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--AdjustmentsForChangeInFairValueOfForfeitureOfOptions_i02N_di_ms001_zRjhmqoZdAl5" style="vertical-align: bottom; background-color: White">
    <td>Forfeiture of options</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:AdjustmentsForChangeInFairValueOfForfeitureOfOptions" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,412</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:AdjustmentsForChangeInFairValueOfForfeitureOfOptions" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,149</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:AdjustmentsForChangeInFairValueOfForfeitureOfOptions" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,751</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--AdjustmentsForDepreciationExpense_i02_ma001_z3Bbfc5PLsI1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Depreciation of fixed assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationExpense" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,797</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationExpense" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,331</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationExpense" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,510</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--AdjustmentsForAmortisationExpense_i02_ma001_zdHoe0jI19mf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Amortization of right of use asset</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0560">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0561">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForAmortisationExpense" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,601</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--AdjustmentsForUnrealisedForeignExchangeLossesGains_i02_ma001_zQAM05TvXhth" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Gain)/Loss on foreign exchange</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">51,192</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,230</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,056</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--ExpensesSettledInShares_i02_ma001_zFKIRxKFV49d" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expenses settled in shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:ExpensesSettledInShares" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">86,028</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0569">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0570">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_i02_ma001_zLdD3vhFry27" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Impairment of loan to West African Minerals Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0572">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0573">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,171</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_i02N_di_ms001_zWGHeqwQC2Dl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gain on disposal of right of use asset</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0576">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">179</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">818</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_ecustom--AdjustmentsForDecreaseIncreaseRelatedPartyReceivables_i02_ma001_zONljcCDCly7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net decrease/(increase) in related party receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0580">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:AdjustmentsForDecreaseIncreaseRelatedPartyReceivables" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,376</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:AdjustmentsForDecreaseIncreaseRelatedPartyReceivables" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,862</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_ecustom--AdjustmentsForIncreaseDecreaseInRelatedPartyPayables_i02_ma001_z4BPSQuo8wLc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net increase/(decrease) in related party payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:AdjustmentsForIncreaseDecreaseInRelatedPartyPayables" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">814,319</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:AdjustmentsForIncreaseDecreaseInRelatedPartyPayables" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,900</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:AdjustmentsForIncreaseDecreaseInRelatedPartyPayables" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">46,311</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eifrs-full--AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_i02_ma001_znMqnI59HxBa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net (increase)/decrease in operating assets/other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,718</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">802,154</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">208,931</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_i02_ma001_z5miRzwqM6H9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net (decrease)/increase in trade and other payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,963,759</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">297,991</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">886,093</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--AdjustmentsForReconcileProfitLoss_i02_ma001_zFvmGf3ghqO4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Cash inflow from taxation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForReconcileProfitLoss" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">199,153</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0597">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForReconcileProfitLoss" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,540</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--CashFlowsFromUsedInOperatingActivities_i01T_mt001_maIDICAzqOp_zMMHRH8WLl27" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Net cash used in operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,695,242</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,468,065</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,600,198</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInInvestingActivitiesAbstract_iB_zHe4obxZbuGi" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01N_di_msCFFUIzqf6_zmquAnlCBsI4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Acquisition of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,916</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Loan to West African Minerals Ltd</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zPrQXUPWjFqa" 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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--ProceedsFromIssuingShares_i01_maCFFUIzVPV_zzatdaRGqUuj" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Proceeds from issuance of convertible loan notes</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0629">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--ProcessedFromOptionsExercised_i01_maCFFUIzVPV_zx3zrd6xjfAc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Processed from options exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0632">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0633">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--ProcessedFromWarrantsExercised_i01_maCFFUIzVPV_zxBZd3ZPZ0Zc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0641">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Repayment of leasing liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0645">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_mtCFFUIzVPV_maIDICAzqOp_ziH9VMtenYL4" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--IncreaseDecreaseInCashAndCashEquivalents_iT_mtIDICAzqOp_zkrr6u2KG4Vh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net (decrease)/increase in cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,622,196</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,316,464</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,208,627</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CashAndCashEquivalents_iS_zReijFyvUYrc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash and cash equivalent, beginning of period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,700,724</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,889,329</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2020-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">235,485</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--EffectOfExchangeRateChangesOnCashAndCashEquivalents_zH0AaVuTAX9g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">277,539</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">872,141</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">445,217</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--CashAndCashEquivalents_iE_ztMVnaEmhA9l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash and cash equivalent, end of period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,045,381</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,700,724</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,889,329</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

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


<!-- Field: Page; Sequence: 99; Value: 1 -->
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    <!-- Field: /Page -->

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfNatureOfBusinessExplanatory"><p id="xdx_80E_ecustom--DisclosureOfNatureOfBusinessExplanatory_z1uI2dkVOvOk" style="font: 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="af_007"></span>1.
<span id="xdx_82D_znfBNZnKPiL8">Reporting Entity</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OKYO
Pharma Limited (the &#8220;Company&#8221; or &#8220;OKYO&#8221;) is a company domiciled in Guernsey and listed on the main market on
the NASDAQ Capital Market (NASDAQ: OKYO). The Company was previously dual listed with a standard listing on the main market of the London
Stock Exchange (LSE: OKYO) until May 22nd, 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is developing next-generation therapeutics to improve the lives of patients with inflammatory eye diseases and chronic pain.
Our goal is to develop first in class drug candidates that prevent the disease instead of controlling it, and we achieve this through
our collaboration with pioneer scientists in the field.</span></p>

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

<p style="font: 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
ultimate parent of the group is Panetta Partners Limited, incorporated in the British Virgin Islands.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_z3gsG9y9f9Na" style="font: 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>2.
<span id="xdx_829_zXH4EJQ1vqIg">ACCOUNTING POLICIES</span></b></span></p>

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

<p style="font: 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
principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies
have been applied consistently to all the years presented unless otherwise stated.</span></p>

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfAccountingPoliciesBasisOfPresentationExplanatory"><p id="xdx_846_ecustom--DisclosureOfAccountingPoliciesBasisOfPresentationExplanatory_zydGhrcfeRG" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zuA3mhrDT2G5">Basis
of preparation</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board (IASB), IFRIC interpretations and the Companies (Guernsey) Law 2008 as applicable
to companies reporting under IFRS.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements"><p id="xdx_84C_eifrs-full--ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements_zyXo63ObQRAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zczomXUGFzs2">Basis
of measurement</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfGoingConcernExplanatory"><p id="xdx_847_eifrs-full--DisclosureOfGoingConcernExplanatory_zB1QcPEnkYD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zhYq8UYtGq9h">Going
Concern</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and as of
March 31, 2023, had an accumulated deficit of $<span id="xdx_907_eifrs-full--RetainedEarnings_iNI_pn5n6_di_c20230331_zkxJzz5dIBU8" title="Accumulated deficit"><ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="USD">125.7</ix:nonFraction></span>m ($<span id="xdx_904_eifrs-full--RetainedEarnings_iNI_pn5n6_di_c20181231_zzIZXMJ0Otwf"><ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2018-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="USD">109</ix:nonFraction></span>m of this accumulated loss relates to a discontinued business prior to the
reorganisation in 2018), a net loss for the year ended March 31, 2023, of $<span id="xdx_900_eifrs-full--ProfitLoss_iN_pn5n6_di_c20220401__20230331_zT3kFeMYT5Q9" title="Net loss"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="USD">13.3</ix:nonFraction></span>m and net cash used in operating activities of $<span id="xdx_900_eifrs-full--CashFlowsFromUsedInOperatingActivities_iN_pn5n6_di_c20220401__20230331_znRtiK9Xf82l" title="Net cash used in operating activities"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="USD">7.7</ix:nonFraction></span>m.</span></p>

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

<p style="font: 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
Directors have prepared cash flow projections that include the costs associated with the continued clinical trials and additional investment
to fund that operation. On the basis of those projections, the directors conclude that the company will not be able to meet its liabilities
as they fall due within the next 12 months from the date when these financial statements are issued. The cash balance as at 1 August
2023 is approximately $<span id="xdx_901_eifrs-full--CashAndCashEquivalents_iI_pn6n6_uUSD_c20230801__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zww2E2mOzMYg" title="Cash"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-08-01_custom_NonadjustingEventMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1</ix:nonFraction></span>m. The cash burn rate until from the beginning of August to the end of December 2023 is projected at $<span id="xdx_903_ecustom--CashBurnRate_pn5n6_uUSD_c20230801__20231231__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zAISsxLlonmc" title="Rate of cash burn/spend"><ix:nonFraction name="OKYO:CashBurnRate" contextRef="From2023-08-012023-12-31_custom_NonadjustingEventMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.8</ix:nonFraction></span>m, and
the Group projects that without additional financing facilities it will run out of cash in October 2023. Consequently, in the opinion
of the directors there is a material uncertainty that may cause significant doubt about the Group&#8217;s ability to continue as a going
concern.</span></p>

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

<p style="font: 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
Directors are however aware, through their own extensive experience in the sector, that this position is not uncommon in the context
of a pre-revenue life sciences company principally involved in cash consuming research and development activity. The Directors took
strategic advantage of the opportunity to dual list the Company on NASDAQ in May 2022 in order to be able to access potential
liquidity in the US, which is generally a more favorable environment for life sciences companies to raise money and where there are
more specialist investors focused on early-stage opportunities. The Company raised $2.5m as part of the NASDAQ IPO and more recently
raised an additional $5.7m in March 2023 through a private placement to management, new and existing investors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The top line data for the clinical trial is expected in Q4 2023 and the
Directors are taking steps to put engagements and plans into place to ensure that sufficient funds will be forthcoming. These steps include
possible deferred payments of existing liabilities, working capital cost reductions and raising additional equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
and unless the Group and Company secures sufficient investment to fund their clinical pipeline, there is a material uncertainty that
may cast significant doubt on the Group and Company&#8217;s ability to continue as a going concern, and therefore, that it may be unable
to realize its assets and discharge its liabilities in the normal course of business. Despite this material uncertainty, the Directors
conclude that it is appropriate to continue to adopt the going concern basis of accounting as the Directors are confident, based on the
previous fund-raising history as well as additional measures being planned, that sufficient funds will be forthcoming
and accordingly they have prepared these financial statements on a going concern 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>


<ix:exclude><!-- Field: Page; Sequence: 100; 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 -->8<!-- Field: /Sequence --></td></tr></table></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
and Revised Standards</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Standards
in effect in 2023</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
are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on April 1,
2022, that are relevant to the Group or that have had any material impact in the year to March 31, 2023. New standards, amendments to
standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant, and not likely to
have a material impact on the Group, and hence are not listed here.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfBasisOfConsolidationExplanatory"><p id="xdx_845_eifrs-full--DisclosureOfBasisOfConsolidationExplanatory_z4QAIaU5WU68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_ztGPsST8xc3b">Basis
of consolidation</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary
undertakings are all entities over which the Group exercises control. The Group has control when it can demonstrate all of the following:
(a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability
to use its power over the investee to affect the amount of the investor&#8217;s return.</span></p>

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

<p style="font: 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
existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered
when assessing whether control of an entity is exercised. Subsidiaries are consolidated from the date at which the Group obtains control
and are de-consolidated from the date at which control ceases.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inter-company
transactions, balances and unrealised gains on transactions between group companies are eliminated upon consolidation. Unrealised losses
are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zOYFYlILVtbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zl5u8QOVK5Sf">Segment
reporting</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
segments are reported in a manner consistent with the internal reporting provided to the Board. The Board allocates resources to and
assess the performance of the segments. The Board considers there to be only one operating segment being the research and development
of biotechnological and pharmaceutical 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForIncomeTaxExplanatory_zwNEu0VLROR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zPbE5R5zDvI1">Taxation</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax credit for the year represents the total of current taxation and deferred taxation. The credit in respect of current taxation is
based on the estimated taxable loss for the year. Taxable profit or loss for the year is based on the profit or loss as shown in the
statement of comprehensive income, as adjusted for items of income or expenditure which are not deductible or chargeable for tax purposes.
The current tax asset for the year is calculated using tax rates which have either been enacted or substantively enacted at the balance
sheet date.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised, or the
deferred liability is settled. Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will
be available against which the temporary differences can be utilised.</span></p>

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

<p style="font: 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 current year, Research and Development tax credits are not provided for and are recognized when received. This change in policy is
as a result of the UK tax authority&#8217;s new regime of reviewing nearly every tax claim it receives. Prior to the current year, Research
and Development tax credits were provided for the year that the costs were incurred. These were estimated based on eligible research
and development expenditure. Any difference rebated are recognized when the cash is received from the UK tax authorities.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zqrim2q4pedc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zacV98YXolUc">Foreign
currency translation</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
included in the financial statements of each of the Group&#8217;s entities are measured using the currency of the primary economic environment
in which the entity operates (the functional currency), which is Pounds sterling.</span></p>

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

<p style="font: 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
consolidated financial statements are presented in US dollars, which is the Group&#8217;s presentation currency.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 101; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements are translated into US dollars on the following basis:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    and liabilities at the rate of exchange ruling at the year-end date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
differences arising from the translation of the net investment in foreign entities, borrowings and other currency instruments designated
as hedges of such investments, are taken to equity (and recognized in the statement of comprehensive income) on consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DescriptionOfAccountingPolicyForLicenseFeesExplanatory"><p id="xdx_845_ecustom--DescriptionOfAccountingPolicyForLicenseFeesExplanatory_zNQMWdMa3O07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zwI9TOLTEQXd">License
fees</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
related to the acquisition of rights to a product or technology are capitalised as intangible assets if it is probable that future economic
benefits from the asset will flow to the Group and the cost of the asset can be reliably measured.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
made which provide the right to perform research are carefully evaluated to determine whether such payments are to fund research or acquire
an asset. Licence fees expenses are recognised as incurred.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DescriptionOfAccountingPolicyForResearchAndDevelopmentExplanatory"><p id="xdx_84F_ecustom--DescriptionOfAccountingPolicyForResearchAndDevelopmentExplanatory_zi5L4gAsyA4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zZdnpYtYZvO6">Research
and development</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
on-going research and development expenditure is currently expensed in the period in which it is incurred. Due to the regulatory environment
inherent in the development of the Group&#8217;s products, the criteria for development costs to be recognised as an asset, as set out
in IAS 38 &#8216;Intangible Assets&#8217;, are not met until a product has been granted regulatory approval and it is probable that future
economic benefit will flow to the Group. The Group currently has no such qualifying expenditure.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p id="xdx_84F_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_z1l0e7ycna5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zhIiY7wAddWh">Financial
instruments</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group classifies a financial instrument, or its component parts, as a financial liability, a financial asset or an equity instrument
in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an
equity instrument.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the terms of the financial instrument to determine whether it contains an asset, a liability or an equity component.
Such components shall be classified separately as financial assets, financial liabilities or equity instruments.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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">Financial
    assets, initial recognition and measurement and subsequent measurement</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">At
initial recognition financial assets are measured at their fair value. Subsequent measurement depends on their classification. Financial
assets such as receivables, cash and cash equivalents and deposits are subsequently measured at amortized cost using the effective interest
method, less loss allowance.</span></p>

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

<p style="font: 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
Group does not hold any financial assets at fair value through profit or loss or fair value through other comprehensive income.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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">Financial
    liabilities, initial recognition and measurement and subsequent measurement</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
initial recognition, financial liabilities are measured at their fair value minus, if appropriate, any transaction costs that are directly
attributable to the issue of the financial liability. All financial liabilities are subsequently measured at amortized cost using the
effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss
on derecognition is also recognized in profit or loss.</span></p>

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

<p style="font: 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
Group&#8217;s financial liabilities include trade and other payables.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 102; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zb3R3Y4Ybwd7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zgJQVAwaJZQj">Cash
and cash equivalents</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents comprise cash at bank and on hand.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory"><p id="xdx_84F_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_z5IUL6t2Oy6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zxzdscyIRppd">Impairment</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
of financial assets measured at amortised cost</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">At
each reporting date the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost.</span></p>

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

<p style="font: 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
establishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified
approach, depending on the nature of the underlying group of financial assets.</span></p>

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

<p style="font: 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>General
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">The
general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted
cash and cash and cash equivalents.</span></p>

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

<p style="font: 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
the general approach the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses,
unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is
recognised at an amount equal to the lifetime expected credit losses.</span></p>

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

<p style="font: 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>Simplified
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">The
simplified approach is applied to the impairment assessment of trade receivables.</span></p>

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

<p style="font: 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
the simplified approach the Group always recognises a loss allowance for a financial asset at an amount equal to the lifetime expected
credit losses.</span></p>

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

<p style="font: 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>Impairment
of non-financial assets</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-financial
    assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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">Non-financial
    assets are impaired when their carrying amount exceeds the recoverable amount. The recoverable amount is measured as the higher of
    fair value less cost of disposal and value in use. The value in use is calculated as being net projected cash flows based on financial
    forecasts discounted back to present value.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DescriptionOfAccountingPolicyForShareCapitalExplanatory"><p id="xdx_846_ecustom--DescriptionOfAccountingPolicyForShareCapitalExplanatory_zSSyin4D0ugj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zzBmVqdahRAg">Share
capital</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shares of the Company are classified as equity.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zNsv6wsmDAvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_z5v9FQSO621g">Property,
plant and equipment</span></b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</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>Recognition
    and measurement</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include
expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality
of the related equipment is capitalised as part of that equipment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components)
of property, plant and equipment.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
and losses on disposal of an item of property, IT and equipment are determined by comparing the proceeds from disposal with the carrying
amount of property, IT and equipment, and are recognized in profit or loss. When revalued assets are sold, the amounts included in the
revaluation reserve are transferred to retained earnings.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><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">Depreciation</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">Depreciation
is calculated on the depreciable amount, which is the cost of an asset, less its residual value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
is recognised in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant and
equipment.</span></p>

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfEstimatedUsefulLivesExplanatory"><p id="xdx_893_ecustom--DisclosureOfEstimatedUsefulLivesExplanatory_zXV5E6zPniL2" style="font: 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
estimated useful lives for the current period and the comparative period are 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><span id="xdx_8B4_zyDV1DVXkSmb" style="display: none">DISCLOSURE OF ESTIMATED USEFUL LIVES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IT
    and equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 70%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20220401__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--ComputerEquipmentMember_zIC2WBHpmJKc" title="Estimated useful lives"><ix:nonNumeric contextRef="From2022-04-012023-03-31_ifrs-full_ComputerEquipmentMember" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric></span>
    years</b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_zfbpyoinbZS" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
methods, useful lives and residual values are reviewed at each reporting date. Depreciation is allocated to the operating expenses line
of the statement of comprehensive income.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DescriptionOfAccountingPolicyForLeaseExplanatory"><p id="xdx_84D_ecustom--DescriptionOfAccountingPolicyForLeaseExplanatory_zhuT8AG9S0Bb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_ze34cgSYGsh6">Leases</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
leases are accounted for by recognising a right-of-use asset and a lease liability except for:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
    of low value assets; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
    with a duration of 12 months or less.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group
does not have any leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments
based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies
its right-of-use assets in a consistent manner to its property, plant and equipment (see Note 10).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
lease commencement date, the Group recognises a right-of-use asset and a lease liability in its consolidated statement of financial position.
The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs
incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made
in advance of the lease commencement date (net of any incentives received).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful
life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such
indicators exist.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted
using the Group&#8217;s incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible
to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Group would
have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. This rate
is adjusted should the lessee entity have a different risk profile to that of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments
based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably
certain to be exercised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance
costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 104; 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
term leases exempt from IFRS 16 are classified as operating leases. Payments made under operating leases are recognised in profit and
loss on a straight-line basis over the term of the lease.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_zLyyOY9oYvnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zsUB047bDKVj">Share
based payments</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
calculation of the fair value of equity-settled share based awards and the resulting charge to the statement of comprehensive income
requires assumptions to be made regarding future events and market conditions. These assumptions include the future volatility of the
Company&#8217;s share price. These assumptions are then applied to a recognized valuation model in order to calculate the fair value
of the awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
employees, Directors or advisers are rewarded using share based payments, the fair value of the employees&#8217;, Directors&#8217; or
advisers&#8217; services are determined by reference to the fair value of the share options/warrants awarded. Their value is appraised
at the date of grant and excludes the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with IFRS 2, a charge is made to the statement of comprehensive income for all share-based payments including share options
based upon the fair value of the instrument used and warrants issued in return for services. A corresponding credit is made to a share
based payment reserve &#8211; options, in the case of options awarded to employees, Directors, advisers and other consultants. A corresponding
credit is made to a share based payment reserve &#8211; warrants, in the case of warrants issued in return for services.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForWarrantsExplanatory_zZ9GbRBMKzeb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_znoXeXrfJYPl">Warrants</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
are issued by the Group in return for services and as part of a financing transaction.</span></p>

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

<p style="font: 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>Warrants
issued in return for services.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
issued in return for services fall within scope of IFRS 2 and are classified as a share-based payment. The share-based payment is measured
at fair value and charged to the Statement of comprehensive income. There is no remeasurement of fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrants
issued as part of a financing transaction.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
issued as part of a financing transaction fall outside the scope of IFRS 2. These are classified as equity instruments because a fixed
amount of cash is exchanged for a fixed amount of equity. The relative fair value is recognised within equity and is not remeasured.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
of these instruments is governed by the so-called &#8216;fixed&#8217; test for non-derivatives, and the &#8216;fixed for fixed&#8217;
test for derivatives. Under the fixed test, a non-derivative contract will qualify for equity classification only where there is no contractual
obligation for the issuer to deliver a variable number of its own equity instruments. Under the fixed for fixed test, a derivative will
qualify for equity classification only where it will be settled by the issuer exchanging a fixed amount of cash or another financial
asset for a fixed number of its own equity instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
issued by the Company as part of a financing transaction, are classified as equity instruments because a fixed amount of cash is exchanged
for a fixed amount of equity of the Company. No other features exist that would result in financial liability classification.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zPoZBQZenDx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zgI5vMrVWiGk">Convertible
loan notes</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group issues Convertible loan notes which can be classified as equity or a liability depending on whether the fixed for fixed condition
is met or not.</span></p>

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

<p style="font: 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>Where
the fixed for fixed condition is met</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">The
Group classifies convertible loan notes that meet the fixed for fixed condition as equity instruments and records the principal of the
loan note as equity in a Convertible loan note reserve. The accrued interest on the principal amount is also recorded in the Convertible
loan note reserve as it is convertible into equity. Upon redemption of the instrument and the issue of share capital, the amount is reclassified
from the convertible loan note reserve to share capital and share premium.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zTrxs69mRhoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zRlTRnf42Y15">Fair
Value Measurement</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
have assessed the categorization of the fair value measurements using the IFRS 13 fair value hierarchy. Categorization within the hierarchy
has been determined on the basis of the lowest level of input that is significant to the fair value measurement of the relevant asset
as follows;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - valued using quoted prices in active markets for identical assets;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 - valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 - valued by reference to valuation techniques using inputs that are not based on observable market data.</span></p>

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

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory_zrXQrAA56MR7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2A. <span id="xdx_866_zZxsfphhAbcd">RECLASSIFICATION OF PRIOR YEAR PRESENTATION</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a more accurate representation of research and development expenses, an adjustment has been made to the Consolidated statement of
Operations and comprehensive loss for the years ended March 31, 2022, and March 31, 2021, to reclassify patent related expenditure
to research and development expenses from operating expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DescriptionOfDetailedInformationForReclassificationOfFinancialInstrumentsExplanatory"><p id="xdx_89A_ecustom--DescriptionOfDetailedInformationForReclassificationOfFinancialInstrumentsExplanatory_zQvkRiDmUwme" style="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
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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 id="xdx_8B1_ztBzT613Ov9f" style="display: none">SCHEDULE
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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>

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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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
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</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureCriticalAccountingJudgementsAndKeySourcesOfEstimationUncertainty"><p id="xdx_80C_ecustom--DisclosureCriticalAccountingJudgementsAndKeySourcesOfEstimationUncertainty_zX6XPEUeZJt6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zbccerHTDi47">CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY</span></b></span></p>


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

<p style="font: 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
preparation of financial information in accordance with generally accepted accounting practice, in the case of the Group being IFRS as
issued by the IASB, requires the directors to make estimates and judgements that affect the reported amount of assets, liabilities, income
and expenditure and the disclosures made in the financial statements. Such estimates and judgements must be continually evaluated based
on historical experience and other factors, including expectations of future events.</span></p>

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

<p style="font: 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 are considered to be the key sources of estimation uncertainty<b>:</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>Share-based
payments</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
Group accounts for share-based payment transactions for employees in accordance with IFRS 2 Share-based Payment, which requires the measurement
of the cost of employee services received in exchange for the options on our ordinary shares, based on the fair value of the award on
the grant date.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors selected the Black-Scholes-Merton option pricing model as the most appropriate method for determining the estimated fair value
of our share-based awards without market conditions. For performance-based options that include vesting conditions relating to the market
performance of our ordinary shares, a Monte Carlo pricing model was used in order to reflect the valuation impact of price hurdles that
have to be met as conditions to vesting.</span></p>

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

<p style="font: 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
Group makes estimates as to the useful life of an option award, the expected price volatility of the underlying share, risk free interest
rate for the term of the award and correlations and volatilities of the shares of peer group companies. The Group also makes estimates
as to the vesting period for awards that have performance-based criteria.</span></p>

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

<p style="font: 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
resulting cost of an equity incentive award is recognised as expense over the requisite service period of the award, which is usually
the vesting period. Compensation expense is recognised over the vesting period using the straight-line method.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assumptions used for estimating fair value for share-based payment transactions are disclosed in note 14 to our consolidated financial
statements.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_zSSj1rlzViBh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zlCpaSYYJd85">OPERATING EXPENSES</span></b></span></p>


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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfDetailedInformationAboutOperatingExpensesExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutOperatingExpensesExplanatory_zGb89j05yFgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_z7lXFRN9omk7" style="display: none">SCHEDULE OF OPERATING EXPENSES</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                                <p style="margin-top: 0; margin-bottom: 0">$</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">$</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">$</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">$</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">$</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right"><ix:nonFraction name="OKYO:KeyManagementPersonnelCompensationDirectorFees" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">278,224</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--ChairmansBonus_z1VmpR01xdNh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Chairman&#8217;s bonus</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0772">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="OKYO:ChairmansBonus" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,160,347</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--AuditorsRemuneration_zjhJsw1BVspf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Auditor&#8217;s Remuneration (refer to Note 20) <span id="xdx_F4D_z9D7eRFr2r23">*</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2022-04-01to2023-03-31" id="Fact000775" format="ixt:numdotdecimal" decimals="0" unitRef="USD">454,692</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2021-04-012022-03-31" id="Fact000776" format="ixt:numdotdecimal" decimals="0" unitRef="USD">349,665</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2020-04-012021-03-31" id="Fact000777" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,511</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ProfessionalFeesExpense_maOEz5cJ_z0fR8EmDJI62" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Legal and Professional fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,432,926</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,143,300</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--GainlossOnDisposalOfLeases_zIHyTAOnAWS4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Gain)/Loss on disposal of leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0783">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:GainlossOnDisposalOfLeases" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">179</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0785">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--ForeignExchangeLossesGains_zBuGvT0J3gle" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">FX Gains and losses</td><td>&#160;</td>
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    <td style="padding-bottom: 2.5pt">Depreciation</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0B_znoEx6t1Orq2" 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 id="xdx_F14_z24vjHP11JW9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000794" xml:lang="en-US">This
    has been restated for presentational purposes only to include audit-related assurance services in addition to fees payable to the
    company&#8217;s auditors for the audit of the parent company (being OKYO Pharma Limited) and consolidated financial statements. Refer
    to note 20 where details of auditor&#8217;s remuneration has been disclosed. This has no impact on the primary financial statements.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zMFPjKfUFAr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfOperatingSegmentsExplanatory_zNFzHu8xHIA9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zI3bQfWDGM7k">SEGMENTAL REPORTING</span></b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year under review management identified the Group&#8217;s only operating segment as the research and development of biotechnological
and pharmaceutical products. This one segment is monitored, and strategic decisions are made based upon it and other non-financial data
collated from industry intelligence. The form of financial reporting reported to the Board is consistent with those presented in the
annual financial statements.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfEmployeeDetailsExplanatory"><p id="xdx_80B_ecustom--DisclosureOfEmployeeDetailsExplanatory_z9xxEaPCLQC5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zISua6VYYQif">EMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS</span></b></span></p>

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


<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfDetailedInformationAboutEmployeesExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutEmployeesExplanatory_zHoIEn8Nssy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zMogdcVv74q3" style="display: none">DISCLOSURE
OF EMPLOYEES COST AND NUMBER OF EMPLOYEES EXPLANATORY</span>&#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>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220401__20230331_zoMK4PgA7jBj" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</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></b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#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)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--NumberOfEmployees_iI_pip0_uInteger_c20230331_ztnaz1j6Suqf" title="Total number of employees" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfEmployees" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Integer">8</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zg6gnZTc2eob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group and Company made $<span id="xdx_909_eifrs-full--PostemploymentBenefitExpenseDefinedContributionPlans_c20220401__20230331_ze4SuZUHere1" title="Pension contribution"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,510</ix:nonFraction></span> of payments to a defined contribution pension schemes on behalf of Directors or employees during the year
ending March 31, 2023 (March 31, 2022: $<span id="xdx_905_eifrs-full--PostemploymentBenefitExpenseDefinedContributionPlans_c20210401__20220331_zu8fdu6i2ZL9" title="Pension contribution"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,622</ix:nonFraction></span>, March 31 2021: $<span id="xdx_903_eifrs-full--PostemploymentBenefitExpenseDefinedContributionPlans_c20200401__20210331_zhIj9FBIMlS4" title="Pension contribution"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,904</ix:nonFraction></span>)</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 107; 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"></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfInformationAboutKeyManagementPersonnelExplanatory_zdjPVF2QMhtk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zWxxo03vkgrk">REMUNERATION OF KEY MANAGEMENT PERSONNEL</span></b></span></p>


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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zvwDW5ywLjYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zyCCMhPngKC3" style="display: none">SCHEDULE OF
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<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">
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_989_ecustom--DirectorsSalary_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--GCerroneMember_fKDEp_zGT7WQxksnM" style="width: 6%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">G Jacob (2)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--DirectorsSalary_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--GJacobMember_fKDIp_z7HxB7hI1YQl" style="text-align: right"><ix:nonFraction name="OKYO:DirectorsSalary" contextRef="From2021-04-012022-03-31_custom_GJacobMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">350</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">W Simon</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--DirectorsRemunerationExpense_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--WSimonMember_zhR2466AHqJ3" style="text-align: right"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2022-04-012023-03-31_custom_WSimonMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--DirectorsBonus_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--WSimonMember_zuPubzPjKOQ4" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0865">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--DirectorsSalary_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--WSimonMember_za6lmqfJEK23" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0866">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--DirectorsRemunerationExpense_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--WSimonMember_zBlYHJvO5Ey" style="text-align: right"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2021-04-012022-03-31_custom_WSimonMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--DirectorsBonus_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--WSimonMember_zS8CAcwogKji" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0869">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">K. Shailubhai (3)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--DirectorsRemunerationExpense_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zNAAbpfrkB64" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0872">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--DirectorsBonus_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zOyVwcIG31Vl" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0873">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--DirectorsSalary_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zV7tR6L3RhMl" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0874">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--KeyManagementPersonnelCompensationSharebasedPayments_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zSK0qTGxcTci" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0875">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--DirectorsRemunerationExpense_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zob42wNqijZg" style="text-align: right"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2021-04-012022-03-31_custom_KShailubhaiMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--DirectorsBonus_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zOgR8denUtoh" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--DirectorsSalary_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zg8jT3VsL8kh" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--KeyManagementPersonnelCompensationSharebasedPayments_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDYp_zBnqYXzmxYq5" style="text-align: right">(<ix:nonFraction name="OKYO:KeyManagementPersonnelCompensationSharebasedPayments" contextRef="From2021-04-012022-03-31_custom_KShailubhaiMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">15</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">J Brancaccio (4)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--DirectorsBonus_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--JBrancaccioMember_fKDMp_zS6Z0BTzM80c" title="Bonus" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0882">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--DirectorsSalary_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--JBrancaccioMember_fKDMp_zGtznjDsBFji" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0883">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--KeyManagementPersonnelCompensationSharebasedPayments_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--JBrancaccioMember_fKDMp_zwWa6eOppn3g" style="text-align: right"><ix:nonFraction name="OKYO:KeyManagementPersonnelCompensationSharebasedPayments" contextRef="From2022-04-012023-03-31_custom_JBrancaccioMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--DirectorsRemunerationExpense_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--JBrancaccioMember_fKDMp_z6xyz0UXSavc" style="text-align: right"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2021-04-012022-03-31_custom_JBrancaccioMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--DirectorsBonus_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--JBrancaccioMember_fKDMp_zr26xr4MjIo6" title="Bonus" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--DirectorsSalary_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--JBrancaccioMember_fKDMp_zo7GvBBBRtUj" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0888">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_ecustom--KeyManagementPersonnelCompensationSharebasedPayments_pn3n3_c20210401__20220331__srt--TitleOfIndividualAxis__custom--JBrancaccioMember_fKDYp_zt26E6mRDn9b" style="text-align: right"><ix:nonFraction name="OKYO:KeyManagementPersonnelCompensationSharebasedPayments" contextRef="From2021-04-012022-03-31_custom_JBrancaccioMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">B Denoyer (5)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eifrs-full--DirectorsRemunerationExpense_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--BDenoyerMember_fKDUp_zutZxzDF3iq" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2022-04-012023-03-31_custom_BDenoyerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_ecustom--DirectorsBonus_pn3n3_c20220401__20230331__srt--TitleOfIndividualAxis__custom--BDenoyerMember_fKDUp_zflwA2qL6Obh" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0891">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">W Simon</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">K. Shailubhai (3)</td><td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--DirectorsRemunerationExpense_pn3n3_c20200401__20210331__srt--TitleOfIndividualAxis__custom--KShailubhaiMember_fKDMp_zKi5MUeKlhKi" style="text-align: right"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2020-04-012021-03-31_custom_KShailubhaiMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: justify">J Brancaccio (4)</td><td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A9_zMsvif9l0vt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
director has yet benefitted from any increase in the value of share capital since issuance of the options and no director exercised share
options in the year.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Key Management Personnel of the Group are members of the leadership team who have the authority and responsibility for planning, directing
and controlling the activities of the Group either directly or indirectly. They include all Directors of the Board (executive and non-executive).
Key Management Personnel compensation is set out below.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</ix:nonNumeric><p id="xdx_8A8_z9O3Tui5JUnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfIncomeTaxExplanatory_zwdCYBhLVRCe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zL0oHVWMvaPg">TAXATION</span></b></span></p>


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OF TAX CREDIT PERIOD</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></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><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>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_400_eifrs-full--TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_zqcoOfbZ2nof" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax losses arising in the year not recognized</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--TaxLossesSurrenderedForResearchAndDevelopment_zSghxO7EQgB1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax losses surrendered for Research and Development</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1022">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_zgibF8B6Yznd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expenses not deductible for taxation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1026">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--TaxIncreaseFromEffectOfCapitalAllowancesAndDepreciation_zEThh2DaPEz1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax increase from effect of capital allowances and depreciation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:TaxIncreaseFromEffectOfCapitalAllowancesAndDepreciation" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:TaxIncreaseFromEffectOfCapitalAllowancesAndDepreciation" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">334</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--ResearchAndDevelopmentTaxClaim_zGo4g4w1V3Fk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Research and Development tax claim</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1032">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:ResearchAndDevelopmentTaxClaim" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">509,282</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:ResearchAndDevelopmentTaxClaim" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">43,432</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--ResearchAndDevelopmentEnhancedExpenditure_zPqJztxWzoma" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Research and Development enhanced expenditure</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1036">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="OKYO:ResearchAndDevelopmentEnhancedExpenditure" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">377,187</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1038">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_z09ByMJx5mwf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Research and Development tax credits claimed in respect of previous periods</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,202</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">277,240</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">42</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eifrs-full--IncreaseDecreaseThroughForeignExchangeFinancialAssets_zNgHnSWdybp9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Consolidation adjustment in relation to foreign exchange movements</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeFinancialAssets" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,780</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeFinancialAssets" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,983</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeFinancialAssets" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">135</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40A_eifrs-full--IncomeTaxExpenseContinuingOperations_iN_di_zXASbq2yjrZ8" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total tax (credit) for the period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,202</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">786,521</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,994</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8A7_z1UzXBtJ0nT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
deferred tax asset has been recognized in respect of trading losses carried forward because of uncertainty as to when these losses will
be recoverable.</span></p>

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

<p style="font: 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
Group has tax losses of $<span id="xdx_903_eifrs-full--TaxEffectOfTaxLosses_c20220401__20230331_z5XJThdooFS8"><ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,903,092</ix:nonFraction></span> (2022: $<span id="xdx_902_eifrs-full--TaxEffectOfTaxLosses_c20210401__20220331_z3w7dPMSsCH7"><ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,870,525</ix:nonFraction></span>, 2021: $<span id="xdx_907_eifrs-full--TaxEffectOfTaxLosses_c20200401__20210331_zYxhOujR8ixa"><ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,411,521</ix:nonFraction></span>) to carry forward for use against future profits<b>.</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>


<ix:exclude><!-- Field: Page; Sequence: 109; 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfFinanceIncomeExpenseExplanatory_zCqhOpWMtD6k" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zA1iiIhdrzke">FINANCE INCOME AND COSTS</span></b></span></p>


<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfFinanceCostExplanatory"><p id="xdx_899_eifrs-full--DisclosureOfFinanceCostExplanatory_zcx5AWW548y6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zMt4EhlM88lf" style="display: none">SCHEDULE
OF FINANCE COST</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Interest income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1059">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1060">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1061">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Total finance income</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1064">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1065">-</span></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)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--InterestExpenseOnLeaseLiabilities_iN_di_z2s8jFWyo5m2" style="vertical-align: bottom; background-color: White">
    <td style="width: 58%; text-align: left">Interest expense on lease liabilities</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Interest expense on related party loan</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_zbfs2WcSI0H3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_z0F7AQdKErbc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zi0QRHN2dsib">PROPERTY, PLANT AND EQUIPMENT</span></b></span></p>


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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_zDXUCNenDlwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of the Group&#8217;s property, plant and equipment are as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zeFR7ZneMmP8" style="display: none">SCHEDULE OF PROPERTY PLANT AND EQUIPMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">$</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Cost</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: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Additions</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pp0p0_di_c20220401__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_zxCvLvVdaaO5" title="Disposals" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1089">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Foreign exchange</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#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: White">
    <td style="font-weight: bold; text-align: justify">Depreciation</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: justify">At 1 April 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Foreign exchange</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </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; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">$</td><td style="font-weight: bold; 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>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: justify">At 1 April 2021</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Additions</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pp0p0_di_c20210401__20220331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_zUdX0jJ9UuQh" title="Disposals" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1119">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Foreign exchange</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_pp0p0_c20210401__20220331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_zrJB04ov5Cij" title="Foreign exchange" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" contextRef="From2021-04-012022-03-31_custom_ITEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">233</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">At 31 March 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--PropertyPlantAndEquipmentCost_iE_pp0p0_c20210401__20220331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_z1Jl8kvtRX75" title="Property and equipment, cost, ending  balance" style="text-align: right"><ix:nonFraction name="OKYO:PropertyPlantAndEquipmentCost" contextRef="AsOf2022-03-31_custom_ITEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,779</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--PropertyPlantAndEquipmentCost_iE_pp0p0_c20210401__20220331_zhjyhA4Racoc" style="text-align: right"><ix:nonFraction name="OKYO:PropertyPlantAndEquipmentCost" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,779</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#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: White">
    <td style="font-weight: bold; text-align: justify">Depreciation</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: justify">At 1 April 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--PropertyPlantAndEquipmentDepreciation_iS_pp0p0_c20210401__20220331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_zNFC0RBlgH81" title="Depreciation, beginning balance" style="text-align: right"><ix:nonFraction name="OKYO:PropertyPlantAndEquipmentDepreciation" contextRef="AsOf2021-03-31_custom_ITEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,286</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--PropertyPlantAndEquipmentDepreciation_iS_pp0p0_c20210401__20220331_z74CvX3ZNcea" style="text-align: right"><ix:nonFraction name="OKYO:PropertyPlantAndEquipmentDepreciation" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,286</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Charge in year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--EffectOfChargeInYearDepreciation_pp0p0_c20210401__20220331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_zvF9b6HuOHR9" title="Charge in year" style="text-align: right"><ix:nonFraction name="OKYO:EffectOfChargeInYearDepreciation" contextRef="From2021-04-012022-03-31_custom_ITEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,331</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--EffectOfChargeInYearDepreciation_pp0p0_c20210401__20220331_zKEC3ddC2jI9" style="text-align: right"><ix:nonFraction name="OKYO:EffectOfChargeInYearDepreciation" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,331</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Foreign exchange</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--EffectOfForeignExchangeDepreciation_pp0p0_c20210401__20220331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_z5PRX8ptOq6l" title="Foreign exchange" style="text-align: right">(<ix:nonFraction name="OKYO:EffectOfForeignExchangeDepreciation" contextRef="From2021-04-012022-03-31_custom_ITEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">63</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--EffectOfForeignExchangeDepreciation_pp0p0_c20210401__20220331_z22AQupYYZdd" style="text-align: right">(<ix:nonFraction name="OKYO:EffectOfForeignExchangeDepreciation" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">63</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">At 31 March 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Depreciation, ending balance" id="xdx_980_ecustom--PropertyPlantAndEquipmentDepreciation_iE_pp0p0_c20210401__20220331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ITEquipmentMember_z1BfzoCx4x1j" style="text-align: right"><ix:nonFraction name="OKYO:PropertyPlantAndEquipmentDepreciation" contextRef="AsOf2022-03-31_custom_ITEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,554</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#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: White">
    <td style="font-weight: bold; text-align: justify">Net Book Value as at 31 March 2022</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A8_z9xs1P4SQ4p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentLocatedOperatingSegmentExplanatory"><p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentLocatedOperatingSegmentExplanatory_zhYpgarceJ84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s property, plant and equipment is located in the following operating segments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zkY3KvyZ8zn2" style="display: none">SCHEDULE OF PROPERTY PLANT AND EQUIPMENT LOCATED OPERATING SEGMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 13.95pt">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">Group</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20230331_zXbllNKF8QQ9" style="border-bottom: Black 1.5pt solid; text-align: right">Net Book Value <br /> March 31 2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--PropertyPlantAndEquipment_iI_hsrt--RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis__custom--UKMember_zaNfrwpBVnOg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; width: 78%; text-align: justify">UK</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-03-31_custom_UKMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,433</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--PropertyPlantAndEquipment_iI_hsrt--RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis__custom--UnitedStateMember_zgDffePnxiG9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">US</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 13.95pt">
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</ix:nonNumeric><p id="xdx_8A3_zxaWb5dIwf21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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<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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">$</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">$</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentReceivables" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">340,848</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_403_eifrs-full--CurrentValueAddedTaxReceivables_iI_maTAOCRzTsC_zg429ZiwT3W4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">VAT receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentValueAddedTaxReceivables" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,099</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: justify; padding-bottom: 1.5pt">Prepayments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,248</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">711,209</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--TradeAndOtherCurrentReceivables_iTI_mtTAOCRzTsC_zyJWIMk9OMkh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">592,195</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_zXfN6rF5o82e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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
are no differences between the carrying amount and fair value of any of the trade and other receivables 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zshxlZxo69W8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_z1tDaok9nNU6">TRADE AND OTHER PAYABLES</span></b></span></p>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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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 id="xdx_40F_ecustom--TradeAndOtherCurrentPayablesExcludingDeferredIncomeClassifiedAsCurrent_iI_zjuBFVkNhEK" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    and other payables</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AA_z0fe5brL2syg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zQHDVILL1i6i" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_z4P1Xbo41Hbi">CAPITAL AND RESERVES</span></b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Management</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
the purpose of the Company&#8217;s capital management, capital includes called up share capital, share premium, share based payments
for options, share based payments for warrants and all other equity reserves attributable to the equity holders of the parent as reflected
in the statement of financial position.</span></p>

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

<p style="font: 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 objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern and to maximise
shareholder value through the optimisation of the debt and equity balance.</span></p>

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

<p style="font: 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 manages its capital to maximise the return to the shareholders through the optimisation of equity. The capital structure of the
Company as at 31 March 2023 consists of equity attributable to equity holders of the Company, comprising issued capital, reserves and
retained deficit as disclosed.</span></p>

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

<p style="font: 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 manages its capital structure and makes adjustments to it, in light of economic conditions and the strategy approved by shareholders.
To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders
or issue new shares and release the Company&#8217;s share premium account. No changes were made in the objectives, policies or processes
during the year ended 31 March 2023 and 31 March 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
capital and premium</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue an unlimited number of nil par value shares of a single class. The Company may issue fractional shares
and a fractional share shall have the corresponding fractional rights, obligations and liabilities of a whole share of the same class
or series of shares. Shares may be issued in one or more series of shares as the Directors may by resolution determine from time to 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
share in the Company confers upon the shareholder:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may by resolution of the Directors redeem, purchase or otherwise acquire all or any of the shares in the Company subject to regulations
set out in the Company&#8217;s Articles of Incorporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 22, 2023, there was a share consolidation of 65 to 1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 111; 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>

<p style="font: 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>Authorized</i></span></p>

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zATaoHxmtwi3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue an unlimited number of nil par value shares of a single class.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_8B3_z4ks1BwkjaD" style="display: none">SCHEDULE OF AUTHORIZED ISSUE UNLIMITED NUMBER OF PAR VALUE SHARES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Share capital</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Issued ordinary shares of US$0.00 each</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">At 31 March 2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfSharesOutstanding_iS_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zUiXbOKlLyMa" title="Beginning balance, shares" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2021-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">672,816,302</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_989_eifrs-full--Equity_iS_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zXzgkBJbhcxb" title="Beginning balance" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">111,629,173</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Exercise of warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--IncreaseDecreaseThroughExerciseOfWarrantsEquityShares_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zPUH1OPve7N7" title="Exercise of warrants, shares" style="text-align: right"><ix:nonFraction name="OKYO:IncreaseDecreaseThroughExerciseOfWarrantsEquityShares" contextRef="From2021-04-012022-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numcommadecimal" decimals="INF" unitRef="Shares">386.512.756</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_z3bcFPAyfCt" title="Exercise of warrants" style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-04-012022-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,470,940</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Conversion of CLN</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--IncreaseDecreaseThroughConversionOfConvertibleInstrumentsShares_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zPgODYa0yow7" title="Conversion of CLN, shares" style="text-align: right"><ix:nonFraction name="OKYO:IncreaseDecreaseThroughConversionOfConvertibleInstrumentsShares" contextRef="From2021-04-012022-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">315,086,410</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--IncreaseDecreaseThroughConversionOfConvertibleInstruments_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zHA2dngj4fVk" title="Conversion of CLN" style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments" contextRef="From2021-04-012022-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,876,397</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">At 31 March 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--NumberOfSharesOutstanding_iS_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zltc4xHTdYV6" title="Beginning balance, shares" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2022-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,374,415,468</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_988_eifrs-full--Equity_iS_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zN80ZeTwVN5f" title="Beginning balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">123,976,510</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Issue of share (IPO) &#8211; May 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--NumberOfSharesIssuedInitialPublicOfferingSharesInMayTwoThousandTwentyTwo_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zSFXqTFglik5" title="Issue of share (IPO) - May 2022, shares" style="text-align: right"><ix:nonFraction name="OKYO:NumberOfSharesIssuedInitialPublicOfferingSharesInMayTwoThousandTwentyTwo" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,625,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--NumberOfSharesIssuedInitialPublicOfferingValueInMayTwoThousandTwentyTwo_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_ztfFKaS1d5Ti" title="Issue of share (IPO) - May 2022" style="text-align: right"><ix:nonFraction name="OKYO:NumberOfSharesIssuedInitialPublicOfferingValueInMayTwoThousandTwentyTwo" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,500,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Issue of share (IPO) &#8211; Cost of fundraising &#8211; May 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Issue of share (IPO) - Cost of fundraising - May 2022, shares" id="xdx_988_ecustom--NumberOfSharesIssuedInitialPublicOfferingCostOfFundraisingSharesSharesInMayTwoThousandTwentyTwo_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zE2LtW6zFl1f" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1221">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--NumberOfSharesIssuedInitialPublicOfferingCostOfFundraisingValueSharesInMayTwoThousandTwentyTwo_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zd3NfWAGBMfi" title="Issue of share (IPO) - Cost of fundraising - May 2022" style="text-align: right">(<ix:nonFraction name="OKYO:NumberOfSharesIssuedInitialPublicOfferingCostOfFundraisingValueSharesInMayTwoThousandTwentyTwo" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">742,979</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expenses settled in shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_ecustom--ExpensesSettledInShares_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zM8CYmIeTxbh" title="Expenses settled in shares" style="text-align: right"><ix:nonFraction name="OKYO:ExpensesSettledInShares" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,177,500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--ExpensesSettledInValue_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zkCyrQg6ySC3" title="Expenses settled in shares, value" style="text-align: right"><ix:nonFraction name="OKYO:ExpensesSettledInValue" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">86,028</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Issue of share (IPO) &#8211; March 2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--NumberOfSharesIssuedInitialPublicOfferingSharesInMarchTwoThousandTwentyThree_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zwzoW0MCSKuj" title="Issue of share (IPO) - March 2023, shares" style="text-align: right"><ix:nonFraction name="OKYO:NumberOfSharesIssuedInitialPublicOfferingSharesInMarchTwoThousandTwentyThree" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">241,574,381</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--NumberOfSharesIssuedInitialPublicOfferingValueInMarchTwoThousandTwentyThree_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zPkWop4Uo4B" title="Issue of share (IPO) - March 2023" style="text-align: right"><ix:nonFraction name="OKYO:NumberOfSharesIssuedInitialPublicOfferingValueInMarchTwoThousandTwentyThree" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,741,335</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Issue of share (IPO) &#8211; Cost of fundraising &#8211; March 2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Issue of share (IPO) -  Cost of fundraising - March 2023, shares" id="xdx_98F_ecustom--NumberOfSharesIssuedInitialPublicOfferingCostOfFundraisingSharesInMarchTwoThousandTwentyThree_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zxdMPAgptv1g" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1233">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_ecustom--NumberOfSharesIssuedInitialPublicOfferingCostOfFundraisingValue_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zRK7DI2GzBG8" title="Issue of share (IPO) -  Cost of fundraising - March 2023" style="text-align: right">(<ix:nonFraction name="OKYO:NumberOfSharesIssuedInitialPublicOfferingCostOfFundraisingValue" contextRef="From2022-04-012023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">175,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">At 31 March 2023</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfSharesOutstanding_iE_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zlq0U7sy465" title="Ending balance, shares" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,658,792,349</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_989_eifrs-full--Equity_iE_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zkcFJTu6kELb" title="Ending balance, shares" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-03-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,385,892</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zOHwOi9eKOQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, <span id="xdx_900_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20210531__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zONJWG5lF1b9" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-05-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,363,636</ix:nonFraction></span> ordinary shares were issued in relation to an exercise of warrants at an issue price of <span id="xdx_90A_eifrs-full--ParValuePerShare_iI_c20210531__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zCrRDP06SYU9" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-05-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0135</ix:nonFraction></span>p per ordinary share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, <span id="xdx_90F_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20210531__ifrs-full--ComponentsOfEquityAxis__custom--WarrantReserveOneMember_zbLxGxViNz0k" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-05-31_custom_WarrantReserveOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">72,000,000</ix:nonFraction></span> ordinary shares were issued in relation to an exercise of warrants at an issue price of <span id="xdx_90B_eifrs-full--ParValuePerShare_iI_c20210531__ifrs-full--ComponentsOfEquityAxis__custom--WarrantReserveOneMember_zCw79pZ0MFH3" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-05-31_custom_WarrantReserveOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0055</ix:nonFraction></span>p per ordinary share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, <span id="xdx_90A_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20210531__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--LoanNotesMember_zoqRJnuAn6h9" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-05-31_custom_LoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,605,760</ix:nonFraction></span> ordinary shares were issued in relation to a conversion of loan notes at an issue price of <span id="xdx_90B_eifrs-full--ParValuePerShare_iI_c20210531__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--LoanNotesMember_zVvfb2Yzyfwg" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-05-31_custom_LoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.004</ix:nonFraction></span>p per ordinary share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, <span id="xdx_909_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20210531__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--LoanNotesOneMember_z8ziIu3lj0Rh" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-05-31_custom_LoanNotesOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">73,304,650</ix:nonFraction></span> ordinary shares were issued in relation to a conversion of loan notes at an issue price of <span id="xdx_903_eifrs-full--ParValuePerShare_iI_c20210531__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--LoanNotesOneMember_zaA2wPf6aZNe" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-05-31_custom_LoanNotesOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.085</ix:nonFraction></span>p per ordinary share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, <span id="xdx_90A_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20210531__ifrs-full--ComponentsOfEquityAxis__custom--WarrantReserveTwoMember_zkxTPKP8hBL8" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-05-31_custom_WarrantReserveTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">39,605,760</ix:nonFraction></span> ordinary shares were issued in relation to an exercise of warrants at an issue price of <span id="xdx_907_eifrs-full--ParValuePerShare_iI_c20210531__ifrs-full--ComponentsOfEquityAxis__custom--WarrantReserveTwoMember_zbDlaZWoh928" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-05-31_custom_WarrantReserveTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.004</ix:nonFraction></span>p per ordinary share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2022, <span id="xdx_905_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20220228__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--LoanNotesMember_zAgwjNYTrwpg" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-02-28_custom_LoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">165,176,000</ix:nonFraction></span> ordinary shares were issued in relation to a conversion of loan notes at an issue price of <span id="xdx_907_eifrs-full--ParValuePerShare_iI_c20220228__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--LoanNotesMember_z9OfwrMZya7a" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-02-28_custom_LoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.004</ix:nonFraction></span>p per ordinary
share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2022, <span id="xdx_907_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20220228__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zeey07nPX07l" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-02-28_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">238,543,360</ix:nonFraction></span> ordinary shares were issued in relation to a cashless exercise of warrants.</span></p>

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

<p style="font: 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
May 2022, <span id="xdx_90B_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20220531__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_z4zSHc6tUeDi" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-05-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,625,000</ix:nonFraction></span> ordinary shares were issued at an issue price of &#163;<span id="xdx_909_eifrs-full--ParValuePerShare_iI_uGBPPShares_c20220531__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zUXIP7YIkyI" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-05-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="GBPPShares">0.05</ix:nonFraction></span> by way of placing shares to raise finance.</span></p>

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

<p style="font: 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 2023, <span id="xdx_904_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20230228__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zBkEaJ2nfctj" title="Ordinary shares were issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-02-28_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,177,500</ix:nonFraction></span> ordinary shares were issued in relation to a contractual issue at an issue price of &#163;<span id="xdx_902_eifrs-full--ParValuePerShare_iI_uGBPPShares_c20230228__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zlDb85Vb5vr5" title="Ordinary shares were issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-02-28_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="GBPPShares">0.03</ix:nonFraction></span> per ordinary
share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, <span id="xdx_90E_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zlIKKfsfYYQ4" title="Number of ordinary shares issued"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-03-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">241,574,381</ix:nonFraction></span> ordinary shares were issued at an issue price of &#163;<span id="xdx_907_eifrs-full--ParValuePerShare_iI_uGBPPShares_c20230331__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zjEpYdm3dfzl" title="Number of ordinary shares issued, per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-03-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="GBPPShares">0.019</ix:nonFraction></span> per ordinary share as a way of placing shares to
raise finance.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 112; 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 -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></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>

<p style="font: 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>Share
options reserve</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
share-based payment reserve for options represents the cost to issue share-based compensation, primarily share options, based on their
grant date fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
warrants reserve</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
share-based payment reserve for warrants represent the cost to issue warrants based on their grant date fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible
Loan Note reserve</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
convertible loan note reserve represents the proceeds received on issuance of convertible loan notes classified as equity instruments,
accrued interest and any relative fair value adjustments.</span></p>

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

<p style="font: 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>Retained
Deficit reserve</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">Retained
deficit represent the cumulative profits/(losses) of the entity which have not been distributed to shareholders.</span></p>

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

<p style="font: 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>Translation
reserve</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
translation reserve represents the unrealised gains or losses from the foreign currency translation of Companies within the Group.</span></p>

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

<p style="font: 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>Dividends</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
Directors paid <span id="xdx_906_eifrs-full--DividendPayables_iI_do_c20230331_zBt1Lqfy08Mc" title="Payment of dividend"><span id="xdx_901_eifrs-full--DividendPayables_iI_do_c20220331_zjbIXc8lczFa" title="Payment of dividend"><ix:nonFraction name="ifrs-full:DividendPayables" contextRef="AsOf2023-03-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="ifrs-full:DividendPayables" contextRef="AsOf2022-03-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> dividend during the year to 31 March 2023 and 31 March 2022.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company affected a transfer between reserves in equity in order to align the values of the equity reserves on a relative fair value basis.
The total amount recorded in equity remains unaltered.</span></p>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zf6D6KJNesMd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zJMnnVYA1tSc">SHARE OPTIONS AND WARRANTS</span></b></span></p>


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

<p style="font: 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 style="text-decoration: underline">Options</span></span></p>

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfDetailedInformationAboutOptionsOutstandingAndWeightedAverageExercisePriceExplanatory"><p id="xdx_891_ecustom--DisclosureOfDetailedInformationAboutOptionsOutstandingAndWeightedAverageExercisePriceExplanatory_zhIx1sZU57U9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates share-based payment arrangements to remunerate Directors and key employees in the form of a share option scheme. It
also issues options in lieu of fees to key suppliers and collaborators. The exercise price of the option is normally equal to the market
price of an ordinary share in the Company at the date of grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Note that the information presented
below does not reflect the 65 to 1 consolidation which took place after 31 March 2023.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zOYyt1V1Fjtb" style="display: none">SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Forfeited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_di_uShares_c20220401__20230331_zTZUPX50sc56" title="Options, forfeited" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,950,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_iN_di_uShares_c20220401__20230331_z5Jihu58rXja" title="Options, exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1311">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <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 id="xdx_985_eifrs-full--NumberOfOutstandingShareOptions_iE_uShares_c20220401__20230331_zxlo1uBo7A5b" title="Ending balance, Options outstanding" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">110,270,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eifrs-full--NumberOfOutstandingShareOptions_iE_uShares_c20210401__20220331_zBUAHSvneiY8" title="Ending balance, Options outstanding" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">72,400,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Exercisable at 31 March</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iE_uShares_c20220401__20230331_zBb4etsb7k4d" title="Options, Exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,155,666</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted<br />
Average<br />
exercise price<br />
(cents)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Outstanding at 1 April</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_uUSDPShares_c20200401__20210331_zOEuq1avJv4j" title="Beginning balance, weighted average exercise price" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2020-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.58</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uShares_c20200401__20210331_ztaGCEh4NA4j" title="Options, Granted" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">42,250,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_di_uShares_c20200401__20210331_z9ZHXFtnyE7c" title="Options, Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">750,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eifrs-full--WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019_uUSDPShares_c20200401__20210331_z6yWLABFkLeh" title="Weighted average exercise price forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_iN_di_uShares_c20200401__20210331_z6zCyfOjt0li" title="Options, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019_uUSDPShares_c20200401__20210331_zg66uZyJGbfg" title="Weighted average exercise price exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" contextRef="From2020-04-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Outstanding at 31 March</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--NumberOfOutstandingShareOptions_iE_uShares_c20200401__20210331_zI5nsfNY5Vvf" title="Ending balance, Options outstanding" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,750,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_uUSDPShares_c20200401__20210331_zJ7bTqt2alng" title="Ending balance, weighted average exercise price" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.90</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Exercisable at 31 March</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iE_uShares_c20200401__20210331_zYGky7oEAEC7" title="Options, Exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,250,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019_iE_uUSDPShares_c20200401__20210331_zN5bKiHUhoHe" title="Weighted average exercise price exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_z97DTUAh43zk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 113; 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>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ending 31 March 2023, <span id="xdx_908_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_doxL_uShares_c20220401__20230331_zQZLGZ5qRAnd" title="Number of option were exercised::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1359">no</span></span> options were exercised. During the year ending 31 March 2022, <span id="xdx_901_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_doxL_uShares_c20210401__20220331_zwcQ7PD20ujh" title="Number of option were exercised::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1361">no</span></span> options were exercised.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total outstanding fair value charge of the share option instruments is deemed to be approximately $<span id="xdx_908_eifrs-full--DeemedCostOfInvestmentsForWhichDeemedCostIsFairValue_iI_c20230331_zgXCgGS2kZZe" title="Fair value charge of share option instruments deemed"><ix:nonFraction name="ifrs-full:DeemedCostOfInvestmentsForWhichDeemedCostIsFairValue" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,649,386</ix:nonFraction></span> (2022: $<span id="xdx_90B_eifrs-full--DeemedCostOfInvestmentsForWhichDeemedCostIsFairValue_iI_c20220331_zWXErAo2qvO9" title="Fair value charge of share option instruments deemed"><ix:nonFraction name="ifrs-full:DeemedCostOfInvestmentsForWhichDeemedCostIsFairValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,072,515</ix:nonFraction></span>). A share-based
payment charge for the year of $<span id="xdx_90D_ecustom--ShareBasedPaymentCharge_c20220401__20230331_zyamGdcQmAva" title="Share based payment charge"><ix:nonFraction name="OKYO:ShareBasedPaymentCharge" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,273,716</ix:nonFraction></span> (2022: $<span id="xdx_90E_ecustom--ShareBasedPaymentCharge_c20210401__20220331_zEIxY7n75dvi" title="Share based payment charge"><ix:nonFraction name="OKYO:ShareBasedPaymentCharge" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,718,727</ix:nonFraction></span>) has been expensed in the statement of comprehensive income. The share based
payment charge in the year to March 31, 2023 includes a forfeiture of $<span id="xdx_906_ecustom--ShareBasedPaymentChargeForfeiture_c20220401__20230331_z6fs9paQJlU" title="Share based payment charge forfeiture"><ix:nonFraction name="OKYO:ShareBasedPaymentChargeForfeiture" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,412</ix:nonFraction></span> (2022: $<span id="xdx_90A_ecustom--ShareBasedPaymentChargeForfeiture_c20210401__20220331_zuHC4cKKEwM5" title="Share based payment charge forfeiture"><ix:nonFraction name="OKYO:ShareBasedPaymentChargeForfeiture" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,149</ix:nonFraction></span>).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average contractual life of options outstanding at March 31, 2023 is <span id="xdx_900_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20220401__20230331_z8kHSKnTOAU8" title="Weighted average contractual life of options outstanding"><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" format="ixt-sec:duryear" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">5.73</ix:nonNumeric></span> years. (2022: <span id="xdx_903_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20210401__20220331_zJLdPXsbLJ9c" title="Weighted average contractual life of options outstanding"><ix:nonNumeric contextRef="From2021-04-012022-03-31" format="ixt-sec:duryear" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">7.77</ix:nonNumeric></span> years).</span></p>

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_zgS8zipGVenf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
options outstanding at the end of the year have the following expiry dates and exercise prices:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span id="xdx_8B8_z5dUeG8Ny79d" style="display: none">SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Grant Date</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Expiry Date</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Exercise Price</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Share Options as at 31 March 2023<br /> (&#8216;000)</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; text-align: justify">6 July 2018</td><td style="width: 2%">&#160;</td>
    <td style="width: 28%; text-align: center"><span id="xdx_900_ecustom--ExpirationDateOfOutstanding_dd_c20220401__20230331__custom--GrantDateAxis__custom--SixJulyTwoThousandEighteenMember_zzjIk1WtlXs9" title="Expiration date of outstanding"><ix:nonNumeric contextRef="From2022-04-012023-03-31_custom_SixJulyTwoThousandEighteenMember" format="ixt:datedaymonthyearen" name="OKYO:ExpirationDateOfOutstanding">6 July 2025</ix:nonNumeric></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 16%; text-align: center"><span id="xdx_909_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220401__20230331__custom--GrantDateAxis__custom--SixJulyTwoThousandEighteenMember_zSmBu3HtJqZa" title="Exercise Price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-04-012023-03-31_custom_SixJulyTwoThousandEighteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.5</ix:nonFraction></span>p</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_980_eifrs-full--NumberOfOutstandingShareOptions_iI_pn3n3_uShares_c20230331__custom--GrantDateAxis__custom--SixJulyTwoThousandEighteenMember_zJDkg67Q0gC8" title="Share Options, Outstanding" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-03-31_custom_SixJulyTwoThousandEighteenMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">20 August 2020</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90F_ecustom--ExpirationDateOfOutstanding_dd_c20220401__20230331__custom--GrantDateAxis__custom--TwentyAugustTwoThousandTwentyMember_zYlo4QQGrfue" title="Expiration date of outstanding"><ix:nonNumeric contextRef="From2022-04-012023-03-31_custom_TwentyAugustTwoThousandTwentyMember" format="ixt:datedaymonthyearen" name="OKYO:ExpirationDateOfOutstanding">19 August 2028</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span id="xdx_904_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220401__20230331__custom--GrantDateAxis__custom--TwentyAugustTwoThousandTwentyMember_zoSlrmMmXrpd" title="Exercise Price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-04-012023-03-31_custom_TwentyAugustTwoThousandTwentyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">15.5</ix:nonFraction></span>p</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--NumberOfOutstandingShareOptions_iI_pn3n3_uShares_c20230331__custom--GrantDateAxis__custom--TwentyAugustTwoThousandTwentyMember_zWLvh1oAN2Gj" title="Share Options, Outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-03-31_custom_TwentyAugustTwoThousandTwentyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">750</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">6 January 2021</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90D_ecustom--ExpirationDateOfOutstanding_dd_c20220401__20230331__custom--GrantDateAxis__custom--SixJanuaryTwoThousandTwentyOneMember_zfF8rsIqjhp6" title="Expiration date of outstanding"><ix:nonNumeric contextRef="From2022-04-012023-03-31_custom_SixJanuaryTwoThousandTwentyOneMember" format="ixt:datedaymonthyearen" name="OKYO:ExpirationDateOfOutstanding">5 January 2031</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span id="xdx_907_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220401__20230331__custom--GrantDateAxis__custom--SixJanuaryTwoThousandTwentyOneMember_zj5hjddpMB2i" title="Exercise Price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-04-012023-03-31_custom_SixJanuaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5</ix:nonFraction></span>p</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfOutstandingShareOptions_iI_pn3n3_uShares_c20230331__custom--GrantDateAxis__custom--SixJanuaryTwoThousandTwentyOneMember_zPnZHjEhBzKk" title="Share Options, Outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-03-31_custom_SixJanuaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">40,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">12 January 2021</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_ecustom--ExpirationDateOfOutstanding_dd_c20220401__20230331__custom--GrantDateAxis__custom--TwelveJanuaryTwoThousandTwentyOneMember_zWbQBJYATXf8" title="Expiration date of outstanding"><ix:nonNumeric contextRef="From2022-04-012023-03-31_custom_TwelveJanuaryTwoThousandTwentyOneMember" format="ixt:datedaymonthyearen" name="OKYO:ExpirationDateOfOutstanding">11 January 2031</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span id="xdx_90A_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220401__20230331__custom--GrantDateAxis__custom--TwelveJanuaryTwoThousandTwentyOneMember_zjQpwQFUtful" title="Exercise Price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-04-012023-03-31_custom_TwelveJanuaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.9</ix:nonFraction></span>p</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--NumberOfOutstandingShareOptions_iI_pn3n3_uShares_c20230331__custom--GrantDateAxis__custom--TwelveJanuaryTwoThousandTwentyOneMember_zN5A9GP00Qwg" title="Share Options, Outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-03-31_custom_TwelveJanuaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,500</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">15 April 2021</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">31 August 2021</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">1 August 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">20 September 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">22 November 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">14 March 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Total</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zGRtokNIJ81i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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>Fair
value of options granted</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">The
Directors have used the Black-Scholes option pricing model to estimate the fair value of most of the options applying the assumptions
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">Historical
volatility relies in part on the historical volatility of a group of peer companies that management believes is generally comparable
to the Company and in part on the company&#8217;s own share price volatility. Where sufficient historical data is available, the Company
uses its own share price to calculate volatility.</span></p>

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

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

<p style="font: 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 not paid any dividends on share capital since its inception and does not anticipate paying dividends on its share capital
in the foreseeable future.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has estimated a forfeiture rate of zero.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 114; 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>

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model inputs for options granted during the year ended 31 March 2023 valued under the Black Scholes Valuation model are:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_8B6_zWLJtQSsLZik">SCHEDULE
OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">14 March 2023</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_985_ecustom--GrantDateShareOptionsGranted2019_uUSDPShares_c20230311__20230314_zhs2eZZqmS4k" title="Grant date share price" style="width: 14%; text-align: right"><ix:nonFraction name="OKYO:GrantDateShareOptionsGranted2019" contextRef="From2023-03-112023-03-14" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.5</ix:nonFraction></td><td style="width: 1%; text-align: left">p</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Exercise share price</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
model inputs for options granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model are:</span></p>

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

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Exercise share price</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Vesting periods</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Option life</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AB_zX8wIe9Jzbq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 115; 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>

<p style="font: 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 style="text-decoration: underline">Warrants</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the acquisition of the OK-101 project, the underlying scientific founders of the OK-101 Project (inukshuk Holdings), who will
continue to be involved in the development of the Project, received <span id="xdx_903_eifrs-full--ConsiderationPaidReceived_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zp36shTkQqy"><ix:nonFraction name="ifrs-full:ConsiderationPaidReceived" contextRef="From2022-04-012023-03-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants as consideration. The warrants are exercisable
at a price of <span id="xdx_902_ecustom--WarrantsExercisablePricePerShare_uUSDPShares_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zjnjxhBxJOx3"><ix:nonFraction name="OKYO:WarrantsExercisablePricePerShare" contextRef="From2022-04-012023-03-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.5</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pence each and are split into four distinct tranches
and each tranche becomes exercisable upon satisfaction of a specific developmental milestone. The warrants are currently exercisable
until <span id="xdx_90E_ecustom--WarrantsExercisableDate_dxL_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zPbvtJ3VWZn6"><span style="-sec-ix-hidden: xdx2ixbrl1536">17
July 2023</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </span>Note that the information presented
below does not reflect the 65 to 1 consolidation which took place after 31 March 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2019, warrants were granted over <span id="xdx_901_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20190501__20190531__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_zWikhdrG7SD6" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2019-05-012019-05-31_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,363,636</ix:nonFraction></span> shares at an exercise price of <span id="xdx_903_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20190501__20190531__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_zO6t9WgKTHp4" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2019-05-012019-05-31_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.35</ix:nonFraction></span>p per share in connection with a private placement.
These warrants were exercised in May 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, warrants were granted over <span id="xdx_909_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20200301__20200331__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_zcTZxhrJKB54" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2020-03-012020-03-31_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000,000</ix:nonFraction></span> shares at an exercise price of <span id="xdx_901_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20200301__20200331__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_ziWnfOm0O9bh" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2020-03-012020-03-31_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.55</ix:nonFraction></span>p per share in connection with a private placement.
These warrants were exercised on a cashless basis in February 2022 (post a price reduction offer to <span id="xdx_907_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20220201__20220228__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_zWZP39EoeGxi" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-02-012022-02-28_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.012</ix:nonFraction></span>p), resulting in the issuance
of <span id="xdx_90F_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220201__20220228__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_z8j0cqeRg113" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-02-012022-02-28_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">39,400,000</ix:nonFraction></span> shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, warrants were granted over <span id="xdx_90F_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20200301__20200331__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsOneMember_zbYkn2Nlgks3" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2020-03-012020-03-31_custom_PrivatePlacementsOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,825,130</ix:nonFraction></span> shares at an exercise price of <span id="xdx_90D_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20200301__20200331__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsOneMember_pdd" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2020-03-012020-03-31_custom_PrivatePlacementsOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.55</ix:nonFraction></span>p per share in connection with a private placement.
These warrants were exercised in May 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2020, warrants were granted over <span id="xdx_90D_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20200401__20200430__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_znwPKIlSSb3a" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2020-04-012020-04-30_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,174,870</ix:nonFraction></span> shares at an exercise price of <span id="xdx_907_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20200401__20200430__ifrs-full--ComponentsOfEquityAxis__custom--PrivatePlacementsMember_zvUjT3LviAS1" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2020-04-012020-04-30_custom_PrivatePlacementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.55</ix:nonFraction></span>p per share in connection with a private placement.
These warrants were exercised in May 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2020, warrants were granted over <span id="xdx_909_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20200501__20200531__ifrs-full--TypesOfContractsAxis__custom--LieuOfProfessionalFeesMember_zPRZq20I0ggi" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2020-05-012020-05-31_custom_LieuOfProfessionalFeesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">909,090</ix:nonFraction></span> shares at an exercise price of <span id="xdx_90A_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20200501__20200531__ifrs-full--TypesOfContractsAxis__custom--LieuOfProfessionalFeesMember_z72DNQ6zfiH6" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2020-05-012020-05-31_custom_LieuOfProfessionalFeesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.75</ix:nonFraction></span>p per share in in lieu of professional fees. The warrants
are exercisable until 21 May 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2020, warrants were granted over <span id="xdx_90C_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20200701__20200731__ifrs-full--TypesOfContractsAxis__custom--LieuOfBrokerFeesMember_zU3TxCekCk15" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2020-07-012020-07-31_custom_LieuOfBrokerFeesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">750,000</ix:nonFraction></span> shares at an exercise price of <span id="xdx_904_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20200701__20200731__ifrs-full--TypesOfContractsAxis__custom--LieuOfBrokerFeesMember_z4r2WHnqqj5g" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2020-07-012020-07-31_custom_LieuOfBrokerFeesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">14</ix:nonFraction></span>p per share in in lieu of broker fees. The warrants are
exercisable until 20 July 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, warrants were granted over <span id="xdx_90C_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20210501__20210531__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesMember_zFEBRUIJT3Ql" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2021-05-012021-05-31_custom_ConvertibleLoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,605,760</ix:nonFraction></span> shares at an exercise price of <span id="xdx_90F_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20210501__20210531__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesMember_zdoJZfi4UV96" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2021-05-012021-05-31_custom_ConvertibleLoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.4</ix:nonFraction></span>p per share in connection with the conversion of convertible
loan notes. <span id="xdx_900_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_uShares_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesMember_zdgguQopqj7d" title="Warrants exercised"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">39,605,760</ix:nonFraction></span> were exercised immediately and the remaining <span id="xdx_90C_ecustom--WarrantsExercisedOnCashlessBasic_uShares_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesMember_zLfuUCOJuPEf" title="Warrants exercised on cashless basic"><ix:nonFraction name="OKYO:WarrantsExercisedOnCashlessBasic" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,000,000</ix:nonFraction></span> were exercised on a cashless basis in February 2022 (post
a price reduction offer to <span id="xdx_90A_ecustom--WarrantsExercisedOnPriceReductionOffer_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesMember_zLmKRaZXknk5" title="Warrants exercised on price reduction offer"><ix:nonFraction name="OKYO:WarrantsExercisedOnPriceReductionOffer" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.012</ix:nonFraction></span>p), resulting in the issuance of <span id="xdx_909_ecustom--WarrantsExercisedOnIssuances_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesMember_zpnq1Q31w2W2" title="Warrants exercised on issuances"><ix:nonFraction name="OKYO:WarrantsExercisedOnIssuances" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,445,000</ix:nonFraction></span> shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2022, warrants were granted over <span id="xdx_906_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesOneMember_zZL4QVcs3E7l" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">165,176,000</ix:nonFraction></span> shares at an exercise price of <span id="xdx_90A_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesOneMember_zOzgmxfXCVl8" title="Weighted average exercise price, granted"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.4</ix:nonFraction></span>p per share in connection with the conversion
of convertible loan notes. <span id="xdx_909_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_uShares_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesOneMember_zudz7J9KuOpb" title="Warrants exercised"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">165,176,000</ix:nonFraction></span> were exercised on a cashless basis in February 2022(post a price reduction offer to <span id="xdx_90D_ecustom--WarrantsExercisedOnPriceReductionOffer_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesOneMember_zCCx1LJPUa4h" title="Warrants exercised on price reduction offer"><ix:nonFraction name="OKYO:WarrantsExercisedOnPriceReductionOffer" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.012</ix:nonFraction></span>p), resulting
in the issuance of <span id="xdx_907_ecustom--WarrantsExercisedOnIssuances_uShares_c20220201__20220228__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleLoanNotesOneMember_zciqtNMH9RH" title="Warrants exercised on issuances"><ix:nonFraction name="OKYO:WarrantsExercisedOnIssuances" contextRef="From2022-02-012022-02-28_custom_ConvertibleLoanNotesOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">162,698,360</ix:nonFraction></span> shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--NumberOfOtherEquityInstrumentsGrantedOrExercisedInSharebasedPaymentArrangement_do_uShares_c20220401__20230331_zk9GYBgy1lBh" title="Number of warrants granted or exercised"><ix:nonFraction name="OKYO:NumberOfOtherEquityInstrumentsGrantedOrExercisedInSharebasedPaymentArrangement" contextRef="From2022-04-01to2023-03-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">No</ix:nonFraction></span>
warrants were granted or exercised in the year to March 31, 2023. During the year to March 2022, <span id="xdx_906_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_uShares_c20210401__20220331_zV0SLnrfBvM7" title="Warrants exercised"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">147,969,396</ix:nonFraction></span> warrants were exercised
for proceeds of &#163;<span id="xdx_90A_eifrs-full--ProceedsFromExerciseOfWarrants_pp0p0_uGBP_c20210401__20220331_zBMQ7byOe4m4" title="Proceeds from warrants exercised"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="GBP">1,045,332</ix:nonFraction></span>, resulting in the issuance of <span id="xdx_901_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20210401__20220331_zraMvAgdavXe" title="Warrants granted"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">147,969,396</ix:nonFraction></span> shares. <span id="xdx_903_ecustom--WarrantsExercisedOnCashlessBasic_uShares_c20220401__20230331_z7SsvGXtVDwh" title="Warrants exercised on cashless basic"><ix:nonFraction name="OKYO:WarrantsExercisedOnCashlessBasic" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">242,716,000</ix:nonFraction></span> warrants were also exercised on a cashless
basis resulting in the issuance of <span id="xdx_90D_ecustom--WarrantsExercisedOnIssuances_uShares_c20220401__20230331_zSWE02gZTjZ8" title="Warrants exercised on issuances"><ix:nonFraction name="OKYO:WarrantsExercisedOnIssuances" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">238,543,360</ix:nonFraction></span> shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 116; 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"><span>&#160;</span></span></p>

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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A8_zxzIkk2Qiiaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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
Directors have estimated the fair value of the warrants in services provided using the Black-Scholes valuation model based on the assumptions
below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
model inputs for warrants granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model included:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Risk free rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_uPure_c20200528__20200529__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zoyHB0kit9Qb" title="Risk free rate" style="text-align: right"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2020-05-282020-05-29_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.25</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20200528__20200529__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zN8BuaQFfwpe" title="Expected volatility" style="text-align: right"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2020-05-282020-05-29_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">79.6</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected life</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--ExpectedLifeOfWarrants_dtY_c20200528__20200529__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_z7uRHIhRyH5c" title="Expected life"><ix:nonNumeric contextRef="From2020-05-282020-05-29_ifrs-full_WarrantReserveMember" format="ixt-sec:duryear" name="OKYO:ExpectedLifeOfWarrants">3</ix:nonNumeric></span> years</span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zsqF8aJD3DUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remaining fair value of the warrant instruments is deemed to be approximately $<span id="xdx_906_ecustom--FairValueOfWarrants_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_z5LaP65lFl61" title="Fair value of warrants"><ix:nonFraction name="OKYO:FairValueOfWarrants" contextRef="From2022-04-012023-03-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,194</ix:nonFraction></span> (2022: $<span id="xdx_906_ecustom--FairValueOfWarrants_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zVe2CQ27k3tc" title="Fair value of warrants"><ix:nonFraction name="OKYO:FairValueOfWarrants" contextRef="From2021-04-012022-03-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">43,348</ix:nonFraction></span>). For the consideration warrants,
the charge has been expensed over the vesting period. For all other warrants, the charge has been expensed over the service period. A
share-based payment charge for the year of $<span id="xdx_90F_ecustom--ShareBasedPaymentCharge_c20220401__20230331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zLoc7Yg9y2N5"><ix:nonFraction name="OKYO:ShareBasedPaymentCharge" contextRef="From2022-04-012023-03-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,963</ix:nonFraction></span> (2022: $<span id="xdx_907_ecustom--ShareBasedPaymentCharge_c20210401__20220331__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember_zqhs6u5Bz0J1"><ix:nonFraction name="OKYO:ShareBasedPaymentCharge" contextRef="From2021-04-012022-03-31_ifrs-full_WarrantReserveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">61,721</ix:nonFraction></span>) has been expensed in the statement of comprehensive income.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 117; 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 -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></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><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfDebtSecuritiesExplanatory_zsIx1c32T27g" style="font: 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 id="xdx_82A_zJNSoo5zB1u9">CONVERTIBLE INSTRUMENTS CLASSIFIED AS EQUITY</span></b></span></p>

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

<p style="font: 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 raised convertible equity finance via the issuance of convertible loan notes as per the table below. All notes are not convertible
into cash and are convertible on the fourth anniversary of the date of issue of the Notes, or at the election of the noteholder on completion
of the next non-qualifying equity financing or on the making of a takeover offer for the Company (as defined in the City Code on Takeovers
and Mergers), and such election may be made on an immediate basis or conditional on any such takeover offer being declared, or becoming,
unconditional.</span></p>

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfIssuanceOfConvertibleNotesExplanatory"><p id="xdx_895_ecustom--DisclosureOfIssuanceOfConvertibleNotesExplanatory_z1if2mq1Ikth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zX2Sm7uKrxE7" style="display: none">SCHEDULE OF ISSUANCE OF
CONVERTIBLE LOAN</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Terms</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</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>$</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%">29 May 2020</td><td style="width: 2%">&#160;</td>
    <td style="width: 44%; text-align: left">&#9679; <span id="xdx_903_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentyNineMayTwoThousandAndTwentyMember_ztXq4albDEri" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-31_custom_TwentyNineMayTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% coupon per annum <br /> &#9679; Conversion price of <span id="xdx_90C_ecustom--ConversionPricePerShares_iI_pid_uUSDPShares_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentyNineMayTwoThousandAndTwentyMember_zGpYgXf5d3db" title="Conversion price"><ix:nonFraction name="OKYO:ConversionPricePerShares" contextRef="AsOf2023-03-31_custom_TwentyNineMayTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.4</ix:nonFraction></span>p <br /> &#9679; Upon conversion the shares will be issued with a warrant attached at an exercise price of <span id="xdx_907_ecustom--WarrantExercisePricePerShare_pid_uUSDPShares_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentyNineMayTwoThousandAndTwentyMember_zRbukDRKuLG3" title="Warrant exercise share"><ix:nonFraction name="OKYO:WarrantExercisePricePerShare" contextRef="From2022-04-012023-03-31_custom_TwentyNineMayTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.4</ix:nonFraction></span>p with a maximum life of <span id="xdx_90F_ecustom--DebtTerm_dtY_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentyNineMayTwoThousandAndTwentyMember_z9UZwCrXv2Ua" title="Debt term"><ix:nonNumeric contextRef="From2022-04-012023-03-31_custom_TwentyNineMayTwoThousandAndTwentyMember" format="ixt-sec:duryear" name="OKYO:DebtTerm">5</ix:nonNumeric></span> years from the date of the conversion of the loan note</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><span id="xdx_902_eifrs-full--IssueOfConvertibleInstruments_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentyNineMayTwoThousandAndTwentyMember_zyHBJBAtDTO4" title="Issue of convertible instruments"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-04-012023-03-31_custom_TwentyNineMayTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">541,239</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Fees relating to equity fundraise 29 May 2020 issued as CLN</td><td>&#160;</td>
    <td style="text-align: left">&#9679; <span id="xdx_90C_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember_zMD7V3wokYZ6" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-31_custom_FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% coupon per annum <br /> &#9679; Conversion price of <span id="xdx_90D_ecustom--ConversionPricePerShares_iI_pid_uUSDPShares_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember_zBLniGmDk8gh" title="Conversion price per share"><ix:nonFraction name="OKYO:ConversionPricePerShares" contextRef="AsOf2023-03-31_custom_FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.4</ix:nonFraction></span>p <br /> &#9679; Upon conversion the shares will be issued with a warrant attached at an exercise price of <span id="xdx_907_ecustom--WarrantExercisePricePerShare_pid_uUSDPShares_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember_zvHncOFpK8Zd" title="Warrant exercise per share"><ix:nonFraction name="OKYO:WarrantExercisePricePerShare" contextRef="From2022-04-012023-03-31_custom_FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.4</ix:nonFraction></span>p with a maximum life of <span id="xdx_90D_ecustom--DebtTerm_dtY_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember_zZIGRtzXIskg" title="Debt term"><ix:nonNumeric contextRef="From2022-04-012023-03-31_custom_FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember" format="ixt-sec:duryear" name="OKYO:DebtTerm">5</ix:nonNumeric></span> years from the date of the conversion of the loan note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_eifrs-full--IssueOfConvertibleInstruments_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember_zYqiiGaTebe3" title="Issue of convertible instruments"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-04-012023-03-31_custom_FeesRelatingToEquityFundraiseTwentyNineTwoThousandAndTwentyIssuedASCLNMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,474</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>27 July 2020</td><td>&#160;</td>
    <td>&#9679; <span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentySevenJulyTwoThousandTwentyMember_zFeQqjh1hQz" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-31_custom_TwentySevenJulyTwoThousandTwentyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.15</ix:nonFraction></span>% coupon per annum <br /> Conversion price of <span id="xdx_90F_ecustom--ConversionPricePerShares_iI_pid_uUSDPShares_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentySevenJulyTwoThousandTwentyMember_zbLqptjK0rz7" title="Conversion price per share"><ix:nonFraction name="OKYO:ConversionPricePerShares" contextRef="AsOf2023-03-31_custom_TwentySevenJulyTwoThousandTwentyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.5</ix:nonFraction></span>p</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_eifrs-full--IssueOfConvertibleInstruments_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--TwentySevenJulyTwoThousandTwentyMember_z3UVxJZYy5v5" title="Issue of convertible instruments"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-04-012023-03-31_custom_TwentySevenJulyTwoThousandTwentyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,506,446</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>17 August 2020</td><td>&#160;</td>
    <td style="text-align: left">&#9679; <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--SeventeenthAugustTwoThousandAndTwentyMember_zFURtvEAKkDj" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-31_custom_SeventeenthAugustTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.15</ix:nonFraction></span>% coupon per annum <br /> &#9679; Conversion price of <span id="xdx_90D_ecustom--ConversionPricePerShares_iI_pid_uUSDPShares_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--SeventeenthAugustTwoThousandAndTwentyMember_z9Kpm6QN9qXf" title="Conversion price per share"><ix:nonFraction name="OKYO:ConversionPricePerShares" contextRef="AsOf2023-03-31_custom_SeventeenthAugustTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.5</ix:nonFraction></span>p</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_903_eifrs-full--IssueOfConvertibleInstruments_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--SeventeenthAugustTwoThousandAndTwentyMember_zzWC4y80MDZj" title="Issue of convertible instruments"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-04-012023-03-31_custom_SeventeenthAugustTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,882,641</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>3 September 2020</td><td>&#160;</td>
    <td style="text-align: left">&#9679; <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--ThreeSeptemberTwoThousandAndTwentyMember_z983JZWdV1v9" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-31_custom_ThreeSeptemberTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.15</ix:nonFraction></span>% coupon per annum <br /> &#9679; Conversion price of <span id="xdx_90D_ecustom--ConversionPricePerShares_iI_pid_uUSDPShares_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--ThreeSeptemberTwoThousandAndTwentyMember_zoEAUjMuVkLl" title="Conversion price per share"><ix:nonFraction name="OKYO:ConversionPricePerShares" contextRef="AsOf2023-03-31_custom_ThreeSeptemberTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.5</ix:nonFraction></span>p</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_903_eifrs-full--IssueOfConvertibleInstruments_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--ThreeSeptemberTwoThousandAndTwentyMember_zlCZpldsqpMe" title="Issue of convertible instruments"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-04-012023-03-31_custom_ThreeSeptemberTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">663,055</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Fees relating to all other equity fundraise issued as CLN</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt">&#9679; <span id="xdx_900_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToAllOtherEquityFundraiseIssuedAsCLNMember_z1bb6N9iNMwb" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-31_custom_FeesRelatingToAllOtherEquityFundraiseIssuedAsCLNMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.15</ix:nonFraction></span>% coupon per annum <br /> &#9679; Conversion price of <span id="xdx_90C_ecustom--ConversionPricePerShares_iI_pid_uUSDPShares_c20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToAllOtherEquityFundraiseIssuedAsCLNMember_zGOyZW8xaPy3" title="Conversion price per share"><ix:nonFraction name="OKYO:ConversionPricePerShares" contextRef="AsOf2023-03-31_custom_FeesRelatingToAllOtherEquityFundraiseIssuedAsCLNMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.5</ix:nonFraction></span>p</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"><span id="xdx_90A_eifrs-full--IssueOfConvertibleInstruments_c20220401__20230331__ifrs-full--ClassesOfAssetsAxis__custom--FeesRelatingToAllOtherEquityFundraiseIssuedAsCLNMember_zuBm815l5y15" title="Issue of convertible instruments"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-04-012023-03-31_custom_FeesRelatingToAllOtherEquityFundraiseIssuedAsCLNMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">525,922</ix:nonFraction></span></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>&#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="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A5_zvNhrY58ieD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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
noteholders were offered the option to convert during the year ended March 31, 2022 and any conversions took place on May 7, 2021 and
February 21, 2022. Loan note holders were offered conversions including the full interest that would have been accrued had the note reached
its full term.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfFinancialInstrumentsExplanatory_ziqgQy6u6gf8" style="font: 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>16.
<span id="xdx_826_zr5lgu94BbA9">FINANCIAL INSTRUMENTS</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main risks arising from the Group&#8217;s financial instruments are liquidity risk, interest rate risk and credit risk. The Directors
regularly review and agree policies for managing each of these risks which are summarized below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
risk</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
Group&#8217;s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves
of cash to meet its liquidity requirements in the short and long term. The Group ordinarily finances its activities through cash generated
from by private and public offerings of equity and debt securities.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 118; 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 contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfDetailedInformationOfMaturitiesOfFinancialInstrumentsExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationOfMaturitiesOfFinancialInstrumentsExplanatory_zoOXSfU27Ad" style="font: 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
table below summarizes the maturity profile of the Group&#8217;s financial liabilities based on contractual undiscounted payments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zaqMhiaxohOd" style="display: none">SUMMARY
OF FINANCIAL LIABILITIES BASED ON CONTRACTUAL UNDISCOUNTED PAYMENTS</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_408_eifrs-full--TradeAndOtherPayables_iI_maTAOCPzENJ_zy3WuNe8hT0a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eifrs-full--TradeAndOtherPayablesToRelatedParties_iI_maTAOCPzENJ_zGgYBTY6wmYg" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eifrs-full--FinancialLiabilities_iTI_mtTAOCPzENJ_zc9LSBjVvcV" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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">
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    <td colspan="2" id="xdx_498_20220331__ifrs-full--MaturityAxis__custom--LessThanThreeMember_zWef7nPYvwk5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Less than 3<br /> months</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_49A_20220331_zCg4h5x4PY4g" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">$</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-03-31_custom_LessThanThreeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">696,665</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_z9YXk5ZQZPNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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>Credit
risk</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">Credit
risk is managed on a Group basis. Credit risk arises principally from cash and cash equivalents and deposits with banks and financial
institutions.as well as outstanding receivables. The Group reviews its banking arrangements carefully to minimize such risks and currently
has no customers and therefore this risk is viewed as minimal. Management monitor loans between members of the Group as part of their
internal reporting and assess outstanding receivables for ability to be repaid.</span></p>

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

<p style="font: 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>Interest
rate risk</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
Group has limited exposure to interest-rate risk arising from its bank deposits and convertible loan note instruments. These deposit
accounts are held at variable interest rates based on Barclays Bank plc and Pennsylvania State Bank base rates.</span></p>

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

<p style="font: 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
Directors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net result
for the year or the equity position at the year-end for either the year ended 31 March 2023 or 31 March 2022.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfRelatedPartyExplanatory_z3ssf2yNUH4a" style="font: 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>17.
<span><span id="xdx_823_zCMWNUzpDM9c">RELATED PARTY TRANSACTIONS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
related party transactions occurred in the normal course 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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tiziana
Life Sciences Ltd</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">Tiziana
Life Sciences Ltd is a related party as the entity is controlled by a person that has significant influence over the Group. The Company
shares premises and other resources with Tiziana Life Sciences Ltd and there is a shared services agreement in place between the Company
and Tiziana Life Sciences Ltd. As at 31<sup>st</sup> March 2023, the Company had incurred $<span id="xdx_902_eifrs-full--ServicesReceivedRelatedPartyTransactions_c20220401__20230331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--TypesOfContractsAxis__custom--ServiceAgreementMember_znHLKcra8L8d" title="Service received related party transaction"><ix:nonFraction name="ifrs-full:ServicesReceivedRelatedPartyTransactions" contextRef="From2022-04-012023-03-31_custom_TizianaLifeSciencesLtdMember_custom_ServiceAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">159,501</ix:nonFraction></span> (2022: $<span id="xdx_90F_eifrs-full--ServicesReceivedRelatedPartyTransactions_c20210401__20220331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--TypesOfContractsAxis__custom--ServiceAgreementMember_zftLrV0tf0Rb" title="Service received related party transaction"><ix:nonFraction name="ifrs-full:ServicesReceivedRelatedPartyTransactions" contextRef="From2021-04-012022-03-31_custom_TizianaLifeSciencesLtdMember_custom_ServiceAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,132</ix:nonFraction></span>) worth of costs in
relation to this agreement and at 31 March 2023 $<span id="xdx_905_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20230331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--TypesOfContractsAxis__custom--ServiceAgreementMember_zj9FO9CB3vGa" title="Amounts payable related party transaction"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-03-31_custom_TizianaLifeSciencesLtdMember_custom_ServiceAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">184,150</ix:nonFraction></span> (2022: $<span id="xdx_90B_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20220331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--TypesOfContractsAxis__custom--ServiceAgreementMember_ziLrhlxwunR6" title="Amounts payable related party transaction"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-03-31_custom_TizianaLifeSciencesLtdMember_custom_ServiceAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,041</ix:nonFraction></span>) was due to Tiziana Life Sciences Ltd.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tiziana
Life Sciences Ltd also paid other invoices on behalf of the Company. As at March 31, 2023, Tiziana had paid $<span id="xdx_904_eifrs-full--SettlementOfLiabilitiesOnBehalfOfEntityByRelatedPartyRelatedPartyTransactions_c20220401__20230331_zcRQMhcavRLa"><ix:nonFraction name="ifrs-full:SettlementOfLiabilitiesOnBehalfOfEntityByRelatedPartyRelatedPartyTransactions" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">433,140</ix:nonFraction></span> worth of costs on
behalf of the Group, of which $<span id="xdx_90A_eifrs-full--SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions_c20230401__20230430__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zvadgcxsA5M7"><ix:nonFraction name="ifrs-full:SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" contextRef="From2023-04-012023-04-30_custom_NonadjustingEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">230,000</ix:nonFraction></span> was repaid by the Company in April 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, Tiziana Life Sciences Ltd issued a short-term credit facility to OKYO Pharma for $<span id="xdx_90B_ecustom--LineOfCreditFacilityMaximumBorrowingsCapacity_pn6n6_c20220802__20220831__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--ShorttermCreditFacilityMember_zQBkYI0cq8ib" title="Maximum borrowing capacity amount"><ix:nonFraction name="OKYO:LineOfCreditFacilityMaximumBorrowingsCapacity" contextRef="From2022-08-022022-08-31_custom_TizianaLifeSciencesLtdMember_custom_ShorttermCreditFacilityMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">2</ix:nonFraction></span>m to support short term liquidity. <span id="xdx_90C_ecustom--DescriptionOfBorrowingInterestRates_c20220802__20220831__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--ShorttermCreditFacilityMember_z6q6KaAjPVLg" title="Description of borrowing interest rates"><ix:nonNumeric contextRef="From2022-08-022022-08-31_custom_TizianaLifeSciencesLtdMember_custom_ShorttermCreditFacilityMember" name="OKYO:DescriptionOfBorrowingInterestRates">The
loan is available for a period of 6 months upon first draw-down and carries an interest rate of <span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_dp_c20230831__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--ShorttermCreditFacilityMember_zsSrX1dBr079" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-08-31_custom_TizianaLifeSciencesLtdMember_custom_ShorttermCreditFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16</ix:nonFraction></span>% per annum, with additional default
interest of <span id="xdx_906_ecustom--AdditionalBorrowingsInterestRate_iI_dp_c20230831__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--AdditionalShorttermCreditFacilityMember_z7vKRGjvP7hc" title="Additional interest rate"><ix:nonFraction name="OKYO:AdditionalBorrowingsInterestRate" contextRef="AsOf2023-08-31_custom_TizianaLifeSciencesLtdMember_custom_AdditionalShorttermCreditFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% if the loan is not repaid after the 6-month period.</ix:nonNumeric></span> As at March 31, 2023 the full amount had been drawn down against the
loan and $<span id="xdx_90E_ecustom--AccruedInterestOnBorrowings_iI_c20230331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember_zyALY7F2e71k" title="Accrued interest"><ix:nonFraction name="OKYO:AccruedInterestOnBorrowings" contextRef="AsOf2023-03-31_custom_TizianaLifeSciencesLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">98,627</ix:nonFraction></span> of interest had been accrued. The total balance due at 31 March 2023 for this loan was $<span id="xdx_90C_eifrs-full--Borrowings_iI_c20230331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember_zTK3s3edV1y" title="Borrowing due amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-03-31_custom_TizianaLifeSciencesLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,207,209</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, Tiziana Life Sciences Ltd issued an additional short-term credit facility to OKYO Pharma for $<span id="xdx_900_ecustom--LineOfCreditFacilityMaximumBorrowingsCapacity_pn5n6_c20230228__20230228__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--AdditionalShorttermCreditFacilityMember_zf57QmOHNrU6" title="Maximum borrowing capacity amount"><ix:nonFraction name="OKYO:LineOfCreditFacilityMaximumBorrowingsCapacity" contextRef="From2023-02-282023-02-28_custom_TizianaLifeSciencesLtdMember_custom_AdditionalShorttermCreditFacilityMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span>m to further support
short term liquidity, under the same terms as the loan above. As at March 31, 2023 $<span id="xdx_909_eifrs-full--ShorttermBorrowings_iI_c20230331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--AdditionalShorttermCreditFacilityMember_zwIvYpME4SJh" title="Borrowings"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2023-03-31_custom_TizianaLifeSciencesLtdMember_custom_AdditionalShorttermCreditFacilityMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">488,009</ix:nonFraction></span> had been drawn down against the loan and
$<span id="xdx_90C_ecustom--AccruedInterestOnBorrowings_iI_c20230331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--AdditionalShorttermCreditFacilityMember_zlouIje4m5W3" title="Accrued interest"><ix:nonFraction name="OKYO:AccruedInterestOnBorrowings" contextRef="AsOf2023-03-31_custom_TizianaLifeSciencesLtdMember_custom_AdditionalShorttermCreditFacilityMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,902</ix:nonFraction></span> of interest had been accrued. The total balance due at 31 March 2023 for this loan was $<span id="xdx_908_ecustom--RepaymentOfPrincipalOfBorrowings_iI_c20230331__ifrs-full--CounterpartiesAxis__custom--TizianaLifeSciencesLtdMember__ifrs-full--BorrowingsByNameAxis__custom--AdditionalShorttermCreditFacilityMember_zgvvufVRluri" title="Repayment of principal of borrowings"><ix:nonFraction name="OKYO:RepaymentOfPrincipalOfBorrowings" contextRef="AsOf2023-03-31_custom_TizianaLifeSciencesLtdMember_custom_AdditionalShorttermCreditFacilityMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,902</ix:nonFraction></span> as the principal of the loan was
repaid during March 2023.</span></p>

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

<p style="font: 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>Directors</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
March 31, 2023, the Company owed Gabriele Cerrone $<span id="xdx_90B_ecustom--DirectorsFees_c20221101__20230331__ifrs-full--CounterpartiesAxis__custom--GabrieleCerroneMember_zU9HuFEbLAof" title="Directors fees"><ix:nonFraction name="OKYO:DirectorsFees" contextRef="From2022-11-012023-03-31_custom_GabrieleCerroneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">61,736</ix:nonFraction></span> for his fees from November 2022 to March 2023. This was subsequently paid on
April 4, 2023. The Company also owed Gabriele Cerrone $<span id="xdx_90A_ecustom--DirectorsFees_c20220501__20220531__ifrs-full--CounterpartiesAxis__custom--GabrieleCerroneMember_zVQG00eNFlf2" title="Directors fees"><ix:nonFraction name="OKYO:DirectorsFees" contextRef="From2022-05-012022-05-31_custom_GabrieleCerroneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,872</ix:nonFraction></span> in relation to the May 2022 offering, when it was agreed to compensate
Mr Cerrone for the purchase of <span id="xdx_900_ecustom--NumberOfDepositarySharesPurchased_c20220401__20230331__ifrs-full--CounterpartiesAxis__custom--GabrieleCerroneMember_z3ls2wCyU5vh" title="Number of ADS&apos;s purchased"><ix:nonFraction name="OKYO:NumberOfDepositarySharesPurchased" contextRef="From2022-04-012023-03-31_custom_GabrieleCerroneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span> ADSs in the market at a cost of $<span id="xdx_902_ecustom--MarketCostOfDepositaryShares_c20220401__20230331__ifrs-full--CounterpartiesAxis__custom--GabrieleCerroneMember_zrS0f69vt5se" title="Market cost of depositary shares"><ix:nonFraction name="OKYO:MarketCostOfDepositaryShares" contextRef="From2022-04-012023-03-31_custom_GabrieleCerroneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,872</ix:nonFraction></span> in order to take out a participant who no longer wished
to be in the transaction, given that the offering might otherwise have failed.</span></p>

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

<p style="font: 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
March 31, 2023, the Company owed John Brancaccio $<span id="xdx_90B_ecustom--DirectorsFees_c20220401__20230331__ifrs-full--CounterpartiesAxis__custom--JohnBrancaccioMember_z763BpfaxUwd" title="Directors fees"><ix:nonFraction name="OKYO:DirectorsFees" contextRef="From2022-04-012023-03-31_custom_JohnBrancaccioMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,293</ix:nonFraction></span> for his fees for March 2023. This was subsequently paid on May 5, 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>


<ix:exclude><!-- Field: Page; Sequence: 119; 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 -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></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><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zRqqBp5sHhX2" style="font: 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>18.
<span id="xdx_821_z1VBgNkxoay5">BASIC AND DILUTED LOSS PER SHARE</span></b></span></p>

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

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:EarningsPerShareExplanatory"><p id="xdx_896_eifrs-full--EarningsPerShareExplanatory_z2RpODCPzxXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary
shares in issue during the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2023, the company delisted from the Main Market of the London Stock Exchange and carried out a share consolidation of 65 to 1. The
weighted average number of ordinary shares in issue shown below has been retrospectively adjusted to reflect this share consolidation
(see note 23 Post balance sheet events). </span>As such, the number of shares presented below may not be consistent with that presented
elsewhere.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_8B9_zZsksSxUEGi5" style="display: none">SUMMARY
OF INCOME AND SHARE DATA USED IN THE BASIC AND DILUTED LOSS PER SHARE COMPUTATIONS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended<br /> March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">(Loss) attributable to equity holders of the company ($)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_c20220401__20230331_zsg3uOTHInf8" title="(Loss) attributable to equity holders of the company" style="width: 16%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,271,685</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_pp0p0_c20210401__20220331_zqczE3pMgfj3" title="(Loss) attributable to equity holders of the company" style="width: 16%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">5,431,045</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Weighted average number of ordinary shares in issue (adjusted)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_ecustom--WeightedAverageNumberOfOrdinarySharesInIssue_c20220401__20230331_zSM4sil7MCLd" title="Weighted average number of ordinary shares in issue" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="OKYO:WeightedAverageNumberOfOrdinarySharesInIssue" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">22,257,058</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_ecustom--WeightedAverageNumberOfOrdinarySharesInIssue_c20210401__20220331_zoLaxNeIrxVk" title="Weighted average number of ordinary shares in issue" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="OKYO:WeightedAverageNumberOfOrdinarySharesInIssue" contextRef="From2021-04-012022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,064,813</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Basic and dilutive loss per share (dollars per share)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Year ended<br /> March 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">(Loss) attributable to equity holders of the company ($)</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8AA_zOn8f39rP5L3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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
the Group is reporting a loss from continuing operations for the year then, in accordance with IAS 33, the share options are not considered
dilutive because the exercise of the share options would have an anti-dilutive effect. The basic and diluted earnings per share as presented
on the face of the Statement of comprehensive income are therefore identical.</span></p>

<p style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfShareConsolidationExplanatory"><p id="xdx_805_ecustom--DisclosureOfShareConsolidationExplanatory_zpacIGBmMTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>18A. <span id="xdx_825_zOgrxCPUgtbb">SHARE CONSOLIDATION</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In May 2023, the company delisted
from the Main Market of the London Stock Exchange and carried out a share consolidation of <span id="xdx_90F_ecustom--AdjustmentOfShareConsolidation_c20230501__20230531_zZEPjYR2iEO7" title="Adjustment of share consolidation"><ix:nonNumeric contextRef="From2023-05-012023-05-31" name="OKYO:AdjustmentOfShareConsolidation">65 to 1</ix:nonNumeric></span>. The effects of the share consolidation
have been retrospectively adjusted where required and has been disclosed accordingly (see also note 23 Post balance sheet events).</p>
<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfLeasesExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfLeasesExplanatory_zZhhZXTD17tj" style="font: 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>19.
<span id="xdx_820_zWAany4rgDO1">LEASES</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is a lessee and does not have any leases as a lessor.</span></p>

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

<p style="font: 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
leases are accounted for by recognising a right-of-use asset and a lease liability except for:</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group
does not have leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments based
on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its
right-of-use assets in a consistent manner to its property, plant and equipment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
leases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the properties
in their original condition at the end of the lease.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year to March 31, 2022, the Group entered into new lease agreement on its existing office. The new leases has a term shorter than
12 months, so the Group has applied the exemption allowed by paragraph 5a in IFRS 16 in respect of short term leases.</span></p>

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


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

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At 1 April 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--RightofuseAssets_iS_c20220401__20230331_zDsLJ2hu88sa" title="Right-of-use assets, balance as at the beginning of the year" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1806">-</span></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Derecognition of right of use asset</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--DisposalsRightOfUseAssets_c20220401__20230331_z9Y84gJdRxi3" title="Derecognition of right of use asset" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1808">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </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; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%">At 1 April 2021</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center">$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--LeaseLiabilities_iS_zpyL46XdVNU7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eifrs-full--LeaseLiabilities_iS_zZIg9ANaGBDf" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AD_zQAUH3Hirw6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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leases</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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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: justify; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_ztVwLijqba5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 121; 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfAuditorsRemunerationExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfAuditorsRemunerationExplanatory_z6YhlKCRP4cl" style="font: 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>20.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfDetailedInformationAboutCompanyAuditorsFeesExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutCompanyAuditorsFeesExplanatory_zXxbFwFGL9d1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period, the group obtained the following services from the company&#8217;s auditors PKF, our independent registered public accounting
firm and Mazars, our previous independent registered public 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>

<p style="font: 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 id="xdx_8B8_zdkzSFpSUTB7" style="display: none">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
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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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--AuditorsRemuneration_hdei--LegalEntityAxis__custom--MazarsLLPMember_zoCN2suHwoql" style="vertical-align: bottom; background-color: White">
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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; border-collapse: collapse; width: 97%; margin-left: 0.25in">
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    <td style="padding-bottom: 1.5pt">PKF Littlejohn LLP</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: center">$</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$</td><td>&#160;</td></tr>
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    <td style="width: 52%; text-align: left">Fees payable to the company&#8217;s auditors for the audit of the parent company and consolidated financial statements</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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</ix:nonNumeric><p id="xdx_8AB_z7vr4xCaYyXh" style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfCashAndCashEquivalentsExplanatory_zHlhAHY0Ywic" style="font: 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>21.
<span id="xdx_822_zT9HmqeZXKKb">CASH AND CASH EQUIVALENTS</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>

<ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="OKYO:DisclosureOfDetailedInformationAboutCashAndCashEquivalentsExplanatory"><p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutCashAndCashEquivalentsExplanatory_z6miBGWUigI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents consist of 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>

<p style="font: 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 id="xdx_8BA_zPKXIKuMZMWd" style="display: none">SCHEDULE OF CASH AND CASH EQUIVALENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">31 March 2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">31 March 2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Cash at bank and in hand:</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: White">
    <td style="text-align: justify">&#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="width: 60%; text-align: justify">GBP</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_989_eifrs-full--CashOnHand_iI_c20230331__srt--CurrencyAxis__custom--GBPMember_zxSwdCgPbOag" title="Cash at bank and in hand" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2023-03-31_custom_GBPMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">471,974</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--CashOnHand_c20220331__srt--CurrencyAxis__custom--GBPMember_pp0p0" title="Cash at bank and in hand" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2022-03-31_custom_GBPMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,400,817</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">USD</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_986_eifrs-full--CashOnHand_iI_pp0p0_c20230331__srt--CurrencyAxis__custom--USDMember_zHOyRYYBMpwi" title="Cash at bank and in hand" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2023-03-31_custom_USDMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,573,407</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_986_eifrs-full--CashOnHand_c20220331__srt--CurrencyAxis__custom--USDMember_pp0p0" title="Cash at bank and in hand" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2022-03-31_custom_USDMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">299,907</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#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: White">
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--CashOnHand_iI_pp0p0_c20230331_zLvYrSGc5Skg" title="Cash at bank and in hand" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2023-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,045,381</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_ziPym78rRFv9" style="font: 10pt Times New 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="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_z3i5jvnCsSe5" style="font: 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>22.
<span id="xdx_82A_zPvXO4tBrB1l">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

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

<p style="font: 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
Group&#8217;s main financial commitments relate to the contractual payments in respect of its licensing agreements. Due to the uncertain
nature of scientific research and development and the length of time required to reach commercialisation of the products of this research
and development, pre-clinical, clinical and commercial milestone obligations are not detailed until there is a reasonable certainty that
the obligation will become payable. Contractual commitments are detailed where amounts are known and certain.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OK-101
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    or service which achieves the stated development milestones:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 5%; font-weight: bold; text-align: center">(a)</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_900_ecustom--AmountOfLicensedProductOrService_c20220401__20230331__ifrs-full--ProductsAndServicesAxis__custom--PhaseIHumanClinicalTrialMember_zAwZQFJVmlx9" title="Amount of licensed product or service"><ix:nonFraction name="OKYO:AmountOfLicensedProductOrService" contextRef="From2022-04-012023-03-31_custom_PhaseIHumanClinicalTrialMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: center">(c)</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAM8
    &#8211; The Group are committed to paying an annual license maintenance fee until the first commercial sale. The annual license maintenance
    fee is $<span id="xdx_905_ecustom--AnnualLicenseMaintenanceFee_pp0p0_c20220401__20230331_z1wX0CBBPeka" title="Annual license maintenance fee"><ix:nonFraction name="OKYO:AnnualLicenseMaintenanceFee" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction></span> until May 2021, and $<span id="xdx_902_ecustom--AnnualLicenseMaintenanceFeeTherafter_pp0p0_c20220401__20230331_z76mU4ZCurW8" title="Annual license maintenance fee, therafter"><ix:nonFraction name="OKYO:AnnualLicenseMaintenanceFeeTherafter" contextRef="From2022-04-01to2023-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,000</ix:nonFraction></span> thereafter.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-04-01to2023-03-31" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zsr60HJWCeJ" style="font: 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>23.
<span id="xdx_82C_zfUE9ZLrmvK6">POST BALANCE SHEET EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">On
May 22, 2023, the Company delisted from the standard segment of the Main Market of the London Stock Exchange and had a sole listing on
the NASDAQ capital market. In conjunction with the delisting, there was a share consolidation of 65 to 1. The share consolidation has been reflected in our disclosures of basic and diluted loss per share as disclosed in
note 18 in accordance with IAS 33.</span></p>

<p style="font: 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">On
June 6, 2023, the Company announced that patients are now being dosed in the randomized portion of the phase 2, multi-center, double-masked,
placebo-controlled trial of topical ocular OK-101 to treat DED.</span></p>

<p style="font: 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">On
May 24, 2023, the Company extended the life of its outstanding warrants to July 12, 2026. All other terms remained unchanged.</span></p>

</ix:nonNumeric><p id="xdx_81D_zp6MLoaoljb6" style="font: 10pt Times New 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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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2319623}]
{"company-data": {"conformed-name": "OKYO Pharma Ltd", "cik": "0001849296", "assigned-sic": "2836", "irs-number": "000000000"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41386", "film-number": "231172843"}, "business-address": {"street1": "55 PARK LANE", "city": "LONDON", "state": "X0", "zip": "W1K 1NA", "phone": "44 (0) 207 495 2379"}, "mail-address": {"street1": "55 PARK LANE", "city": "LONDON", "state": "X0", "zip": "W1K 1NA"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (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
March 31
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
file number:
001-41386
OKYO
Pharma Limited
(Exact
name of Registrant as specified in its charter and translation of Registrant's name into English)
Guernsey
(Jurisdiction of incorporation or organization)
OKYO
Pharma Limited
Martello
Court
Admiral
Park
St.
Peter Port
Guernsey
GY1 3HB
(Address
of principal executive offices)
OKYO
Pharma Limited
Chief
Financial Officer
107
Cheapside
London
EC2V 6DN
United
Kingdom
+44
20 7495 2379
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Copies
to:
Ed
Lukins
Orrick,
Herrington & Sutcliffe (UK) LLP
107
Cheapside
London
EC2V 6DN
United
Kingdom
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Name
    of each exchange on which registered
American
    Depositary Shares, each representing
65 ordinary shares, having a nominal value of £0.00
each Ordinary share, nominal value of £0.00 each*
NASDAQ
    Capital Market
(*) Not for trading, but only in connection with the listing of the American Depositary Shares
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Number
of outstanding shares of each of the issuer's classes of capital or common stock as of July 27, 2023:
25,553,274
ordinary shares.
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
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 and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted 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 and post such files).
☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, smaller reporting
company, or an emerging growth company. See definitions of "large accelerated filer, "accelerated filer", "smaller
reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large
    accelerated filer ☐
Accelerated
    filer ☐
Non-accelerated
    filer
☐
Smaller
    reporting company ☐
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by checkmark 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 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
TABLE
OF CONTENTS
PART I
Item
    1
Identity of Directors, Senior Management and Advisers
1
Item
    2
Offer Statistics and Expected Timetable
1
Item
    3
Key Information
1
Item
    4
Information on the Company
33
Item
    4A
Unresolved Staff Comments
49
Item
    5
Operating and Financial Review and Prospects
49
Item
    6
Directors, Senior Management and Employees
59
Item
    7
Major Shareholders and Related Party Transactions
69
Item
    8
Financial Information
70
Item
    9
The Offer and Listing
71
Item
    10
Additional Information
73
Item
    11
Quantitative and Qualitative Disclosures About Market Risk
81
Item
    12
Description of Securities Other than Equity Securities
82
PART II
Item
    13
Defaults, Dividend Arrearages and Delinquencies
83
Item
    14
Material Modifications to the Rights of Security Holders and Use of Proceeds
83
Item
    15
Controls and Procedures
83
Item
    16A
Audit Committee Financial Expert
84
Item
    16B
Code of Ethics
84
Item
    16C
Principal Accountant Fees and Services
84
Item
    16D
Exemptions From the Listing Standards for Audit Committees
84
Item
    16E
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
84
Item
    16F
Change in Registrant's Certifying Accountant
84
Item
    16G
Corporate Governance
85
Item
    16H
Mine Safety Disclosure
85
Item
    16
L
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
85
PART III
Item
    17
Financial Statements
86
Item
    18
Financial Statements
86
Item
    19
Exhibits
86
i
INTRODUCTION
In
this Annual Report on the Form 20-F references to "OKYO," "OKYO Pharma Ltd," "the company," "we,"
"us" and "our" refer to OKYO Pharma Ltd and its wholly owned subsidiary, OKYO Pharma Inc.
Solely
for convenience, the trademarks, service marks and trade names in this annual report may be referred to without the ® and ™
symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent
under applicable law, their rights thereto. This annual report contains additional trademarks, service marks and trade names of others,
which are the property of their respective owners. We do not intend to use or display other companies' trademarks, service marks
and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
In
this annual report, unless otherwise stated, all references to "U.S. dollars" or "US$" or "$" or
"cents" are to the currency of the United States of America, and all references to "Pounds Sterling" or "Sterling"
or "£" or "pence" are to the currency of the United Kingdom.
In
this annual report, any reference to any provision of any legislation shall include any amendment, modification, re-enactment or extension
thereof. Words importing the singular shall include the plural and vice versa, and words importing the masculine gender shall include
the feminine or neutral gender.
ii
Presentation
of Financial Information AND OTHER DATA
This
annual report includes our audited consolidated financial statements as of and for the years ended March 31, 2023, 2022, and 2021, which
are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards
Board, or IASB. None of our financial statements were prepared in accordance with generally accepted accounting principles in the United
States.
Our
financial information is presented in United States dollars. For the convenience of the reader, in this annual report, unless otherwise
indicated, translations from Pounds Sterling into U.S. dollars were made at the rate of £1.00 to $1.3113, which was the noon buying
rate of the Federal Reserve Bank of New York on July 14, 2023. Such U.S. dollar amounts are not necessarily indicative of the amounts
of U.S. dollars that could actually have been purchased upon exchange of Pounds Sterling at the dates indicated.
We
have made rounding adjustments to some of the figures included in this annual report. Accordingly, numerical figures shown as totals
in some tables may not be an arithmetic aggregation of the figures that preceded them.
iii
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
Annual Report contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this
Annual Report, other than statements of historical fact, including statements regarding our strategy, future operations, future financial
position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words
"may," "might," "will," "could," "would," "should," "expect,"
"intend," "plan," "objective," "anticipate," "believe," "estimate,"
"predict," "potential," "continue" and "ongoing," or the negative of these terms, or
other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties
and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different
from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained
in this annual report are based upon information available to us as of the date of this annual report and, while we believe such information
forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking
statements include statements about:
●
the
    development of product candidates, including statements regarding the timing of initiation, completion and the outcome of clinical
    studies or trials and related preparatory work, the period during which the results of the trials will become available and our research
    and development programs;
●
our
    ability to obtain and maintain regulatory approval of our product candidates in the indications for which we plan to develop them,
    and any related restrictions, limitations or warnings in the label of an approved drug or therapy;
●
our
    plans to research, develop, manufacture and commercialize our product candidates;
●
the
    timing of our regulatory filings for our product candidates;
●
the
    size and growth potential of the markets for our product candidates;
●
our
    ability to raise additional capital and our ability to continue as a going concern;
●
our
    commercialization, marketing and manufacturing capabilities and strategy;
●
our
    expectations regarding our ability to obtain and maintain intellectual property protection;
●
our
    ability to attract and retain qualified employees and key personnel;
●
our
    ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;
●
our
    estimates regarding future revenue, expenses and needs for additional financing; and
●
regulatory
    developments in the United States, European Union, United Kingdom and foreign countries.
You
should refer to the section titled "Risk Factors" for a discussion of important factors that may cause our actual results
to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure
you that the forward-looking statements in this annual report will prove to be accurate.
Furthermore,
if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in
these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that
we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by law.
You
should read this Annual Report and the documents that we have filed as exhibits to this Annual Report completely and with the understanding
that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these
cautionary statements.
iv
PART
I
ITEM
1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
Applicable
ITEM
2: OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3: KEY INFORMATION
A.
Selected Financial Data
The
following table summarizes our consolidated financial data as of the dates and for the periods indicated. The consolidated financial
statement data for the years ended March 31, 2023, 2022 and 2021 have been derived from our consolidated financial statements, as presented
at the end of this Annual Report, which have been prepared in accordance with IFRS, as issued by the IASB, and audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States).
Our
functional currency is the pound Sterling. However, for financial reporting purposes, our financial statements, which are prepared using
the functional currency, have been translated into U.S. dollars. Our assets and liabilities are translated at the exchange rates at the
balance sheet date, our expenses are translated at average exchange rates for the period presented and shareholders' equity is
translated based on historical exchange rates. Translation adjustments are not included in determining net income (loss) but are included
in foreign exchange translation adjustment to other comprehensive loss, a component of shareholders' equity.
Foreign
currency transactions in currencies different from the functional currency are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange differences 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 recorded in
general and administrative expense in the statement of operations and comprehensive loss.
As
of March 31, 2023, 2022, and 2021, the representative exchange rates were £1.00 = $1.23472 , £1.00 = $1.313896 and £1.00
= $1.380167, respectively.
1
Our
historical results are not necessarily indicative of the results that may be expected in the future. The following selected consolidated
financial data should be read in conjunction with our audited consolidated financial statements included at the end of this Annual Report
and the related notes and Item 5, "Operating and Financial Review and Prospects" below.
Consolidated
Statement of Operations and Comprehensive Loss Data:
Years Ended March 31,
2023
2022 (restated)
2021 (restated)
(in thousands except share and per share data)
Operating expenses:
Research and development
$
(6,338
)
$
(1,609
)
$
(348
)
General and administrative
(6,849
)
(4,608
)
(3,018
)
Total operating expenses
(13,187
)
(6,217
)
(3,366
)
Loss from operations
(13,187
)
(6,217
)
(3,366
)
Other income (expense)
(97
)
-
(12
)
Tax credit
12
786
25
Net loss attributable to ordinary shareholders
(13,272
)
(5,431
)
(3,353
)
Other comprehensive loss:
Foreign currency translation adjustment
(441
)
(837
)
346
Total comprehensive loss
(13,713
)
(6,268
)
(3,007
)
Basic and diluted net loss per ordinary share
(0.60
)
(0.36
)
(0.32
)
Consolidated
Balance Sheet Data:
As of March 31,
2023
2022
2021
(in thousands except share and per share data)
Cash and cash equivalents
$
4,045
$
2,701
$
6,889
Working capital
(2,060
)
2,942
5,280
Total assets
5,204
4,301
7,091
Total shareholders' equity/(deficit)
(2,053
)
2,947
5,319
We
define working capital as current assets less current liabilities.
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
2
D.
Risk Factors
Our
business has significant risks. You should consider carefully the risks described below, together with the other information contained
in this Annual Report, including our financial statements and the related notes. If any of the following risks occur, our business, financial
condition, results of operations and future growth prospects could be materially and adversely affected. This Annual Report also contains
forward-looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these
forward-looking statements, as a result of certain factors including the risks described below and elsewhere in this Annual Report and
our other SEC filings. See "Cautionary Statement Regarding Forward-Looking Statements" above.
Risks
Relating to Our Business
We
have only recently committed to our new business and our product candidates are in the early stages of development and it may be some
years until we generate revenue, if at all.
Our
product candidates, OK-101 and OK-201, are both early in the development stage. Our ability to generate product revenue, which is not
expected to occur for several years, if ever, will depend heavily on the successful development of the product candidates, many stages
of clinical trials, regulatory approval and eventual commercialization. We currently generate no revenue from sales of any product and
may never be able to develop or commercialize a marketable product.
There
is a high degree of failure for product candidates as they progress through clinical trials and clinical trial data may be interpreted
in varying ways which may delay, limit or prevent future regulatory approvals.
Many
companies in the life sciences and biotechnology sector have made significant initial progress only to suffer significant setbacks in
later stage clinical trials and there is a high failure rate for product candidates as they proceed through clinical trials. Data obtained
from pre-clinical and clinical activities is subject to varying interpretations which may delay, limit or prevent applications for regulatory
approvals.
The
development of pharmaceutical products carries significant risk of failure in early and late stage development programs.
The
development of pharmaceutical products is inherently uncertain, even in late-stage product development programs. There is a high failure
rate in the development of pharmaceutical products and there is a substantial risk of adverse, undesirable, unintended or inconclusive
results from testing or pre-clinical or clinical trials, which may substantially delay, or halt entirely, or make uneconomic, any further
development of our products and may prevent or limit the commercial use of such products.
While
the pre-clinical development of OK-101 and initial studies in animal models have been encouraging, the scope of these studies is limited,
and significant risks exist that OK-101 may never progress to a commercially viable product. Laboratory studies in animal models carry
the risk that similar results may not be seen or reproduced in future tests and trials, and there can be no guarantee that a successful
test in a mouse or other animal model will be capable of being reproduced in a human clinical trial. Small scale trials and the results
thereof, can be misleading as to efficacy, safety and other findings, as the outcome may be influenced by laboratory or demographic factors
and not due to the chemistry or biological effect of the drug candidate being evaluated. Larger scale trials often fail to produce the
same positive results seen in small scale trials for a variety of reasons and clinical trials in humans frequently fail to reproduce
efficacy seen in animal trials in the laboratory. Failure can often result after significant sums have been expended on research and
often where initial trial results (both in animals and in humans) have shown very encouraging results.
3
Management
initially intends to conduct laboratory and pre-clinical trials to establish safety and efficacy of our products. Due to the inherent
risks involved in developing pharmaceutical products, there is a risk that some or all of our products will not ultimately be successfully
developed or launched. In addition, our clinical trials may fail to show the desired safety and efficacy. Successful completion of one
stage of development of a pharmaceutical product does not ensure that subsequent stages of development will be successful. Our inability
to market any of our products currently under development would adversely affect our business and financial condition.
Any
commercial development of OK-101 is highly dependent on a number of factors, including:
●
the
    successful conduct of human trials in the initial indications of Dry Eye Disease (DED);
●
receipt
    of marketing approvals for OK-101 in the United States and other jurisdictions where separate approval is required and where we subsequently
    choose to market OK-101;
●
launching
    commercial sales of OK-101, if and when approved;
●
acceptance
    of OK-101 by patients, the medical community and third-party payers;
●
OK-101
    competing effectively with existing therapies and in particular with established products addressing the same clinical needs;
●
OK-101
    influencing the treatment guidelines in relevant territories; and
●
further
    clinical trials to provide additional data to support commercialization of OK-101 and to permit wider label claims.
If
any of these milestones are not met, our business, financial condition, prospects and results of operations could be materially adversely
affected.
Risks
Related to Our Financial Position and Need for Capital.
We
will need to raise substantial additional capital to develop and commercialize our product candidates and our failure to obtain funding
when needed may force us to delay, reduce or eliminate our product development programs or collaboration efforts.
As
of March 31, 2023, our cash and cash equivalents balance was approximately $4.0 million and our working capital deficit was approximately
$2 million. Due to our recurring losses from operations and the expectation that we will continue to incur losses in the future, we will
be required to raise additional capital to complete the development and commercialization of our current product candidates. We have
historically relied upon private and public sales of our equity, as well as debt financings to fund our operations. In order to raise
additional capital, we may seek to sell additional equity and/or debt securities or obtain a credit facility or other loan, which we
may not be able to do on favorable terms, or at all. Our ability to obtain additional financing will be subject to a number of factors,
including market conditions, our operating performance and investor sentiment. If we are unable to raise additional capital when required
or on acceptable terms, we may have to significantly delay, scale back or discontinue the development and/or commercialization of our
product candidate, restrict our operations or obtain funds by entering into agreements on unfavorable terms. Failure to obtain additional
capital at acceptable terms would result in a material and adverse impact on our operations.
Our
independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern, which
may hinder our ability to obtain future financing.
PKF
Littlejohn, LLP, our independent registered public accounting firm for the fiscal year ended March 31, 2023, has included an explanatory
paragraph in their opinion that accompanies our audited consolidated financial statements as of and for the year ended March 31, 2023,
indicating that our liquidity position post August 2023 raises substantial doubt about our ability to continue as a going concern. If
we are unable to improve our liquidity position by October 2023, we may not be able to continue as a going concern. The accompanying
consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and,
therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause
investors to suffer the loss of all or a substantial portion of their investment.
4
We
anticipate that we will continue to incur significant losses for the foreseeable future.
The
amount of our future net losses will depend, in part, on the rate of our future expenditures, including further research and development
activity. The amount of net losses will also depend on our success in developing and commercializing OK-101 and other products that may
generate significant revenue. Any failure by us to become and remain profitable could depress the value of our ordinary shares and could
impair our ability to expand our business, maintain our research and development efforts, diversify our product offerings or continue
our operations.
We
will need to spend extensively on further research activities and there can be no guarantee that we will have access to sufficient funds
to fully realize our research and development plan or to commercialize any products derived from research activities.
We
expect to incur further significant expenses in connection with our ongoing research and development activities in relation to our products,
including for funding clinical studies, registration, manufacturing, marketing, sales and distribution. In order to finance fully our
strategy, we may require more capital than is available from our existing cash balances.
Access
to adequate additional financing, whether through debt financing, an equity capital raise or a suitable partnering transaction may not
be available to us on acceptable terms, or at all. If we are unable to raise capital, we could be forced to delay, reduce or eliminate
our research and development programs or commercialization efforts. Any additional equity fundraising may be dilutive for our shareholders.
Any
of these events could have a material adverse effect on our business financial condition, prospects and results of operation and may
lead us to delay, reduce or abandon research and development programs or commercialization of some of our products.
Risks
Related to Commercialization of Our Product Candidates
Even
if we successfully develop a product which shows efficacy in human subjects there remain high barriers to commercial success
Even
if we were to receive regulatory approval for OK-101 or any other products, we may be unable to commercialize them.
There
are a number of factors that may inhibit our efforts to commercialize OK-101 or any other products on our own, including:
●
our
    inability to recruit, train and retain adequate numbers of effective sales and marketing personnel;
●
the
    inability of sales personnel to obtain access to or persuade adequate numbers of potential practitioners to prescribe any future
    products;
●
unforeseen
    costs and expenses associated with creating an independent sales and marketing organization;
●
costs
    of marketing and promotion above those anticipated by us; and
●
the
    inability to secure a suitable level of pricing and/or reimbursement approval from the relevant regulatory authorities in the countries
    we are targeting.
While
we may only seek to enter into arrangements with third parties to perform sales and marketing services in non-core territories, any such
arrangements could result in our product revenues (or the profitability of such product revenues) being lower than if we were to market
and sell the products itself. In addition, we may not be successful in entering into arrangements with third parties to sell and market
our products or may be unable to do so on terms that are favorable to us. Acceptable third parties may fail to devote the necessary resources
and attention to sell and market our products effectively. If we do not establish sales and marketing capabilities successfully, either
on our own or in collaboration with third parties, we will not be successful in commercializing our products, which in turn would have
a material adverse effect on our business, prospects, financial condition and results of operations.
5
We
have also invested and will continue to invest resources into the development of other products, such as OK-201. Even where these products
are successfully developed and marketing approval is secured from relevant regulatory authorities, these products might not achieve commercial
success. Factors which could limit commercial success of a product include but are not limited to:
●
limited
    market acceptance or a lack of recognition of the unmet medical need for the product amongst prescribers;
●
new
    competitor products entering the market;
●
the
    number and relative efficacy, safety or cost of competitive products;
●
an
    inability to supply a sufficient amount of the product to meet market demand;
●
insufficient
    funding being available to market the product adequately;
●
an
    inability to enforce intellectual property rights, or the existence of third-party intellectual property rights;
●
safety
    concerns arising pre- or post-launch resulting in negative publicity or product withdrawal or narrowing of the product label and
    the group of persons who may receive the product;
●
labelling
    being restricted/narrowed in the future and in the future by regulatory agencies; and
●
refusals
    by government or other healthcare payors to fund the purchase of the products by healthcare providers at a commercially viable level
    (or at all) or otherwise to restrict the availability of approved products on other grounds.
If
any of the foregoing were to occur, it could materially and adversely affect our business, financial condition, prospects and results
of operations.
We
face significant competition from pharmaceutical companies. We have competitors internationally, including major multinational pharmaceutical
companies, universities and research institutions. In respect of OK-101 as an indication for the treatment of DED, there are a number
of established companies engaged in the development and marketing of preparations addressing the DED market. In addition, there are a
wide range of products addressing the DED market currently approved and marketed by a number of large and small pharmaceutical companies
All
of our competitors have substantially greater financial, technical and other resources, such as larger research and development teams,
proven marketing and manufacturing organizations and well-established sales forces. Our competitors may succeed in developing, acquiring
or licensing drug products that are more effective or less costly than products which we are currently developing or which it may develop.
Established
pharmaceutical companies may invest heavily to accelerate the discovery and development of products that could make our products less
competitive. In addition, any new product that competes with an approved product must demonstrate compelling advantages in efficacy,
convenience, tolerability or safety in order to overcome price competition and to be commercially successful. Accordingly, our competitors
may succeed in obtaining patent protection, receiving approval from the FDA, the European Medicines Agency, or EMA, or that of another
relevant regulatory authority or discovering, developing and commercializing pharmaceutical products before we do, which would have a
material adverse effect on our business.
The
availability and price of our competitors' products could limit the demand, and the price we are able to charge, for any of our
products, if approved for sale. We will not achieve our business plan if acceptance is inhibited by price competition or the reluctance
of physicians to switch from existing drug products to our products, or if physicians switch to other new drug products or choose to
reserve our products for use in limited circumstances. Competition from lower-cost generic pharmaceuticals may also result in significant
reductions in sales volumes or prices for our products, which could materially adversely affect our business, prospects, financial condition
and results of operations.
We
are dependent on third party supply, development and manufacturing and clinical service relationships and on single manufacturing sites
for certain products. Our business strategy utilizes the expertise and resources of third parties in a number of areas, including the
conduct of clinical trials, other product development, manufacture and the protection of our intellectual property rights in various
geographical locations. This strategy creates risks for us by placing critical aspects of our business in the hands of third parties
whom we may not be able to manage or control adequately and who may not always act in our best interests.
6
Where
we are dependent upon third parties for the development or manufacture of certain products, our ability to procure our development or
manufacture in a manner which complies with regulatory requirements may be constrained, and our ability to develop and deliver such material
on a timely and competitive basis may be materially adversely affected, which may impact revenues.
Regulatory
requirements for pharmaceutical products tend to make the substitution of suppliers and contractors costly and time-consuming. Alternative
suppliers may not be able to manufacture products effectively or obtain the necessary manufacturing licenses from relevant regulatory
authorities. The unavailability of adequate commercial quantities, the inability to develop alternative sources, a reduction or interruption
in supply of contracted services, or a significant increase in the price of materials and services, could have a material adverse effect
on our ability to manufacture and market our products or to fulfill orders from our distributors or licensees, which in turn would have
a material adverse impact on our cash flows.
Insurance
coverage and reimbursement may be limited, unavailable or may be reduced over time in certain market segments for our products.
Government
authorities and third-party payers, such as private health insurers, decide which pharmaceutical products they will cover and the amount
of reimbursement. Reimbursement may depend upon a number of factors, including the payer's determination that use of a product
is:
●
a
    covered benefit under the payor's health plan;
●
safe,
    effective and medically necessary;
●
appropriate
    for the specific patient;
●
cost-effective;
    and
●
neither
    experimental nor investigational.
Obtaining
coverage and reimbursement approval for a product from a government or other third- party payer is a time-consuming and costly process
that could require us to provide supporting scientific, clinical and cost-effectiveness data for the use of our products.
We
may not be able to provide data sufficient to gain acceptance with respect to coverage and reimbursement, or to demonstrate commercial
value compared to existing established treatments. Even if we are able to furnish the requested data, there is no guarantee that a third-party
payor will cover a product. If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory
levels, we may be unable to achieve or sustain profitability.
We
may, in the future, seek approval to market our products in the EU, the U.S. and in selected other jurisdictions. In the EU, the pricing
of prescription pharmaceuticals is subject to national governmental control and pricing negotiations with governmental authorities can,
in some circumstances, take several years after obtaining marketing approval for a product. In addition, market acceptance and sales
of our products will depend significantly on the availability of adequate coverage and reimbursement from third-party payers and may
be affected by existing and future healthcare reform measures.
The
continuing efforts of governments, insurance companies, managed care organizations and other payers of healthcare services to contain
or reduce costs of healthcare and/or impose price controls may materially adversely affect our ability to set prices for our products,
generate revenues and achieve or maintain profitability. Any reduction in government reimbursement programs may result in a similar reduction
in payments from private payers, which may materially adversely affect our business, prospects, financial condition and results of operations.
7
Risks
Related to Our Intellectual Property
The
expiration of certain intellectual property rights or an inability to obtain, maintain or enforce adequate intellectual property rights
for products that are marketed or in development may result in additional competition from other third-party products. Third parties
may have blocking intellectual property rights which could prevent the sale of products by us or require that compensation be paid to
such third parties
The
extent of our success will, to a significant degree, depend on our ability to establish, maintain, defend and enforce adequate intellectual
property rights and to operate without infringing the proprietary or intellectual property rights of third parties. We have been granted,
or have in-licensed rights under, a number of key patent families for OK-101 (or other proprietary rights), and patent applications are
pending in the U.S., the EU, and certain other jurisdictions. We may develop or acquire further technology or products that are not patentable
or otherwise protectable. The strength of patents in the pharmaceutical field involves complex legal and scientific questions and can
be uncertain. Patents or other rights might not be granted under any pending or future applications filed or in-licensed by us and any
claims allowed might not be sufficiently broad to protect our technologies and products from competition. Competitors may also successfully
design around key patents held by us, thereby avoiding a claim of infringement. There is a risk that not all relevant prior art has been
identified with respect to any particular patent or patent application and the existence of such prior art may invalidate any patents
granted (or result in a patent application not proceeding to grant). Patents or other registerable rights might also be revoked for other
reasons after grant. Third parties may challenge the validity, enforceability or scope of any granted patents. Our defense of our proprietary
rights could involve substantial costs (even if successful) and could result in declarations of invalidity or significantly narrow the
scope of those rights, limiting their value.
Competitors
may have filed applications or been granted patents, or obtained additional patents and proprietary rights, which relate to and could
be infringed by our products. An adverse outcome with respect to third party rights such as claims of infringement of patents or third-party
proprietary rights by us could subject us to significant liabilities or require us to obtain a license for the continued use of the affected
rights, which may not be available on acceptable terms or at all, or require us to cease commercialization and development efforts, or
the sale of the relevant products, in whole or in part in the relevant jurisdictions.
We
could be subject to claims for compensation by third parties claiming an ownership interest in the intellectual property rights relating
to a commercially successful product. This may include claims from employee inventors in territories which permit such claims even where
we own the intellectual property rights in question. Any such failure to defend our proprietary intellectual property could have a material
adverse effect on our business, prospects, financial condition and results of operations.
We
may not be able to obtain, maintain, defend or enforce the intellectual property rights covering our products
To
date, we have had certain patents licensed to us in jurisdictions we consider to be important to our business. However, we cannot predict:
●
the
    degree and range of protection any patents will afford against competitors and competing technologies, including whether third parties
    will find ways to invalidate or otherwise circumvent the patents by developing a competitive product that falls outside its scope;
●
if,
    or when any patents will be granted;
●
that
    granted patents will not be contested, invalidated or found unenforceable;
●
whether
    or not others will obtain patents claiming aspects similar to those covered by the Company's patents and patent applications;
●
whether
    we will need to initiate litigation or administrative proceedings, or whether such litigation or proceedings will be initiated by
    third parties against us, which may be costly and time consuming; and
●
whether
    third parties will claim that our technology infringes upon their rights.
While
we believe that we have novel composition of matter on the OK-101 peptide and novel methods of its use in treating DED, we cannot be
sure that these patent applications will issue as patents. Each patent office has different patentability requirements, but we believe
that the license patent applications contain patentable subject matter. The process for issuance of a patent involves correspondence
with each local patent office in the jurisdictions in which the patent application is filed. That process, patent prosecution, involves
a discussion of any relevant prior art and typically a discussion of the scope of the claims. The patent prosecution process can take
several years depending on the jurisdiction and is not in the control of the patent owner, but in the control of the local patent office.
We cannot be sure the outcome of the patent prosecution will be successful and result in issued patents.
Patent
protection is of importance to us in maintaining our competitive position in our planned product lines and a failure to obtain or retain
adequate protection could have a material adverse effect on our business, prospects, financial condition and results of operations.
8
We
may not be able to prevent disclosure of our trade secrets, know-how or other proprietary information.
We
rely on trade secret protection to protect our interests in proprietary know-how and in processes for which patents are difficult to
obtain or enforce. If we are unable to protect our trade secrets adequately the value of our technology and products could be significantly
diminished. Furthermore, our employees, consultants, contract personnel or third-party partners, either accidentally or through willful
misconduct, may cause serious damage to our programs and/or our strategy by disclosing confidential information to third parties. It
is also possible that confidential information could be obtained by third parties as a result of breaches of our physical or electronic
security systems. Any disclosure of confidential data into the public domain or to third parties could allow third parties to access
confidential information and use it in competition with us. In addition, others may independently discover the confidential information.
Any action to enforce our rights against any misappropriation or unauthorized use and/or disclosure of confidential information is likely
to be time-consuming and expensive, and may ultimately be unsuccessful, or may result in a remedy that is not commercially valuable.
Any such loss of confidential information or failure to enforce our rights in relation to such confidential information, or unsatisfactory
outcome of any related litigation could have a material adverse effect on our business, prospects, financial condition or results of
operation.
Our
product candidates could infringe patents and other intellectual property rights of third parties.
Our
commercial success depends upon our ability, and the ability of any third party with which we may partner to develop, manufacture, market
and sell our products and use our patent- protected technologies without infringing the patents of third parties.
Our
products may infringe or may be alleged to infringe existing patents or patents that may be granted in the future which may result in
costly litigation and could result in our having to pay substantial damages or limit our ability to commercialize our products.
Because
some patent applications in Europe, the U.S. and many foreign jurisdictions may be maintained in secrecy until the patents are issued,
patent applications in such jurisdictions are typically not published until 18 months after filing, and publications in the scientific
literature often lag behind actual discoveries. Accordingly, we cannot be certain that others have not filed patents that may cover our
technologies, our products or the use of our products. Additionally, pending patent applications which have been published can, subject
to certain limitations, be later amended in a manner that could cover our technologies, our products or the use of our products. As a
result, we may become party to, or threatened with, future adversarial proceedings or litigation regarding patents with respect to our
products and technology.
If
we are sued for patent infringement, we would need to demonstrate that our products or methods either do not infringe the patent claims
of the relevant patent or that the patent claims are invalid, and we may not be able to do this. If we are found to infringe a third
party's patent, we could be required to obtain a license from such third party to continue developing and marketing our products
and technology or we may elect to enter into such a license in order to settle litigation or in order to resolve disputes prior to litigation.
However, we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we are able to obtain
a license, it could be non- exclusive, thereby giving our competitors access to the same technologies that are licensed to us and could
require us to make substantial royalty payments. We could also be forced, including by court order, to cease commercializing the infringing
technology or products. A finding of infringement could prevent us from commercializing our products 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 similarly negative impact on our business.
Any
such claims are likely to be expensive to defend, and some of our competitors may be able to sustain the costs of complex patent litigation
more effectively than us because they have substantially greater resources. Moreover, even if we are successful in defending any infringement
proceedings, we may incur substantial costs and divert management's time and attention in doing so, which could materially adversely
affect our business, prospects, results of operations or financial condition.
Risks
Related to Our Operations
Risks
relating to managing growth, employee matters and other risks relating to our business
Growth
may place significant demands on our management and resources. We expect to experience growth in the number of our employees and the
scope of our operations in connection with the continued development and, in due course, the potential commercialization of our products.
This
potential growth will place a significant strain on our management and operations, and we may have difficulty managing this future potential
growth.
We
are highly dependent on our current executive officers and their services are critical to the successful implementation of our product
development and regulatory strategies. While suitable contracts of employment and consultancy agreements are in place including six to
12 months' notice periods for all executive officers, they may give notice to terminate their employment or services with us at
any time. The loss of the services of any of our executive officers and our inability to find suitable replacements could harm our business,
prospects, financial condition, results of operations and ability to achieve the successful development or commercialization of our products.
9
Challenges
in identifying and retaining key personnel could impair our ability to conduct and grow our operations effectively. Our ability to compete
in the highly competitive pharmaceutical industry depends upon our ability to attract and retain highly qualified management and sales
teams. We are intending to recruit our own commercial team and expand our existing central infrastructure team. Many of the other pharmaceutical
companies and academic institutions that we compete against for qualified personnel have greater financial and other resources, different
risk profiles and a longer history in the industry than we do. We might not be able to attract or retain these key persons on conditions
that are economically feasible. Our inability to attract and retain these key persons could have a material adverse effect on our business,
prospects, financial conditions and results of operation.
COVID-19
has previously adversely affected our business, and any new pandemic, epidemic or outbreak of an infectious disease may further adversely
affect our business.
In
December 2019, a novel strain of coronavirus, COVID-19, spread globally, substantially impacting the global economy and our operations,
including interrupting preclinical and clinical trial activities and disrupting our supply chain. The spread of an infectious disease,
including COVID-19, may also result in the inability of our suppliers to source or deliver components or raw materials necessary for
our clinical supply on a timely basis or at all. In addition, hospitals may reduce staffing and reduce or postpone certain treatments
in response to the spread of an infectious disease. Such events may result in a period of business disruption, and in reduced operations,
or doctors and medical providers may be unwilling to participate in our clinical trials, any of which could materially affect our business,
financial condition and results of operations. The extent to which COVID-19 impacts our business will depend on future developments,
which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus
and the actions to contain the coronavirus or treat its impact, among others. A significant pandemic as with COVID-19, or any other infectious
disease, could result in a widespread health crisis that could adversely affect the economies and financial markets worldwide, resulting
in an economic downturn that could impact our business, financial condition and results of operations.
We
may become subject to product liability claims.
We
face an inherent risk of product liability and associated adverse publicity as a result of the clinical testing of our products and sales
of our products once marketing approval is received from relevant regulatory authorities.
Criminal
or civil proceedings might be filed against us by any study subjects, patients, relevant regulatory authorities, pharmaceutical companies,
and any other third party using or marketing our products. Any such product liability claims may include allegations of defects in manufacturing
or design, negligence, strict liability, a breach of warranties and a failure to warn of dangers inherent in the product.
If
we cannot successfully defend ourselves against product liability claims, we may incur substantial liabilities or be required to limit
commercialization of our products, if approved. Even if we successfully defend ourselves against such product liability claims it could
require significant financial and management resources. Regardless of the merits or eventual outcome, product liability claims may result
in:
●
decreased
    demand for our products due to negative public perception;
●
injury
    to our reputation;
●
withdrawal
    of clinical study participants or difficulties in recruiting new study participants;
●
initiation
    of investigations by regulators;
●
costs
    to defend or settle the related litigation;
●
diversion
    of management's time and our resources;
●
substantial
    monetary awards to patients, study participants or subjects;
●
product
    recalls, withdrawals or labelling, marketing or promotional restrictions;
●
loss
    of revenues from product sales; or
●
the
    inability to commercialize any of our products, if approved.
Although
we will maintain levels of insurance customary for our sector to cover our current and future business operations, any claim that may
be brought against us could result in a court judgment or settlement in an amount that is not covered, in whole or in part, by our insurance
or that is in excess of the limits of our insurance coverage. Our insurance policies also have various exclusions, and we may be subject
to a product liability claim for which we have no coverage. In such cases, we would have to pay any amounts awarded by a court or negotiated
in a settlement that exceed our coverage limitations or that are not covered by our insurance, and we may not have, or be able to obtain,
sufficient capital to pay such amounts.
10
If
we or our partners, licensees and subcontractors were unable to obtain and maintain appropriate insurance coverage at an acceptable cost,
or to protect ourselves in any way against actions for damages, this would seriously affect the marketing of our products and, more generally,
be detrimental to our business, prospects, results of operations or financial condition.
Our
employees, contractors, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance
with regulatory standards.
We
are exposed to the risk of employees, independent contractors, principal investigators, consultants, commercial partners or vendors engaging
in fraud or other misconduct. Misconduct could include intentional failures to comply with FDA or EMA regulations or those of other relevant
regulatory authorities, to provide accurate information to the FDA, EMA or other relevant regulatory authorities, or to comply with manufacturing
standards we have established.
In
particular, sales, marketing and business arrangements in the life sciences and biotechnology sector are subject to extensive laws and
regulations intended to prevent fraud, misconduct, bribery and other abusive practices. These laws and regulations may restrict or prohibit
a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive programs and other business arrangements.
Employee
misconduct could also involve the improper use of information obtained in the course of clinical studies, which could result in regulatory
sanctions and serious harm to our reputation. It is not always possible to identify and deter employee misconduct, and the precautions
we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting
us from governmental or relevant regulatory authority investigations or other actions or lawsuits stemming from a failure to be in compliance
with such laws or regulations. If any such actions are instituted against us, and we are not successful in defending ourself or asserting
our rights, those actions could have a significant impact on our business, including the imposition of significant fines or other sanctions,
and our reputation.
We
may be vulnerable to disruptions of information technology systems or breaches of data security. We are dependent on information technology
systems and infrastructure to operate our business. In the ordinary course of our business, we collect, store and transmit confidential
information, including intellectual property, proprietary business information and personal information. It is important that we do so
in a secure manner to maintain confidentiality and integrity of such confidential information. Any failure to do so could adversely affect
our business, prospects, results of operation or financial condition.
The
relationship of the UK with the EU could impact our ability to operate efficiently in certain jurisdictions or in certain markets.
The
UK formally exited the EU on January 31, 2020, which is commonly known as Brexit. Under the terms of its departure, the UK entered a
transition period during which it continued to follow all EU rules until December 31, 2020, or the Transition Period. On December 30,
2020, the UK and EU signed the Trade and Cooperation Agreement, which includes an agreement on free trade between the two parties.
There
is considerable uncertainty resulting from a lack of precedent and the complexity of the UK and EU's intertwined legal regimes
as to how Brexit (following the Transition Period) will impact the medical devices industry in Europe. Since a significant proportion
of the regulatory framework in the UK applicable to our business and product candidates is derived from EU directives and regulations,
Brexit could materially impact the regulatory regime with respect to the development, manufacture, importation, approval and commercialization
of our product candidates in the UK or the EU. The impact will largely depend on the model and means by which the UK's relationship
with the EU is governed post-Brexit and the extent to which the UK chooses to diverge from the EU regulatory framework. For example,
following the Transition Period, the UK will no longer be covered by the centralized procedures for obtaining EU-wide marketing authorizations
and our product candidates will therefore require a separate marketing authorization for such products to be marketed in the UK. It is
also unclear as to whether the relevant authorities in the EU and the UK are adequately prepared for the additional administrative burden
caused by Brexit. Any delay in obtaining, or an inability to obtain, any marketing approvals, as a result of Brexit or otherwise, would
prevent us from, or delay commercialization of, product candidates in the UK and/or the EEA and restrict our ability to generate revenue
and achieve and sustain profitability.
11
If
any of these outcomes occur, we may be forced to restrict or delay efforts to seek regulatory approval in the UK for its product candidates,
which could significantly and materially harm our business. There is a degree of uncertainty regarding the overall impact that Brexit
will have on the process to obtain regulatory approval in the UK for product candidates.
Further,
the UK's withdrawal from the EU has resulted in the relocation of the EMA from the UK to the Netherlands. This relocation has caused,
and may continue to cause, disruption in the administrative and medical scientific links between the EMA and the UK Medicines and Healthcare
Products Regulatory Agency, including delays in granting clinical trial authorization or marketing authorization, disruption of importation
and export of medical devices, active substance and other components of new drug formulations, and disruption of the supply chain for
clinical trial product and final authorized formulations. The cumulative effects of the disruption to the regulatory framework may add
considerably to the development lead time to marketing authorization and commercialization of product candidates in the EU and/or the
UK. Brexit may also result in a reduction of funding to the EMA once the UK no longer makes financial contributions to EU institutions,
such as the EMA. If funding to the EMA is so reduced, it could create delays in the EMA issuing regulatory approvals for our product
candidates and, accordingly, have a material adverse effect on our business, financial condition, results of operations or prospects.
Risks
Related to Government Regulation
Even
if we complete the necessary clinical trials, we cannot predict when, or if, we will obtain regulatory approval to commercialize our
product candidates and whether the approval may be for a narrower indication than we seek.
We
cannot commercialize a product candidate until the appropriate regulatory authorities have reviewed and approved the product candidate.
The FDA must review and approve any new pharmaceutical product before it can be marketed and sold in the United States. The FDA regulatory
review and approval process, which includes evaluation of preclinical studies and clinical trials of a product candidate and proposed
labeling, as well as the evaluation of the manufacturing process and manufacturers' facilities, all of which is lengthy, expensive
and uncertain. To obtain approval, we must, among other things, demonstrate with substantial evidence from well-controlled clinical trials
that the product candidate is both safe and effective for each indication where approval is sought. Even if our product candidates meet
the FDA's safety and effectiveness endpoints in clinical trials, the FDA may not complete their review processes in a timely manner,
or we may not be able to obtain regulatory approval. The FDA has substantial discretion in the review and approval process and may refuse
to file our application for substantive review or may determine after review of our data that our application is insufficient to allow
approval of our product candidates. The FDA may require that we conduct additional preclinical studies, clinical trials or manufacturing
validation studies and submit that data before it will reconsider our application. Additional delays may result if an FDA Advisory Committee
or other regulatory authority recommends non-approval or 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 authority policy
during the period of product development, clinical trials and the review process.
The
FDA, EMA or other regulatory authorities also may approve a product candidate for more limited indications than requested or may impose
significant limitations in the form of narrow indications, warnings or a risk evaluation and mitigation strategy, or REMS. These regulatory
authorities may require precautions or contraindications with respect to conditions of use or may grant approval subject to the performance
of costly post-marketing clinical trials. In addition, the FDA, EMA or other regulatory authorities may not approve the labeling claims
that are necessary or desirable for the successful commercialization of our product candidates. Any of the foregoing scenarios could
harm the commercial prospects for our product candidates and negatively impact our business, financial condition, results of operations
and prospects.
Delays
in obtaining regulatory approval of our manufacturing process and facility or disruptions in our manufacturing process may delay or disrupt
our product development and commercialization efforts.
We
do not currently operate manufacturing facilities for clinical or commercial production of our product candidates. Before we can begin
to commercially manufacture our product candidates, whether in a third-party facility or in our own facility, if and when established,
we must obtain regulatory approval from the FDA for our manufacturing process and facility. A manufacturing authorization must also be
obtained from the appropriate European Union and UK regulatory authorities and from other foreign regulatory authorities, as applicable.
In order to obtain approval, we will need to ensure that all of our processes, methods and equipment are compliant with Current Good
Manufacturing Practice ('cGMP'), and perform extensive audits of vendors, contract laboratories and suppliers. If any of
our vendors, contract laboratories or suppliers are found to be non-compliant with cGMP, 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 cGMP requirements
govern quality control of the manufacturing process and documentation policies and procedures. In complying with cGMP, 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 would be subject to possible regulatory action and may not be
permitted to sell any product candidate that we may develop.
12
If
we or our third-party manufacturers fail to comply with applicable cGMP regulations, the FDA, EMA and 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.
Additionally,
if the supply of our products from our third-party manufacturers to us is interrupted for any reason, including due to regulatory requirements
or actions (including recalls), adverse financial developments at or affecting the supplier, failure by the supplier to comply with cGMP
requirements, contamination, business interruptions or labor shortages or disputes, there could be a significant disruption in commercial
supply of our products. We do not currently have a backup manufacturer of our product candidate supply for clinical trials or commercial
sale. An alternative manufacturer would need to be qualified through a supplement to its regulatory filing, which could result in further
delays. The regulatory authorities also may require additional clinical trials if a new manufacturer is relied upon for commercial production.
Switching manufacturers may involve substantial costs and could result in a delay in our desired clinical and commercial timelines.
If
our competitors are able to obtain orphan drug exclusivity for products that constitute the same drug and treat the same indications
as our product candidates, we may not be able to have competing products approved by applicable regulatory authorities for a significant
period of time. In addition, even if we obtain orphan drug exclusivity for any of our products, such exclusivity may not protect us from
competition.
Regulatory
authorities in some jurisdictions, including the United States and the European Union, may designate products for relatively small patient
populations as orphan drugs. Under the Orphan Drug Act of 1983, the FDA may designate a product candidate as an orphan drug if it is
intended to treat a rare disease or condition, which is generally defined as having a patient population of fewer than 200,000 individuals
in the United States, or a patient population greater than 200,000 in the United States where there is no reasonable expectation that
the cost of developing the drug will be recovered from sales in the United States. In the United States, orphan drug designation entitles
a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and user-fee waivers.
In the European Union, the EMA's Committee for Orphan Medicinal Products grants orphan drug designation to promote the development
of products that are intended for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition
affecting not more than five in 10,000 persons in the European Union. Additionally, orphan drug 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 European Union would be sufficient to justify the necessary investment in developing
the drug or biologic product. In the European Union, orphan drug designation entitles a party to a number of incentives, such as protocol
assistance and scientific advice specifically for designated orphan medicines, and potential fee reductions depending on the status of
the sponsor.
The
designation as an orphan product does not guarantee 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 receives the first marketing approval for the indication for which it has such
designation, the product is entitled to a period of marketing exclusivity, which precludes the FDA or the EMA from approving another
marketing application for a product that constitutes the same drug treating the same indication for that marketing exclusivity 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 United States and 10 years in the European Union. The exclusivity period in the European Union can be reduced to six
years if a product no longer meets the criteria for orphan drug designation or if the product 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 product to meet the needs of patients
with the rare disease or condition.
13
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 condition. In the United States, 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 European
Union, 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 sufficient quantities of orphan medicinal
    product.
Even
if we obtain regulatory approval for a product candidate, our product candidates will remain subject to regulatory oversight.
Even
if we obtain 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 may also be subject to 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 clinical effectiveness of the product.
Some
of our product candidates are classified as biologics in the United States, and therefore, can only be sold if we obtain a biologics
license application, or BLA, from the FDA. The holder of an approved BLA also must submit new or supplemental applications and obtain
FDA approval for certain changes to the approved product, product labeling or manufacturing process. In addition, the holder of a an
approved BLA must comply with the FDA's advertising and promotion requirements, such as those related to 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"). Advertising and promotional materials must comply with FDA rules and are subject to FDA review, in addition to other potentially
applicable federal and state laws.
In
addition, product manufacturers and their facilities are subject to payment of user fees and continual review and periodic inspections
by the FDA and other regulatory authorities for compliance with cGMP 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 if a regulatory authority
disagrees with the promotion, marketing or labeling of that product (in addition to our being obligated as holder of an approved BLA
to monitor and report adverse events and any failure of a product to meet the BLA specifications), 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 following approval of our product candidates, a regulatory or enforcement authority
may:
●
issue
    a warning letter asserting 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;
14
●
suspend
    any ongoing clinical trials;
●
refuse
    to approve a pending 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 product or otherwise require the withdrawal of the product from the market;
●
refuse
    to permit the import or export of the product; or
●
refuse
    to allow us to enter into supply contracts, including government contracts.
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 United States 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 negatively impact our business, financial condition, results of operations and prospects.
Even
if we obtain and maintain approval for our product candidates in a major pharmaceutical market such as the United States, we may never
obtain approval for our product candidates in other major markets.
In
order to market any products in a country or territory, we must establish and comply with numerous and varying regulatory requirements
of such countries or territories regarding safety and effectiveness. Clinical trials conducted in one country may not be accepted by
regulatory authorities in other countries, and regulatory approval in one country does not mean that regulatory approval will be obtained
in any other country. Approval procedures vary among countries and can involve additional product testing and validation and additional
administrative review periods. Seeking regulatory approvals in all major markets could result in significant delays, difficulties and
costs for us and may require additional preclinical studies or clinical trials, which would be costly and time consuming. Regulatory
requirements can vary widely from country to country and could delay or prevent the introduction of our product candidates in those countries.
For example, in many jurisdictions outside of the United States, 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 would also be subject to
approval. Satisfying these and other regulatory requirements is costly, time consuming, uncertain and subject to unanticipated delays.
In addition, our failure to obtain regulatory approval in any country may delay or have negative effects on the process for regulatory
approval in other countries. We currently do not have any product candidates approved for sale in any jurisdiction, whether in the United
States, the European Union or any other international markets, and we do not have experience in obtaining regulatory approval in international
markets. If we fail to comply with regulatory requirements in international markets or to obtain and maintain required approvals, our
target market will be reduced and our ability to realize the full market potential of our product candidates will be compromised.
We
may seek a conditional marketing authorization in the European Union for some or all of our current product candidates, but we may not
be able to obtain or maintain such designation.
As
part of its marketing authorization process, the EMA may grant marketing authorizations for certain categories of medicinal products
on the basis of less complete data than is normally required, when doing so may meet unmet medical needs of patients and serve the interest
of public health. In such cases, it is possible for the Committee for Medicinal Products for Human Use, or 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.
15
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 therapeutic utility of the medicinal product have not been supplied, all the following requirements are met:
●
the
    risk-benefit balance of the medicinal product is positive;
●
it
    is likely that the applicant will be in a position to provide the comprehensive clinical data;
●
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.
Healthcare
legislative reform measures may have a negative impact on our business and results of operations.
In
the United States and some foreign jurisdictions, there have been, and continue to be, several legislative and regulatory changes and
proposed changes regarding the healthcare system that could prevent or delay marketing approval of our product candidates, restrict or
regulate post-approval activities and affect our ability to profitably sell any product candidates for which we obtain marketing approval.
In
the United States, the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, or the MMA, changed the way Medicare covers
and pays for pharmaceutical products. The MMA expanded Medicare coverage for outpatient drug purchases by adding a new Medicare Part
D program and introduced a new reimbursement methodology based on average sales prices for Medicare Part B physician-administered drugs.
In addition, the MMA authorized Medicare Part D prescription drug plans to limit the number of drugs that will be covered in any therapeutic
class in their formularies. The MMA's cost reduction initiatives and other provisions could decrease the coverage and price that
we receive for any approved products. While the MMA applies only to drug benefits for Medicare beneficiaries, private payors often follow
Medicare coverage policy and payment limitations in setting their own reimbursement rates. Therefore, any reduction in reimbursement
that results from the MMA may result in a similar reduction in payments from private payors. Similar regulations or reimbursement policies
may be enacted in international markets, which could similarly impact our business.
16
In
March 2010, the Patient Protection and Affordable Care Act ('PPACA') (as amended by the Health Care and Education Reconciliation
Act of 2010) was passed, which substantially changes the way healthcare is financed by both the government and private insurers, and
significantly impacts the U.S. pharmaceutical industry. The PPACA, among other things: (i) addresses 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; (ii) increases the minimum Medicaid rebates owed by manufacturers under the Medicaid Drug Rebate Program and extends the
rebate program to individuals enrolled in Medicaid managed care organizations; (iii) establishes annual fees and taxes on manufacturers
of certain branded prescription drugs; (iv) expands the availability of lower pricing under the 340B drug pricing program by adding new
entities to the program; and (v) establishes a new Medicare Part D coverage gap discount program, in which manufacturers must agree to
offer 50% point-of-sale discounts off negotiated prices of applicable brand drugs to eligible beneficiaries during their coverage gap
period, as a condition for the manufacturer's outpatient drugs to be covered under Medicare Part D. Additionally, in the United
States, the Biologics Price Competition and Innovation Act of 2009 created an abbreviated approval pathway for biologic products that
are demonstrated to be biosimilar or "interchangeable" with an FDA-approved biologic product. This new pathway could allow
competitors to reference data from biologic products already approved after 12 years from the time of approval. This could expose us
to potential competition by lower-cost biosimilars even if we commercialize a product candidate faster than our competitors. Moreover,
the creation of this abbreviated approval pathway does not preclude or delay a third party from pursuing approval of a competitive product
candidate via the traditional approval pathway based on their own clinical trial data.
Additional
changes that may affect our business include those changes governing enrollment in federal healthcare programs, reimbursement changes,
rules regarding prescription drug benefits under the health insurance exchanges and fraud and abuse and enforcement. Continued implementation
of the PPACA and the passage of additional laws and regulations may result in the expansion of new programs such as Medicare payment
for performance initiatives, and may impact existing government healthcare programs, such as by improving the physician quality reporting
system and feedback program.
For
each state that does not choose to expand its Medicaid program, there likely will be fewer insured patients overall, which could impact
the sales, business and financial condition of manufacturers of branded prescription drugs. Where patients receive insurance coverage
under any of the new options made available through the PPACA, manufacturers may be required to pay Medicaid rebates on that resulting
drug utilization. The U.S. federal government also has announced delays in the implementation of key provisions of the PPACA. The implications
of these delays for our and our potential partners' business and financial condition, if any, are not yet clear.
In
addition, there have been judicial and congressional challenges to certain aspects of the PPACA, and we expect the current administration
and Congress will likely continue to seek legislative and regulatory changes, including repeal and replacement of certain provisions
of the PPACA. In January 2017, President Trump 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. More recently, the U.S. House of Representatives passed legislation known as the American Health Care Act of 2017, and Senate
Republicans have released a draft bill known as the Better Care Reconciliation Act of 2017, each of which would repeal certain aspects
of the PPACA if ultimately enacted. The prospects for enactment of these legislative initiatives remain uncertain. Further, Congress
could also consider other legislation to replace elements of the PPACA. We cannot know how efforts to repeal and replace the PPACA or
any future healthcare reform legislation will impact our business.
We
expect that the PPACA, as well as other healthcare reform measures that may be adopted in the future, may result in more rigorous coverage
criteria and in additional downward pressure on the price that we receive for any approved product. Any reduction in reimbursement from
Medicare or other government programs may result in a similar reduction in payments from private payors. 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.
The
Department of Health and Human Services Office of Inspector General in the US issued final regulations on November 30, 2020 to eliminate
safe harbor protection under the anti-kickback statute for drug price reductions that pharmaceutical manufacturers pay to Medicare and
Medicaid plan sponsors and their pharmacy benefit managers. The proposal reflects a clear intent to substantially alter many of the current
drug discount and services compensation practices among pharmaceutical manufacturers and Medicare and Medicaid managed care organizations
and their pharmacy benefit managers. The proposal also reflects a skepticism that current drug discount and compensation practices among
manufacturers and pharmacy benefit managers are sufficiently transparent to health plans to ensure that all appropriate cost reductions
and value is passed through to health plans and reflected in lower health plans costs and lower premiums for beneficiaries. The Biden
Administration has delayed the effective date of this rule until January 1, 2023, and a lawsuit initiated by the Pharmaceutical Care
Management Administration has challenged this final rule. If the regulation becomes effective it could result in lower prices for pharmaceutical
products in general.
The
Centers for Medicare and Medicaid Services issued an interim final rule on November 20, 2020 that would tie prices for certain drugs
under Medicare Part B to the lowest price for those drugs available in certain countries that are members of the Organization for Economic
Co-operation and Development. This "most favored nation" drug pricing rule is also the subject of lawsuits, and a federal
court has placed an injunction on the implementation of the rule. This rule, if finalized, could also result in lower prices for pharmaceutical
products in general.
17
The
Biden Administration will have the opportunity to address these regulations as well as drug pricing, health care access, and other health
care reform issues. Any further legislative or administrative action to reduce reimbursement or health benefits to beneficiaries under
the Medicare or Medicaid program could affect the payment we could collect from the sale of any product in the United States.
We
expect that additional state and federal healthcare reform measures will be adopted in the future, any of which could limit the amounts
that federal and state governments will pay for healthcare products and services, which could result in reduced demand for our product
candidates or additional pricing pressures.
We
are subject to stringent and changing privacy laws, regulations and standards as well as contractual obligations related to data privacy
and security. Our actual or perceived failure to comply with such obligations could harm our reputation, subject us to significant fines
and liability, or otherwise adversely affect our business
or
prospects.
We
are subject to data privacy and protection laws, regulations, policies and contractual obligations that apply to the collection, transmission,
storage, processing and use of personal information or personal data, which among other things, impose certain requirements relating
to the privacy, security and transmission of personal information.
The
legislative and regulatory landscape for privacy and data protection continues to evolve in jurisdictions worldwide, and there has been
an increasing focus on privacy and data protection issues with the potential to affect our business. Failure to comply with laws, regulations
and other obligations governing personal information could result in enforcement actions against us, including fines, imprisonment of
company officials and public censure, processing penalties, claims for damages by affected individuals, damage to our reputation and
loss of goodwill, any of which could have a material adverse effect on our business, financial condition, results of operations or prospects.
The
regulatory framework for the collection, use, retention, safeguarding, disclosure, sharing, transfer and other processing of personal
information worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future. Globally, virtually every jurisdiction
in which we operate has established its own data security and privacy frameworks with which we must comply. For example, the collection,
use, disclosure, transfer or other processing of personal data regarding individuals in the European Union, including personal health
data, is subject to the European Union General Data Protection Regulation (EU) 2016/679, or the GDPR, which took effect across all member
states of the European Union, or EU, in May 2018 and similar legislation in the United Kingdom. The GDPR is wide-ranging in scope and
imposes 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, establishing a legal basis for processing, providing
information to individuals regarding data processing activities, implementing safeguards to protect the security and confidentiality
of personal data that requires the adoption of administrative, physical and technical safeguards, providing notification of data breaches
to appropriate data protection authorities or data subjects, establishing means for data subjects to exercise rights in relation to their
personal data and taking certain measures when engaging third-party processors. The GDPR increases our obligations with respect to clinical
trials conducted in the EU and UK by expanding the definition of personal data to include coded data and requiring changes to informed
consent practices and more detailed notices for clinical trial subjects and investigators. In addition, the GDPR also imposes strict
rules on the transfer of personal data to countries outside the European Economic Area, or EEA, including the United States and, as a
result, increases the scrutiny for transfers of personal data from clinical trial sites located in the EU to the United States. The United
Kingdom and Switzerland have adopted similar restrictions.
Further,
Brexit and ongoing developments in the United Kingdom have created uncertainty with regard to data protection regulation in the United
Kingdom.
18
Privacy
and data security requirements are also either in place or underway in the United States. There are a broad variety of data protection
laws that may be applicable to our activities, and a range of enforcement agencies at both the state and federal levels that can review
companies for privacy and data security concerns based on general consumer protection laws. The Federal Trade Commission and state attorneys
general can all be aggressive in reviewing privacy and data security protections for consumers. New laws also are being considered or
have been implemented at both the state and federal levels. For example, the California Consumer Privacy Act of 2018, or the CCPA, which
became effective on January 1, 2020, requires companies that process information on California residents to make new disclosures to consumers
about their data collection, use and sharing practices, provides such individuals with new data privacy rights (including the ability
to opt out of certain disclosures of personal information), imposes new operational requirements for covered businesses, provides a private
right of action for data breaches and creates a statutory damages framework. Virginia became the second state to adopt a comprehensive
privacy legislation on March 2, 2021 with enactment of the Virginia Consumer Data Protection Act. Many other states are considering similar
legislation, and a broad range of legislative measures also have been introduced at the federal level. Although there are limited exemptions
for clinical trial data under the CCPA, the CCPA and other similar laws could impact our business activities depending on how it is interpreted
and exemplifies the vulnerability of our business to the evolving regulatory environment related to personal data.
Additionally,
regulations promulgated pursuant to the federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, as amended, establish
privacy and security standards that limit the use and disclosure of individually identifiable health information, or protected health
information, and require the implementation of administrative, physical and technological safeguards to protect the privacy of protected
health information and ensure the confidentiality, integrity and availability of electronic protected health information. These provisions
may be applicable to our business or that of our collaborators, service providers, contractors or consultants. Determining whether protected
health information has been handled in compliance with applicable privacy standards and our contractual obligations can be complex and
may be subject to changing interpretation. If we are unable to properly protect the privacy and security of protected health information,
we could be found to have violated these privacy and security laws and/or breached certain contracts with our business partners (including
as a business associate). Further, if we fail to comply with applicable privacy laws, such as, to the extent applicable, HIPAA privacy
and security standards, we could face significant civil and criminal penalties. In the United States, the Department of Health and Human
Services' and state attorney's general enforcement activity can result in financial liability and reputational harm, and
responses to such enforcement activity can consume significant internal resources. In addition, state attorneys general are authorized
to bring civil actions seeking either injunctions or damages in response to violations that threaten the privacy of state residents.
We cannot be sure how these regulations will be interpreted, enforced or applied to our operations. In addition to the risks associated
with enforcement activities and potential contractual liabilities, our ongoing efforts to comply with evolving laws and regulations at
the federal and state level may be costly and require ongoing modifications to our policies, procedures and systems.
Given
the breadth and depth of changes in data protection obligations, preparing for and complying with the GDPR, CCPA and other similar law
requirements are rigorous and time-intensive and require significant resources and a review of our technologies, systems and practices,
as well as those of any third-party collaborators, service providers, contractors or consultants that process or transfer personal data.
Changes involving the GDPR, CCPA or other laws or regulations associated with the enhanced protection of certain types of sensitive data,
such as healthcare data or other personal information from our clinical trials, could require us to change our business practices and
put in place additional compliance mechanisms, may interrupt or delay our development, regulatory and commercialization activities and
increase our cost of doing business, and could expose us to government enforcement actions, regulatory investigations, private litigation
and significant fines, penalties and remediation costs and could have a material adverse effect on our business, financial condition
or results of operations. Additionally, any failure by our third-party collaborators, service providers, contractors or consultants to
comply with applicable law, regulations or contractual obligations related to data privacy or security could result in proceedings against
us by governmental entities or others, fines, reputational harm and other liabilities.
19
We
may publish privacy policies and other documentation regarding our collection, processing, use and disclosure of personal information
and/or other confidential information. Although we endeavor to comply with our published policies and other documentation, we may at
times fail to do so or may be perceived to have failed to do so. Moreover, despite our efforts, we may not be successful in achieving
compliance if our employees or vendors fail to comply with our published policies and documentation. Such failures can subject us to
potential foreign, local, state and federal action if they are found to be deceptive, unfair, or misrepresentative of our actual practices.
Moreover, subjects about whom we or our partners obtain information, as well as the providers who share this information with us, may
contractually limit our ability to use and disclose the information. Claims that we have violated individuals' privacy rights or
failed to comply with data protection laws or applicable privacy notices even if we are not found liable, could be expensive and time-consuming
to defend and could result in adverse publicity that could harm our business.
It
is possible that new and existing laws may be interpreted and applied in a manner that is inconsistent with our practices and our efforts
to comply with the evolving data protection rules may be unsuccessful. If so, this could result in government-imposed or court–imposed
fines, or penalties or orders requiring that we change our practices, which could adversely affect our business. We must devote significant
resources to understanding and complying with this changing landscape. Failure to comply with local and foreign laws, including US federal
and state laws regarding privacy and security of personal information could expose us to government-imposed fines and penalties under
such laws, penalties or orders requiring that we change our practices, claims for damages or other liabilities, regulatory investigations
and enforcement actions, litigation and significant costs for remediation, reputational harm, diminished profits and earnings, additional
reporting requirements and/or oversight, any of which could adversely affect our business, our results of operations or prospects. We
also face a threat of consumer class actions related to these laws and the overall protection of personal data. Even if we are not determined
to have violated these laws, government or court investigations into these issues typically require the expenditure of significant resources
and generate negative publicity. Any of the foregoing could have a materially adverse effect on our reputation and our business, financial
condition, results of operations or prospects.
We
are subject to the U.K. Bribery Act, the U.S. Foreign Corrupt Practices Act and other anti-corruption laws, as well as export control
laws, import and customs laws, trade and economic sanctions laws and other laws governing our operations.
Our
operations are subject to anti-corruption laws, including the U.K. Bribery Act 2010, or the U.K. Bribery Act, the U.S. Foreign Corrupt
Practices Act of 1977, or the FCPA, the U.S. domestic bribery statute contained in 18 §201, the U.S. Travel Act 1961, and other
anti-corruption laws that apply in countries where we do business. The U.K. Bribery Act 2010, the FCPA and these other laws generally
prohibit us and our employees and intermediaries from authorizing, promising, offering, or providing, directly or indirectly, improper
or prohibited payments, or anything else of value, to government officials or other persons to obtain or retain business or gain some
other business advantage. Under the U.K. Bribery Act 2010, we may also be liable for failing to prevent a person associated with us from
committing a bribery offense. We and our commercial partners operate in a number of jurisdictions that pose a high risk of potential
U.K. Bribery Act or FCPA violations, and we participate in collaborations and relationships with third parties whose corrupt or illegal
activities could potentially subject us to liability under the U.K. Bribery Act, FCPA or local anti-corruption laws, even if we do not
explicitly authorize or have actual knowledge of such activities. In addition, we cannot predict the nature, scope or effect of future
regulatory requirements to which our international operations might be subject or the manner in which existing laws might be administered
or interpreted.
We
are also subject to other laws and regulations governing our international operations, including regulations administered by the governments
of the United Kingdom and the United States, and authorities in the European Union, including applicable export control regulations,
economic sanctions and embargoes on certain countries and persons, anti-money laundering laws, import and customs requirements and currency
exchange regulations, collectively referred to as the Trade Control laws.
There
is no assurance that we will be completely effective in ensuring our compliance with all applicable anti-corruption laws, including the
U.K. Bribery Act, the FCPA or other legal requirements, including Trade Control laws. If we are not in compliance with the U.K. Bribery
Act, the FCPA and other anti-corruption laws or Trade Control laws, we may be subject to criminal and civil penalties, disgorgement and
other sanctions and remedial measures, and legal expenses, which could have an adverse impact on our business, financial condition, results
of operations and liquidity. Likewise, any investigation of any potential violations of the U.K. Bribery Act, the FCPA, other anti-corruption
laws or Trade Control laws by United Kingdom, United States or other authorities could also have an adverse impact on our reputation,
our business, results of operations and financial condition.
20
Our
relationships with customers, physicians and third-party payors will be subject, directly or indirectly, to federal and state healthcare
fraud and abuse laws, false claims laws, health information privacy and security laws and other healthcare laws and regulations. If we
are found in violation of these laws and regulations, we may be required to pay a penalty or be suspended from participation in federal
or state healthcare programs, which may adversely affect our business, financial condition and results of operations.
If
we obtain FDA approval for our product candidates and begin commercializing them in the United States, our operations will be directly,
or indirectly through our prescribers, customers and purchasers, subject to various federal and state fraud and abuse laws and regulations,
including, without limitation, the federal Anti-Kickback Statute, the federal civil and criminal false claims laws and Physician Payments
Sunshine Act of 2010 and regulations. These laws will impact, among other things, our proposed sales, marketing and educational programs.
In addition, we may be subject to patient privacy laws by both the U.S. federal government and the states in which we conduct our business.
The laws that will affect our operations include, but are not limited to:
●
the
    federal Anti-Kickback Statute, which prohibits, among other things, persons or entities from knowingly and willfully soliciting,
    receiving, offering or paying any remuneration (including any kickback, bribe or rebate), directly or indirectly, overtly or covertly,
    in cash or in kind, in return for either the referral of an individual, or the purchase, leasing, furnishing or arranging for the
    purchase, lease or order of a good, facility, item or service reimbursable under a federal healthcare program, such as the Medicare
    and Medicaid programs. This statute has been interpreted to apply to arrangements between pharmaceutical manufacturers on the one
    hand, and prescribers, purchasers and formulary managers on the other. The PPACA amended the intent requirement of the federal Anti-Kickback
    Statute, such that a person or entity no longer needs to have actual knowledge of this statute or specific intent to violate it;
●
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 or approval from Medicare, Medicaid or other government
    payors that are false or fraudulent. The PPACA provides, and recent government cases against pharmaceutical and medical device manufacturers
    support the view that federal Anti-Kickback Statute violations and certain marketing practices, including off-label promotion, may
    implicate the False Claims Act of 1863;
●
the
    federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, which created new federal criminal statutes that prohibit,
    among other things, a person from knowingly and willfully executing a scheme or from making false or fraudulent statements to defraud
    any healthcare benefit program, regardless of the payor (e.g., public or private);
●
HIPAA
    (as amended by the Health Information Technology for Economic and Clinical Health Act of 2009), and their implementing regulations,
    which impose certain requirements relating to the privacy, security and transmission of individually identifiable health information
    without appropriate authorization by entities subject to the rule, such as health plans, health care clearinghouses and health care
    providers, and their respective business associates that perform certain functions or activities that involve the use or disclosure
    of protected health information on their behalf;
●
federal
    transparency laws, including the federal Physician Payment Sunshine Act, that require certain manufacturers of drugs, devices, biologics
    and medical supplies for which payment is available under Medicare, Medicaid or the Children's Health Insurance Program, with
    specific exceptions, to report annually to the CMS information related to: (i) payments or other "transfers of value"
    made to physicians and teaching hospitals and (ii) ownership and investment interests held by physicians and their immediate family
    members;
●
federal
    consumer protection and unfair competition laws, which broadly regulate marketplace activities and activities that potentially harm
    consumers; and
●
state
    and foreign law equivalents of each of the above federal laws, state and local 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
    and foreign 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.
21
Efforts
to ensure that our business arrangements with third parties will comply with applicable healthcare laws and regulations will involve
substantial costs. Because of the breadth of these laws and the narrowness of the statutory exceptions and safe harbors available, it
is possible that some of our business activities could be subject to challenge under one or more of such laws. It is possible that governmental
authorities will conclude that our business practices may not comply with current or future statutes, regulations or case law involving
applicable fraud and abuse or other healthcare laws and regulations. If our operations are found to be in violation of any of these laws
or any other governmental regulations that may apply to us, we may be subject to significant criminal, civil and administrative sanctions
including monetary penalties, damages, fines, disgorgement, individual imprisonment, and exclusion from participation in government funded
healthcare programs, such as Medicare and Medicaid, additional reporting requirements and oversight if we become subject to a corporate
integrity agreement or similar agreement to resolve allegations of non-compliance with these laws, reputational harm, and we may be required
to curtail or restructure our operations, any of which could adversely affect our ability to operate our business and our results of
operations.
The
risk of our being found in violation of these laws is increased by the fact that many of them have not been fully interpreted by the
regulatory authorities or the courts, and their provisions are open to a variety of interpretations. Any action against us for violation
of these laws, even if we successfully defend against it, could cause us to incur significant legal expenses and divert our management's
attention from the operation of our business. The shifting compliance environment and the need to build and maintain robust and expandable
systems to comply with multiple jurisdictions with different compliance and/or reporting requirements increases the possibility that
a healthcare company may run afoul of one or more of the requirements.
If
we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur
substantial costs.
We
are subject to numerous environmental, health and safety laws and regulations, including those governing laboratory procedures and the
generation, handling, use, storage, treatment, manufacture, transportation and disposal of, and exposure to, hazardous materials and
wastes, as well as laws and regulations relating to occupational health and safety. We contract with third parties that conduct operations
on our behalf that involve the use of hazardous and flammable materials, including chemicals and biologic materials. Our contractors
also produce and dispose of hazardous waste products. We cannot eliminate the risk of contamination or injury from these materials. In
the event of contamination or injury resulting from our contractors' use of hazardous materials, we could be held liable for any
resulting damages and any liability could exceed our resources, and our clinical trials or regulatory approvals could be suspended. We
also could incur significant costs associated with civil or criminal fines and penalties. Our third-party contractors may not carry specific
biological or hazardous waste insurance coverage, and their property, casualty and general liability insurance policies specifically
exclude coverage for damages and fines arising from biological or hazardous waste exposure or contamination.
Although
we maintain workers' compensation insurance for certain costs and expenses that we may incur due to injuries to our employees resulting
from the use of hazardous materials or other work-related injuries, this insurance may not provide adequate coverage against potential
liabilities. We do not maintain insurance for toxic tort claims that may be asserted against us in connection with our storage or disposal
of biologic, hazardous or radioactive materials.
In
addition, we may incur substantial costs in order to comply with current or future environmental, health and safety laws and regulations,
which have tended to become more stringent over time. These current or future laws and regulations may impair our research, development
or production efforts. Failure to comply with these laws and regulations also may result in substantial fines, penalties or other sanctions
or liabilities, which could adversely affect our business, financial condition, results of operations and prospects.
22
Computer
system failures, cyber-attacks or deficiencies in our, or related parties', cyber security could result in a material disruption
of our product development programs, compromise sensitive information related to our business or trigger contractual and legal obligations,
any of which could potentially expose us to liability or reputational harm or otherwise adversely affect our business and financial results.
We
have implemented our security measures designed to protect the information (including but not limited to intellectual property, proprietary
business information and personal information) in our possession, custody or control. Our internal computer systems and those of current
and future third parties (such as vendors, CROs, collaborators or others) on which we rely may fail and are vulnerable to breakdown,
breach, interruption or damage from computer viruses, computer hackers, malicious code, employee error or malfeasance, theft or misuse,
denial-of-service attacks, sophisticated nation-state and nation-state-supported actors, unauthorized access, natural disasters, terrorism,
war, telecommunication and electrical failures or other compromise. Despite our security practices, there is a risk that we may be subject
to phishing and other cyberattacks in the future. The risk of a security breach or disruption, particularly through cyber-attacks or
cyber intrusion, including by computer hackers, foreign governments 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. 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, terrorist organizations
or hostile foreign governments or agencies. Our information technology and other internal infrastructure systems, including corporate
firewalls, servers, leased lines and connection to the Internet, face the risk of systemic failure that could disrupt our operations.
If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our development
programs and our business operations. 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. Likewise, we rely
on third parties for the manufacture of our product candidates or any future product candidates and to conduct clinical trials, and similar
events relating to their computer systems could also have a material adverse effect on our business.
To
the extent that any disruption or security breach were to result in a loss of, or damage to, our data or applications, or inappropriate
use, disclosure of or access to confidential or proprietary information, we could incur liability, our competitive position could be
harmed and the further development and commercialization of our product candidates or any future product candidates could be hindered
or delayed. If we were to experience a significant cybersecurity breach of our information systems or data, the costs associated with
the investigation, remediation and potential notification of the breach to counterparties, data subjects, regulators or others could
be material. In addition, our remediation efforts may not be successful. Moreover, if the information technology systems of our vendors,
CROs, collaborators or other contractors or consultants become subject to disruptions or security breaches, we may 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. If we do not allocate and effectively manage the resources
necessary to build and sustain the proper technology and cybersecurity infrastructure, we could suffer significant business disruption,
including transaction errors, supply chain or manufacturing interruptions, processing inefficiencies, data loss or the loss of or damage
to intellectual property or other proprietary information. Furthermore, any such event that leads to unauthorized access, use, or disclosure
of personal information, including personal information regarding clinical trial participants or employees, could harm our reputation,
compel us to comply with federal and/or state breach notification laws and foreign law equivalents, cause us to breach our contractual
obligations, subject us to mandatory corrective action, and otherwise subject us to liability under laws, regulations and contracts that
protect the privacy and security of personal information, which could result in significant legal and financial exposure and reputational
damages. As cyber threats continue to evolve, we may be required to incur significant additional expenses in order to enhance our protective
measures or to remediate any information security vulnerability.
The
financial exposure from the events referenced above could either not be insured against or not be fully covered through any insurance
that we maintain. There can be no assurance that the limitations of liability in our contracts would be enforceable or adequate or would
otherwise protect us from liabilities or damages as a result of the events referenced above.
23
In
addition, in response to the ongoing COVID-19 pandemic, varying parts of our workforce are currently working remotely on a part or full-time
basis. This could increase our cyber security risk, create data accessibility concerns, and make us more susceptible to communication
disruptions. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations or
prospects.
Risks
Related to the Ownership of Our Securities
The
prices of our ordinary shares may be volatile and fluctuate substantially, which could result in substantial losses for holders of our
ordinary shares.
The
market price of our ordinary shares on the Nasdaq Capital Market may be volatile and fluctuate substantially. The stock market in general
and the market for smaller pharmaceutical and biotechnology companies in particular have experienced extreme volatility that has often
been unrelated to the operating performance of particular companies. As a result of this volatility, holders of our ordinary shares may
not be able to sell their ordinary shares at or above the price at which they were purchased. The market price for ordinary shares may
be influenced by many factors, including:
●
the
    success of competitive products or technologies;
●
results
    of clinical trials of OK-101, OK-201 and any other future product candidate that we develop;
●
results
    of clinical trials of product candidates of our competitors;
●
changes
    or developments in laws or regulations applicable to OK-101, OK-201 and any other future product candidates that we develop;
●
our
    entry into, and the success of, any collaboration agreements with third parties;
●
developments
    or disputes concerning patent applications, issued patents or other proprietary rights;
●
the
    recruitment or departure of key personnel;
●
the
    level of expenses related to any of our product candidates or clinical development programs;
●
the
    results of our efforts to discover, develop, acquire or in-license additional product candidates, products or technologies;
●
actual
    or anticipated changes in estimates as to financial results, development timelines or recommendations by securities analysts;
●
variations
    in our financial results or those of companies that are perceived to be similar to us;
●
market
    conditions in the biotechnology and pharmaceutical sectors;
●
general
    economic, industry and market conditions;
●
the
    trading volume of our ordinary shares on the Nasdaq Capital Market ; and
●
the
    other factors described in this "Risk Factors" section
24
The
rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.
We
are incorporated under the laws of Guernsey. The rights of holders of ordinary shares and, therefore, certain of the rights of any potential
future holders of our ordinary shares, are governed by the laws of Guernsey, including the provisions of the Companies Law (Guernsey)
2008, and by our Memorandum and Articles of Incorporation, or Articles. These rights differ in certain respects from the rights of shareholders
in typical U.S. corporations. See "Description of Share Capital and Memorandum and Articles of Incorporation —-Differences
in Corporate Law" in this report for a description of the principal differences between the provisions of the Guernsey Companies
Law applicable to us and, for example, the Delaware General Corporation Law relating to stockholders' rights and protections.
If
we engage in future acquisitions or strategic partnerships, this may increase our capital requirements, dilute our shareholders, cause
us to incur debt or assume contingent liabilities and subject us to other risks.
We
intend to continue to evaluate various acquisitions and strategic partnerships, including licensing or acquiring complementary drugs,
intellectual property rights, technologies or businesses. Any potential acquisition or strategic partnership may entail numerous risks,
including:
●
increased
    operating expenses and cash requirements;
●
the
    assumption of additional indebtedness or contingent liabilities;
●
assimilation
    of operations, intellectual property and drugs of an acquired company, including difficulties associated with integrating new personnel;
●
the
    diversion of our management's attention from our existing drug programs and initiatives in pursuing such a strategic partnership,
    merger or acquisition;
●
retention
    of key employees, the loss of key personnel and uncertainties in our ability to maintain key business relationships;
●
risks
    and uncertainties associated with the other party to such a transaction, including the prospects of that party and their existing
    drugs or drug candidates and regulatory approvals; and
●
our
    inability to generate revenue from acquired technology and/or drugs sufficient to meet our objectives in undertaking the acquisition
    or even to offset the associated acquisition and maintenance costs.
25
As
a Foreign Private Issuer ('FPI'), we are exempt from a number of rules under the U.S. securities laws and are permitted to
file less information with the SEC than U.S. public companies
.
We
are an FPI, as defined in the SEC rules and regulations and, consequently, we are not subject to all of the disclosure requirements applicable
to companies organized within the United States. For example, we are exempt from certain rules under the Exchange Act, that regulate
disclosure obligations and procedural requirements related to the solicitation of proxies, consents or authorizations applicable to a
security registered under the Exchange Act. In addition, our officers and directors are exempt from the reporting and "short-swing"
profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities.
Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. public
companies. We are also not required to file financial statements prepared in U.S. GAAP, to comply with Regulation FD and the proxy rules.
Accordingly, there may be less publicly available information concerning our company than there is for U.S. public companies.
As
an FPI, we will file an annual report on Form 20-F within four months of the close of each fiscal year ended March 31 and reports on
Form 6-K relating to certain material events promptly after we publicly announce these events. However, because of the above exemptions
for FPIs, our ordinary share holders will not be afforded the same protections or information generally available to investors holding
shares in public companies organized in the United States.
While
we are an FPI, we are not subject to certain Nasdaq corporate governance rules applicable to U.S. listed companies.
We
are entitled to rely on a provision in Nasdaq's corporate governance rules that allows us to follow the laws of Guernsey with regard
to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant
respects from the corporate governance requirements applicable to U.S. companies listed on Nasdaq.
For
example, we have elected to rely on the exemption allowing us to follow the laws of Guernsey instead of Nasdaq regulations that require
a listed U.S. company to (i) have a majority of the board of directors consist of independent directors, (ii) require non-management
directors to meet on a regular basis without management present and (iii) promptly disclose any waivers of the code for directors or
executive officers that should address certain specified items.
In
accordance with our Nasdaq listing, our audit, risk and disclosure committee are required to comply with the provisions of Section 301
of the Sarbanes-Oxley Act and Rule 10A-3 of the Exchange Act, both of which are also applicable to Nasdaq-listed U.S. companies. Because
we have elected to rely on the exemption allowing us to follow the laws of Guernsey, however, our audit, risk and disclosure committee
is not subject to additional Nasdaq requirements applicable to listed U.S. companies, including an affirmative determination that all
members of the audit, risk and disclosure committee are "independent," using more stringent criteria than those applicable
to us as an FPI. Furthermore, Nasdaq's corporate governance rules require listed U.S. companies to, among other things, seek shareholder
approval for the implementation of certain equity compensation plans and issuances of ordinary shares, however as an FPI, we may elect
to follow the rules applicable to companies admitted to listing on the Main Market of the London Stock Exchange in lieu of these Nasdaq
requirements.
We
may lose our FPI status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to
incur significant legal, accounting and other expenses.
As
an FPI, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable
to U.S. domestic issuers. We may no longer be an FPI as early as September 30, 2023 (the end of our second fiscal quarter in the fiscal
year following this Nasdaq listing), which would require us to comply with all of the periodic disclosure and current reporting requirements
of the Exchange Act applicable to U.S. domestic issuers as of March 31, 2024. In order to maintain our current status as an FPI, either
(a) a majority of our outstanding voting securities must be either directly or indirectly owned of record by non-residents of the United
States or (b)(i) a majority of our executive officers or directors cannot be U.S. citizens or residents, (ii) more than 50% of our assets
must be located outside the United States and (iii) our business must be administered principally outside the United States. If we lose
our status as an FPI, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic
issuers, which are more detailed and extensive than the requirements for FPIs. We may also be required to make changes in our corporate
governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities
laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than
the cost we would incur as an FPI. As a result, we expect that a loss of FPI status would increase our legal and financial compliance
costs and is likely to make some activities highly time consuming and costly. We also expect that if we were required to comply with
the rules and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain director
and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage.
These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.
26
We
are an emerging growth company (EGC) within the meaning of the Securities Act of 1933, or the Securities Act, and will take advantage
of certain reduced reporting requirements.
We
are an EGC, as defined in the Jumpstart Our Business Startups (JOBS) Act, 2012). For as long as we continue to be an EGC, we may take
advantage of exemptions from various reporting requirements that are applicable to other public companies that are not EGCs, including
not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, or Section 404, exemptions
from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved. As an EGC, we are required to report only two years of financial results and selected financial data
compared to three and five years, respectively, for comparable data reported by other public companies. We may take advantage of these
exemptions until we are no longer an EGC. We could be an EGC for up to five years, although circumstances could cause us to lose that
status earlier, including if the aggregate market value of our ordinary shares s held by non-affiliates exceeds $700 million as of any
September 30 (the end of our second fiscal quarter) before that time, in which case we would no longer be an EGC as of the following
March 31 (our fiscal year-end). We cannot predict if investors will find our ordinary shares less attractive because we may rely on these
exemptions. If some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our
ordinary shares and the price of our ordinary shares may be more volatile in the event that we decide to make an offering of our ordinary
shares.
If
we fail to establish and maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable
regulations could be impaired.
Section
404(a) of the Sarbanes-Oxley Act, or Section 404(a), requires that beginning with our second annual report following our IPO, management
assess and report annually on the effectiveness of our internal control over financial reporting and identify any material weaknesses
in our internal control over financial reporting. Although Section 404(b) of the Sarbanes-Oxley Act, or Section 404(b), requires our
independent registered public accounting firm to issue an annual report that addresses the effectiveness of our internal control over
financial reporting, we have opted to rely on the exemptions provided in the JOBS Act, and consequently will not be required to comply
with SEC rules that implement Section 404(b) until such time as we are no longer an EGC.
We
expect our first Section 404(a) assessment will take place for our annual report for the fiscal year ending March 31, 2023. The presence
of material weaknesses could result in financial statement errors which, in turn, could lead to errors in our financial reports, delays
in our financial reporting, which could require us to restate our operating results or our auditors may be required to issue a qualified
audit report. We might not identify one or more material weaknesses in our internal controls in connection with evaluating our compliance
with Section 404 (a). In order to establish, maintain and improve the effectiveness of our disclosure controls and procedures and internal
control over financial reporting, we will need to expend significant resources and provide significant management oversight.
Implementing
any appropriate changes to our internal control may require specific compliance training of our directors and employees, entail substantial
costs in order to modify our existing accounting systems, take a significant period of time to complete and divert management's
attention from other business concerns. These changes may not, however, be effective in maintaining the adequacy of our internal control.
If
either we are unable to conclude that we have effective internal control over financial reporting or, at the appropriate time, our independent
auditors are unwilling or unable to provide us with an unqualified report on the effectiveness of our internal control over financial
reporting as required by Section 404(b), then in the event we have decided to make an offering of our ordinary shares, investors may
lose confidence in our operating results, the price of our ordinary shares could decline and we may be subject to litigation or regulatory
enforcement actions. In addition, if we are unable to meet the requirements of Section 404, we may not be able to remain listed on Nasdaq.
27
We
will incur significant increased costs as a result of operating as a company that publicly listed on Nasdaq in the United States, and
our management will be required to devote substantial time to new compliance initiatives.
As
a U.S. public company, and particularly after we no longer qualify as an EGC, we will incur significant legal, accounting and other expenses
that we did not incur previously. The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 1987, the
listing requirements of Nasdaq and other applicable securities rules and regulations impose various requirements on non-U.S. reporting
public companies, including the establishment and maintenance of effective disclosure and financial controls and corporate governance
practices. Our senior management and other personnel will need to devote a substantial amount of time to these compliance initiatives.
Moreover,
these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming
and costly. For example, we expect that these rules and regulations may make it more difficult and more expensive for us to obtain director
and officer liability insurance, which in turn could make it more difficult for us to attract and retain qualified senior management
personnel or members for our board of directors.
However,
these rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result,
their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result
in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
practices.
Pursuant
to Section 404, we will be required to furnish a report by our senior management on our internal control over financial reporting. However,
while we remain an EGC, we will not be required to include an attestation report on internal control over financial reporting issued
by our independent registered public accounting firm. To prepare for eventual compliance with Section 404, which is required once we
no longer qualify as an EGC, we will be engaged in a process to document and evaluate our internal control over financial reporting,
which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside
consultants and adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue
steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement
a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that
we will not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective
as required by Section 404. If we identify one or more material weaknesses, it could result in an adverse reaction in the financial markets
due to a loss of confidence in the reliability of our financial statements.
28
Claims
of U.S. civil liabilities may not be enforceable against us.
We
are incorporated under the laws of Guernsey. Certain members of our board of directors and senior management are not residents of the
United States, and all or a substantial portion of our assets and the assets of such persons are located outside the United States. As
a result, it may not be possible to serve process on such persons or us in the United States or to enforce judgments obtained in U.S.
courts against them or us based on civil liability provisions of the securities laws of the United States. As a result, it may not be
possible for investors to effect service of process within the United States upon such persons or to enforce judgments obtained in U.S.
courts against them or us, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.
See
"Description of Share Capital and Memorandum and Articles of Incorporation—Enforcement of Civil Liabilities." Additionally,
it may be difficult to assert securities law claims in actions originally instituted outside of the United States. Foreign courts may
refuse to hear a securities law claim because foreign courts may not be the most appropriate forum in which to bring such a claim. Even
if a foreign court agrees to hear a claim, it may determine that the law of the jurisdiction in which the foreign court resides, and
not U.S. law, is applicable to the claim. Further, if U.S. law is found to be applicable, the content of applicable U.S. law must be
proved as a fact, which can be a time-consuming and costly process, and certain matters of procedure would still be governed by the law
of the jurisdiction in which the foreign court resides.
The
rights afforded to shareholders are governed by Guernsey law. Not all rights available to shareholders under English law or U.S. law
will be available to shareholders.
The
rights afforded to shareholders will be governed by Guernsey law and by our Articles, and these rights differ in certain respects from
the rights of shareholders in typical English companies and U.S. corporations. In particular, Guernsey law significantly limits the circumstances
under which shareholders of companies may bring derivative actions and, in most cases, only the corporation may be the proper claimant
or plaintiff for the purposes of maintaining proceedings in respect of any wrongful act committed against it. Neither an individual nor
any group of shareholders has any right of action in such circumstances. In addition, Guernsey law does not afford appraisal rights to
dissenting shareholders in the form typically available to shareholders of a U.S. corporation.
The
insolvency laws of Guernsey and other jurisdictions may not be as favorable to you as the U.S. bankruptcy laws.
We
are incorporated under the laws of Guernsey. In the event of a bankruptcy, insolvency or similar event, proceedings could be initiated
in Guernsey or another relevant jurisdiction. The bankruptcy, insolvency, administrative and other laws of our and our subsidiaries'
jurisdictions of organization or incorporation may be materially different from, or in conflict with, each other and those of the United
States, including in the areas of rights of creditors, shareholders, priority of governmental and other creditors and duration of the
proceeding. The application of these laws, or any conflict among them, could call into question whether any particular jurisdiction's
law should apply, adversely affecting your ability to enforce your rights under the ordinary shares in those jurisdictions or limit any
amounts that you may receive.
If
we are a passive foreign investment company ('PFIC'), there could be adverse U.S. federal income tax consequences to U.S.
holders.
Under
the Internal Revenue Code of 1986, or the Internal Revenue Code, we will be a PFIC for any taxable year in which (1) 75% or more of our
gross income consists of passive income or (2) 50% or more of the average quarterly value of our assets consists of assets that produce,
or are held for the production of, passive income. For purposes of these tests, passive income includes dividends, interest, gains from
the sale or exchange of investment property and certain rents and royalties. In addition, for purposes of the above calculations, a non-U.S.
corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held its
proportionate share of the assets and received directly its proportionate share of the income of such other corporation. If we are a
PFIC for any taxable year during which a U.S. Holder (as defined below under "Certain U.S. and Guernsey Tax Considerations-Material
U.S. Federal Income Tax Considerations for U.S. Holders") holds our shares, the U.S. Holder may be subject to adverse tax consequences
regardless of whether we continue to qualify as a PFIC, including ineligibility for any preferred tax rates on capital gains or on actual
or deemed dividends, interest charges on certain taxes treated as deferred, and additional reporting requirements.
29
We
do not believe that we were a PFIC for our taxable year ended March 31, 2022 but cannot provide any assurances regarding our PFIC status
for any past, current or future taxable years. The determination of whether we are a PFIC is a fact-intensive determination made on an
annual basis applying principles and methodologies which in some circumstances are unclear and subject to varying interpretation. In
particular, the characterization of our assets as active or passive may depend in part on our current and intended future business plans,
which are subject to change. In addition, for our current and future taxable years, the total value of our assets for PFIC testing purposes
may be determined in part by reference to the market price of our ordinary shares from time to time, which may fluctuate considerably.
Under the income test, our status as a PFIC depends on the composition of our income which will depend on the transactions we enter into
in the future and our corporate structure. The composition of our income and assets is also affected by how, and how quickly, we spend
the cash we raise in any offering.
In
certain circumstances, a U.S. Holder of shares in a PFIC may alleviate some of the adverse tax consequences described above by making,
where available, a qualified electing fund, or QEF, election to include in income its pro rata share of the corporation's income
on a current basis or a mark-to-market election. A U.S. Holder may make a QEF election with respect to our ordinary shares only if we
agree to furnish such U.S. Holder annually with a PFIC annual information statement as specified in the applicable U.S. Treasury Regulations.
For
further discussion of the PFIC rules and the adverse U.S. federal income tax consequences in the event we are classified as a PFIC, see
the section of this report entitled "Certain U.S. and Guernsey Tax Considerations-Material U.S. Federal Income Considerations for
U.S. Holders."
A
change in our tax residence could have a negative effect on our future profitability.
Although
we are incorporated under the laws of Guernsey, our affairs are, and are intended to continue to be, managed and controlled in the United
Kingdom for tax purposes and therefore we are resident in the United Kingdom for U.K. and Guernsey tax purposes. It is possible that
in the future, whether as a result of a change in law or the practice of any relevant tax authorities or as a result of any change in
the conduct of our affairs or for any other reason, we could become, or be regarded as having become, a resident in a jurisdiction other
than the United Kingdom. If we cease to be a U.K. tax resident, we may be subject to a charge to U.K. corporation tax on chargeable gains
on our assets and to unexpected tax charges in other jurisdictions on our income. Similarly, if the tax residency of any of our subsidiaries
were to change from their current jurisdiction for any of the reasons listed above, we may be subject to a charge to local capital gains
tax on the assets.
We
may be unable to use net operating loss and tax credit carryforwards and certain built-in losses to reduce future tax payments or benefit
from favorable U.K. tax legislation.
As
a U.K. resident trading entity, we are subject to U.K. corporate taxation. Due to the nature of our business, we have generated losses
since inception. As of March 31, 2023, we had cumulative carryforward tax losses of $23,903,092. Subject to any relevant restrictions,
we expect these to be available to carry forward and offset against future operating profits. As a company that carries out extensive
research and development activities, we benefit from the U.K. research and development tax credit regime for small and medium-sized companies,
whereby we are able to surrender the trading losses that arise from our qualifying research and development activities for a payable
tax credit of up to 33.35% of eligible research and development expenditures. Qualifying expenditures largely comprise employment costs
for research staff, consumables and certain internal overhead costs incurred as part of research projects. Certain subcontracted qualifying
research expenditures are eligible for a cash rebate of up to 21.67%. The majority of our pipeline research, clinical trials management
and manufacturing development activities are eligible for inclusion within these tax credit cash rebate claims. Our ability to continue
to claim payable research and development tax credits in the future may be limited because we may no longer qualify as a small or medium-sized
company.
30
We
may benefit in the future from the United Kingdom's "patent box" regime, which allows certain profits attributable
to revenues from patented products to be taxed at an effective rate of 10%. We are the exclusive licensee or owner of several patent
applications which, if issued, would cover our product candidates, and accordingly, future upfront fees, milestone fees, product revenues
and royalties could be taxed at this tax rate. When taken in combination with the enhanced relief available on our research and development
expenditures, we expect a long-term lower rate of corporation tax to apply to us. If, however, there are unexpected adverse changes to
the U.K. research and development tax credit regime or the "patent box" regime, or for any reason we are unable to qualify
for such advantageous tax legislation, or we are unable to use net operating loss and tax credit.
Changes
and uncertainties in the tax system in the countries in which we have operations could materially adversely affect our financial condition
and results of operations and reduce net returns to our shareholders.
Our
tax position could be adversely impacted by changes in tax rates, tax laws, tax practice, tax treaties or tax regulations or changes
in the interpretation thereof by the tax authorities in the United Kingdom, the United States and other jurisdictions as well as being
affected by certain changes currently proposed by the Organization for Economic Co-operation and Development and their action plan on
Base Erosion and Profit Shifting. Such changes may become more likely as a result of recent economic trends in the jurisdictions in which
we operate, particularly if such trends continue.
Our
actual effective tax rate may vary from our expectation and that variance may be material. A number of factors may increase our future
effective tax rates, including: (1) the jurisdictions in which profits are determined to be earned and taxed; (2) the resolution of issues
arising from any future tax audits with various tax authorities; (3) changes in the valuation of our deferred tax assets and liabilities;
(4) increases in expenses not deductible for tax purposes, including transaction costs and impairments of goodwill in connection with
acquisitions; (5) changes in the taxation of share-based compensation; (6) changes in tax laws or the interpretation of such tax laws,
and changes in generally accepted accounting principles; and (7) challenges to the transfer pricing policies related to our structure.
A
tax authority may disagree with tax positions that we have taken, which could result in increased tax liabilities. For example, Her Majesty's
Revenue & Customs, or HMRC, the U.S. Internal Revenue Service, or IRS, or another tax authority could challenge our allocation of
income by tax jurisdiction and the amounts paid between our affiliated companies pursuant to our intercompany arrangements and transfer
pricing policies, including methodologies for valuing developed technology and amounts paid with respect to our intellectual property
development. Similarly, a tax authority could assert that we are subject to tax in a jurisdiction where we believe we have not established
a taxable connection, often referred to as a "permanent establishment" under international tax treaties, and such an assertion,
if successful, could increase our expected tax liability in one or more jurisdictions.
A
tax authority may take the position that material income tax liabilities, interest and penalties are payable by us, for example where
there has been a technical violation of contradictory laws and regulations that are relatively new and have not been subject to extensive
review or interpretation, in which case we expect that we might contest such assessment. High-profile companies can be particularly vulnerable
to aggressive application of unclear requirements. Many companies must negotiate their tax bills with tax inspectors who may demand higher
taxes than applicable law appears to provide. Contesting such an assessment may be lengthy and costly and if we were unsuccessful in
disputing the assessment, the implications could increase our anticipated effective tax rate, where applicable.
Risks
Related to Our Reliance on Third Parties
We
rely, and expect to continue to rely, on third parties to conduct our preclinical studies and clinical trials. If these third parties
do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for
or commercialize our product candidates.
We
have relied upon and plan to continue to rely upon third parties, including independent clinical investigators and third-party CROs,
to conduct our preclinical studies and clinical trials and to monitor and manage data for our ongoing preclinical and clinical programs.
In engaging these third parties, we typically have to, and expect to have to, negotiate budgets and contracts, which may result in delays
to our development timelines and increases costs. Additionally, there is a limited number of qualified third-party service providers
that specialize or have the expertise required to achieve our business objectives, and so it may be challenging to find alternative investigators
or CROs, or do so on commercially reasonable terms. We rely on these parties for execution of our preclinical studies and clinical trials,
and control only certain aspects of their activities. Nevertheless, we are responsible for ensuring that each of our preclinical studies
and clinical trials is conducted in accordance with the applicable protocol and legal, regulatory and scientific standards, and our reliance
on these third parties does not relieve us of our regulatory responsibilities. We and our third-party contractors and CROs are required
to comply with GCP requirements, which are regulations and guidelines enforced by the FDA, the Competent Authorities of the Member States
of the European Economic Area and comparable foreign regulatory authorities for all of our product candidates in clinical development.
Regulatory authorities enforce these GCP requirements through periodic inspections of trial sponsors, principal investigators and clinical
trial sites. If we fail to exercise adequate oversight over any of our CROs or if we or any of our CROs fail to comply with applicable
GCP requirements, the clinical data generated in our clinical trials may be deemed unreliable and the FDA, EMA or other regulatory authorities
may require us to perform additional clinical trials before approving our marketing applications. We cannot assure you that upon a regulatory
inspection of us or our CROs or other third parties performing services in connection with our clinical trials, such regulatory authority
will determine that any of our clinical trials complies with GCP regulations. In addition, our clinical trials must be conducted with
product produced under applicable cGMP regulations. Our failure to comply with these regulations may require us to repeat clinical trials,
which would delay the regulatory approval process.
31
Further,
these investigators and CROs are not our employees, and we will not be able to control, other than by contract, the amount of resources,
including time, which they devote to our product candidates and clinical trials. If independent investigators or CROs fail to devote
sufficient resources to the development of our product candidates, or if their performance is substandard, it may delay or compromise
the prospects for approval and commercialization of our product candidates. These investigators and CROs may also have relationships
with other commercial entities, including our competitors, for whom they may also be conducting clinical studies or other drug development
activities, which could affect their performance on our behalf. In addition, the use of third-party service providers requires us to
disclose our proprietary information to these parties, which increases the risk that a competitor will discover them or that this information
will be misappropriated or disclosed.
If
any of our relationships with these third-party CROs terminate, we may not be able to enter into arrangements with alternative CROs or
to do so on commercially reasonable terms. If CROs do not successfully carry out their contractual duties or obligations or meet expected
deadlines, if they need to be replaced or if the quality or accuracy of the clinical data they obtain is compromised due to the failure
to adhere to our clinical protocols, regulatory requirements or for other reasons, our clinical trials may be extended, delayed or terminated
and we may not be able to obtain regulatory approval for or successfully commercialize our product candidates. As a result, our results
of operations and commercial prospects would be harmed, our costs could increase and our ability to generate revenues could be delayed.
Repeating
clinical trials or switching or engaging additional CROs involves additional cost and requires our management's time and focus.
In addition, there is a natural transition period when a clinical trial has to be repeated or when a new CRO commences work. As a result,
delays could occur, which could materially impact our ability to meet our desired clinical development timelines.
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 disclosed.
We
have engaged CROs specializing in ophthalmic drug development, to prepare and support the IND filing, and we must, at times, share our
proprietary technology and confidential information, including 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. 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 proprietary technology and confidential information or other unauthorized use
or disclosure of such technology or information would impair our competitive position and may have an adverse effect on our business,
financial condition, results of operations and prospects.
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 by third parties. A competitor's discovery of
our trade secrets would impair our competitive position and have an adverse impact on our business, financial condition, results of operations
and prospects.
32
We
utilize, and expect to continue to utilize, third parties to conduct our product manufacturing for the foreseeable future, and these
third parties may not perform satisfactorily.
We
will rely on contract manufacturing organizations (CMOs) for the manufacturing of clinical batches and intend to continue to rely on
third parties to manufacture our preclinical study and clinical trial product supplies. If our current CMOs, or any future third-party
manufacturers, do not successfully carry out their contractual duties, meet expected deadlines or manufacture our product candidates
in accordance with regulatory requirements, or if there are disagreements between us and our CMOs or any future third-party manufacturers,
we will not be able to complete, or may be delayed in completing, the preclinical studies required to support future investigational
new drug, or IND, submissions and the clinical trials required for approval of our product candidates.
In
addition to our current CMOs, we may rely on additional third parties to manufacture ingredients of our product candidates in the future
and to perform quality testing, and reliance on these third parties entails risks to which we would not be subject if we manufactured
the product candidates ourselves, 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 FDA, EMA or other regulatory authority action, including injunction,
recall, seizure or total or partial suspension of product manufacture.
To
the extent we rely on a third-party manufacturing facility for commercial supply, that third party will be subject to significant regulatory
oversight with respect to manufacturing our product candidates.
The
preparation of therapeutics for clinical trials or commercial sale is subject to extensive regulation. Components of a finished therapeutic
product approved for commercial sale or used in late-stage clinical trials must be manufactured in accordance with cGMP requirements.
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 products and products approved for sale. Poor control of production processes
can lead to the introduction of outside agents or other contaminants, or to inadvertent changes in the properties or stability of a product
candidate that may not be detectable in final product testing. To the extent that we utilize third-party facilities for commercial supply,
the third party's facilities and quality systems must pass an inspection for compliance with the applicable regulations as a condition
of regulatory approval. In addition, the regulatory authorities may, at any time, audit or inspect the third-party manufacturing facility
or the associated quality systems for compliance with the regulations applicable to the activities being conducted. If, for example,
these facilities do not pass a plant inspection, the FDA will not approve the applicable New Drug Application ('NDA') or
biologics license application, or BLA.
We
do not directly control the manufacturing of, and are completely dependent on, our CMOs for compliance with cGMP requirements. If our
CMOs cannot successfully manufacture material that conforms to our specifications and the strict regulatory requirements of the FDA,
EMA or other regulatory authorities, they will not be able to secure and/or maintain regulatory approval for their manufacturing facilities.
In addition, we have no direct control over the ability of our CMOs to maintain adequate quality control, quality assurance and qualified
personnel. Furthermore, all of our CMOs are engaged with other companies to supply and/or manufacture materials or products for such
companies, which exposes our CMOs to regulatory risks for the production of such materials and products. As a result, failure to meet
the regulatory requirements for the production of those materials and products may generally affect the regulatory clearance of our CMOs'
facilities. Our failure, or the failure of third parties, to comply with applicable regulations could result in sanctions being imposed
on us, including clinical holds, fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, license revocation,
seizures or recalls of product candidates or products, operating restrictions and criminal prosecutions, any of which could significantly
and adversely affect supplies of our products and product candidates.
Our
potential future dependence upon others for the manufacture of our product candidates may adversely affect our future profit margins
and our ability to commercialize any products that receive regulatory approval on a timely and competitive basis.
ITEM
4: INFORMATION ON THE COMPANY
A.
History and Development of the Company
We
were originally incorporated in the British Virgin Islands as a British Virgin Islands Business Company on July 4, 2007 under the BVI
Business Companies Act 2004 with company number 1415559 under the name Jellon Enterprises, Inc. Our legal and commercial name was changed
to Minor Metals & Mining, Inc. on October 24, 2007, to Emerging Metals Limited on November 28, 2007, to West African Minerals Corporation
on December 9, 2011, and to OKYO Pharma Corporation on January 10, 2018. On March 9, 2018, shareholders approved the cancellation of
our AIM listing and migration to Guernsey. On July 3, 2018, following the approval of the Guernsey Companies Registry, we were registered
under the Guernsey Companies Law under the name OKYO Pharma Limited, as a Guernsey company with limited liability, an indefinite life
and company number 65220. We are domiciled in Guernsey. On July 17, 2018, our Ordinary Shares were admitted to listing on the standard
segment of the Official List of the FCA and admitted to trading on the standard listing of the Main Market of the London Stock Exchange.
We are subject to the Takeover Code.
Our
registered office is located at Martello Court, Admiral Park, St. Peter Port, Guernsey GY1 3HB and our telephone number is +44 (0) 20
7495 2379. Our website address is www.okyopharma.com. The reference to our website is an inactive textual reference only and the information
contained in, or that can be accessed through, our website is not a part of this annual report. Our agent for service of process in the
United States is OKYO Pharma US, Inc.
The
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers, such
as us, that file electronically, with the SEC at www.sec.gov.
33
B.
Business Overview
Overview
We
are a clinical-stage biopharmaceutical company developing next-generation therapeutics to improve the lives of patients suffering from
inflammatory eye diseases and ocular pain. Our research program is focused on a novel G Protein-Coupled Receptor, or GPCR, which we believe
plays a key role in the pathology of these inflammatory eye diseases of high unmet medical need. Our therapeutic approach is focused
on targeting inflammatory and pain modulation pathways that drive these conditions. We are presently developing OK-101, our lead clinical
product candidate, for the treatment of dry-eye disease ("DED"). We also plan to evaluate its potential in benefiting patients
with ocular neuropathic pain, uveitis and allergic conjunctivitis. We have also been evaluating OK-201, a bovine adrenal medulla, or
BAM, lipidated-peptide preclinical analogue candidate that is currently in developmental stage.
The
evidence from over 40 years of scientific literature suggests inflammation as the most common underlying cause of DED. An increase in
the levels of inflammatory cytokines in both conjunctiva and tears is known to cause the chronic inflammation associated with DED. Consequently,
development of new therapeutic agents that target inflammatory pathways is crucial in improving symptoms in DED patients. On February
21, 2018, we announced that we successfully obtained (via assignment from Panetta Partners Limited, a related party) a license from OTT
to patents owned or controlled by OTT and a sub-license from OTT to certain patents licensed by OTT from TMC to support our ophthalmic
disease drug programs. These licenses gave us the right to exploit the IP estate which is directed to compositions-of-matter and methodologies
for treating ocular inflammation, DED with chemerin or lipid-linked chemerin analogues. We also have a license from TMC to a separate
IP estate for treating symptoms of ocular neuropathic pain, uveitis and associated pain. The scope of our use of the TMC IP granted to
us through the sublicense with OTT is commensurate with the scope of use of the IP granted to OTT from TMC. This intellectual property
forms the basis of our OK-101 program, which is discussed in greater detail below.
OK-101
OK-101,
our lead clinical product candidate, is focused on keratoconjunctivitis sicca, commonly referred to as DED, which is a multifactorial
disease caused by an underlying inflammation resulting in the lack of lubrication and moisture in the surface of the eye. DED is one
of the most common ophthalmic conditions encountered in clinical practice. Symptoms of DED include constant discomfort and irritation
accompanied by inflammation of the ocular surface, visual impairment and potential damage to the ocular surface. There are presently
approximately 20 million people suffering from DED in the U.S. alone (Farrand et al. AJO 2017; 182:90), with the disease affecting approximately
up to 34% of the population aged 50+ (Dana et al. AJO 2019; 202:47), and with women representing approximately two-thirds of those affected
(Matossian et al. J Womens Health (Larchmt) 2019; 28:502–514). Prevalence of DED is anticipated to increase substantially in the
next 10-20 years due to aging populations in the U.S., Europe, Japan and China and use of contact lenses in the younger population. We
believe this increase in prevalence of dry eye syndrome represents a major expanding economic burden to public healthcare. According
to Market Research Report, Dry Eye Syndrome, December 2020, the global DED market in 2019 was approximately $5.22 billion, with the market
size expected to reach $6.54 billion by 2027. In addition, DED causes approximately $3.8 billion annually in healthcare costs and represents
a major economic burden to public healthcare, accounting for more than $50 billion to the U.S. economy annually.
At
present, there are 5 prescription drugs available to treat DED: 1) Restasis (0.05% cyclosporine), 2) Cequa (0.09% cyclosporine), 3) Xiidra
(5% lifitegrast), 4) Tyrvaya (0.03 mg varenicline), and 5) Eysuvis (0.25% loteprednol – a corticosteroid for short term use only).
However, DED continues to be a major unmet medical need due to the large number of patients not well served by the treatments available
to them through the medical community.
The
development of new drugs to treat DED has been particularly challenging due to the heterogeneous nature of the patient population suffering
from DED, and due to the difficulties in demonstrating an improvement in both signs and symptoms of the disease in well-controlled clinical
trials. The evidence from over 40 years of scientific literature, however, suggests inflammation as the most common underlying element
of DED. Consequently, development of new therapeutic agents that target inflammatory pathways is looking to be an attractive approach
in improving symptoms in DED patients. Moreover, large number of dry eye patients suffer from ocular neuropathic pain, making their condition
more resistant to topical anti-inflammatory therapy, and a drug capable of targeting both of these aspects of DED would be a significant
addition to the ocular-care practitioner's arsenal for the treatment of DED.
34
The
chemerin receptor (CMKLR1 or ChemR23) is a chemokine like GCPR expressed on select populations of cells including inflammatory mediators,
epithelial and endothelial cells as well as neurons and glial cells in the dorsal root ganglion, spinal cord, and retina. Activation
of CMKLR1 by chemerin has been shown to resolve the inflammation and pain in animal models of asthma and pain, respectively. We have
been pioneering the development of OK-101, a lipidated-chemerin analogue, which is an agonist of CMKLR1, in treating DED and other ocular
inflammatory conditions. OK-101 was first identified in a program developed by OTT using membrane-tethered ligand technology.
On
February 15, 2022, we announced the successful completion of the pre-IND meeting facilitated by Ora with the FDA regarding development
plans for OK-101 to treat DED. Both nonclinical and clinical development milestones were covered in the pre-IND meeting, with the FDA
agreeing that our first human trial would be a Phase 2 safety and efficacy trial in DED patients. The FDA also provided guidance on the
planned protocol for this trial in DED patients, concurring with one particular option OKYO has considered for the protocol which is
to designate co-primary efficacy endpoints covering both a sign and a symptom of DED in the clinical trial. Notably, the final decision
we recently took to, in fact, designate these two primary efficacy endpoints in the clinical protocol of the ongoing phase 2 trial is
significant as should this phase 2 trial then meet these prespecified endpoints, the trial should considerably affect the timeline to
an NDA filing with the FDA for OK-101 to treat DED.
During
the 4
th
quarter of 2022 we finished the final stages of a concerted effort to complete all Investigational New Drug ("IND")
enabling activities and filed with the U.S. Food and Drug Administration ("FDA") an IND on OK-101 to treat DED patients on
November 18, 2022. On December 22, 2022 we announced that we had received clearance of the IND application from the FDA to enable us
to initiate a Phase 2, first-in-human, clinical study of OK-101 for the treatment of DED.
On
May 2, 2023, we announced that the first patient has been screened for our Phase 2, multi-center, randomized, double-blinded, placebo-controlled
trial of OK-101. Because the drug is designed to be administered topically, we were able to skip the standard Phase 1 studies typically
expected with orally delivered or injectable drug candidates in non-life-threatening conditions and we opened the first trial with OK-101
as a Phase 2 clinical trial in DED patients (See OKYO Pipeline below). This trial is planned to be conducted in approximately 200 to
240 DED patients. The study is being designed in conjunction with and is being managed and monitored by Ora, well known for its leadership
of ophthalmic clinical trial activities.
On
June 6, 2023 we announced that patients in the ongoing phase 2 trial were now being dosed in the randomized portion of the phase 2, multi-center,
double-masked, placebo-controlled trial of topical ocular OK-101 to treat DED, following the two-week placebo run-in period intended
to minimize the placebo effect. The Phase 2 trial is expected to be completed in 6-8 months from enrollment of the first patient. At
that point in time, we hope to have succeeded with two major goals for the Company: 1) demonstration of "proof of concept"
that OK-101 shows efficacy in the treatment of DED patients, and 2) convincing evidence that OK-101 is potentially an FDA-approvable
drug to treat DED patients, based on results from the primary efficacy points that are being evaluated in this phase 2 trial.
Figure
1. OKYO Pipeline
Additional
Applicable Disease Indications for OK-101
Ophthalmic
diseases
Neuropathic
corneal pain has remained a challenging condition to treat since there are no FDA approved topical drugs available to treat this condition.
Current treatments for neuropathic corneal pain are limited to short term NSAIDs, steroids, gabapentin, and opioids in severe cases.
Neuropathic pain occurs through changes in both peripheral and central neurons leading to allodynia and hyperalgesia. Peripheral sensitization
from the inflammatory cytokines during and after ocular surface injury alters responsiveness of peripheral sensory neurons, which initiates
complex neuroinflammatory and electrophysiological signaling in the central nervous system that amplify the pain signaling.
The
chemerin receptor (ChemR23) that OK-101 targets to produce its anti-inflammatory activity is not only expressed on select populations
of immune cells, but is now believed to be expressed, as well, on neurons and glial cells in the dorsal root ganglion, spinal cord, and
retina. In a separate set of animal model experiments, we evaluated the pain-reducing activity of OK-101 in a ciliary nerve ligation
mouse model of corneal neuropathic pain. In collaboration with Pedram Hamrah, MD, Professor of Ophthalmology, an internationally recognized
cornea specialist, and clinician-scientist at Tufts Medical Center, Boston, we demonstrated that OK-101 suppresses corneal neuropathic
pain in a mouse model of ciliary nerve ligation developed in Dr. Hamrah's laboratory. OK-101 was topically administered to mice
in comparison to the positive control gabapentin which was administered via intraperitoneal injection. Pain relief was evaluated by an
eye-wipe count, and OK-101 was shown to reduce corneal pain similar to that of gabapentin, a commonly used anticonvulsant oral drug typically
used to treat neuropathic pain for conditions such as shingles and other systemic nerve pain disorders. Notably, the drug concentration
of OK-101 used in this study was identical to that used in mouse models of DED that demonstrated ocular anti-inflammatory activity. OK-101
had no neurotoxic effect and did not affect the corneal epithelial integrity.
Based
on the success of the animal model experiments, we believe OK-101 has the potential to address both the increased inflammatory cytokines
resulting from tear film imbalance as well as heightened neurosensory abnormalities through peripheral corneal nerve damage. Consequently,
we believe that OK-101 has the potential to not only treat DED but to separately treat neuropathic corneal pain.
35
On
July 28, 2023 we announced a new agreement with Tufts Medical Center to conduct a 40-patient open-label clinical trial evaluating the
efficacy and safety of OK-101 in subjects with neuropathic corneal pain ("NCP"). The trial is planned to start in Fall 2023.
The Investigational New Drug ("IND") application for NCP is planned to be filed in Q4 of 2023, with study enrollment planned
to commence shortly after IND allowance by the FDA.
The
trial, once started, is anticipated to take 6-9 months to conduct, and is anticipated to have a minor budgetary impact, with a total
cost for the trial, including cost of drug manufacture and formulation, amounting to under $1 million. NCP remains a major unmet medical
need for the ocular community, as there is no FDA approved drug to treat NCP and this trial provides the opportunity to quickly establish
OK-101's potential to treat this condition.
This
NCP trial will be led by Pedram Hamrah, MD, Professor and Vice Chair of Research and Academic Programs, Co-Director of the Cornea Service
and Director of the Center for Translational Ocular Immunology at Tufts Medical Center. An ophthalmologist and a clinician-scientist,
Dr. Hamrah is a leading expert in NCP and co-inventor on the OK-101 patent. He is a member of OKYO's Scientific Advisory Board
and will serve as Principal Investigator of the study, which will be conducted at Tufts Medical Center. This collaborative effort is
focused on evaluating OK-101 as a potential non-opioid analgesic to reduce neuropathic corneal pain, a major unmet medical need.
A
second related ophthalmic disease indication that is the target of our chemerin-based technology is uveitis. Uveitis is the third leading
cause of blindness worldwide. The most common type of uveitis is an inflammation of the iris called iritis (anterior uveitis). Uveitis
can damage vital eye tissue, leading to permanent vision loss. Uveitis is currently treated with corticosteroid eyedrops and injections
that reduce inflammation, however, the long-term use of corticosteroids causes increased risk of cataracts and glaucoma, requiring close
monitoring for the drug's potential side effects.
As
we progress with our ongoing clinical evaluation of OK-101 to treat DED, we will also undertake the clinical plan to explore the drug
candidate's potential to suppress the inflammation associated with uveitis. In support of this plan, we will also be exploring
preclinical development of OK-101 for the uveitis indication by first establishing 'proof-of-concept' for this indication
utilizing animal model studies of anterior uveitis to evaluate the potential of OK-101 to suppress the inflammation associated with uveitis.
A
third related ophthalmic disease indication that is the target of our chemerin-based technology is allergic conjunctivitis. Allergic
conjunctivitis is inflammation of the conjunctiva caused by an allergic reaction that affects about 20% of the global population and
is typically treated with antihistamines, mast cell stabilizers and corticosteroids. Although there are effective drugs for the treatment
of ocular allergies, about one third of patients do not respond adequately to the currently marketed drugs. Further, patients who display
poor response to antihistamines appear to suffer from chronic and seasonal allergies. There is a lack of an optimal treatment for the
perennial and severe forms of ocular allergies. We plan on conducting 'proof-of-concept' studies using OK-101 for the treatment
of chronic and seasonal allergic conjunctivitis using a conjunctival allergen challenge animal model to investigate the potential of
OK-101 to suppress the inflammation associated with allergic conjunctivitis.
36
OK-201
On
May 1, 2018, we obtained a license agreement from Tufts Medical Center for the right to exploit all the intellectual property claimed
in patent application PCT/US2016/0611101 'Lipidated BAM8-22 and methods of using same' including claims covering composition-of-matter
and methodology for treating symptoms of neuropathic chronic pain, ocular pain and uveitis-associated pain. OKYO began an effort to explore
BAM8-22 analogs that have potential to ameliorate inflammation and neuropathic pain. OK-201 is the lead compound from the license agreement
with Tufts Medical Center and was the focus of the Company's initial efforts to develop a lipidated BAM8-22 analogue to treat neuropathic
pain.
On
August 6, 2019, we signed a collaborative agreement with Tufts Medical Center, Boston and Pedram Hamrah, MD, Professor of Ophthalmology
at Tufts University School of Medicine, Boston, MA to evaluate OKYO's BAM8-22 analogues, including OK-201, as non-opioid analgesics
to suppress corneal neuropathic pain using a mouse ocular pain model developed in Dr. Hamrah's laboratory.
On
April 28, 2021, we announced positive results of OK-201, a non-opioid analgesic drug candidate delivered topically in Dr. Hamrah's
mouse neuropathic corneal pain model, as a potential drug to treat acute and chronic ocular pain. Importantly, OK-201 demonstrated a
reduced corneal pain response equivalent to that of gabapentin, a commonly used oral drug for neuropathic pain. These observations demonstrated
preclinical 'proof-of-concept' for the topical administration of OK-201 as a potential non-opioid analgesic for ocular pain.
Current treatments for corneal pain are limited to short term NSAIDs, steroids, and oral gabapentin and opioids in severe cases.
Although
the results with OK-201 were encouraging, due to subsequent success obtained with OK-101 (see section on OK-101) in follow-on animal
model studies utilizing the same mouse neuropathic corneal pain model as for OK-201, we have decided to maintain this drug candidate
at the exploratory level while we focus our primary energy on the OK-101 program to treat DED, based on OK-101's combination of
anti-inflammatory and ocular pain-reducing activities in animal models of these conditions.
37
Intellectual
Property
We
consider the protection of our proprietary technologies and products, as well as our ability to maintain patent protection that covers
the composition of matter of our product candidates, their methods of use, and other related technologies and inventions, to be a critical
element in the success of our business. As of August 1, 2023, our owned and licensed intellectual property included 8 issued patents
and 15 pending patent applications in the U.S. and abroad.
Issued
United States patent directed to lipidated chemerin fragments or analogs has a statutory expiration date of March 13, 2034, with potential
patent term extension available until 2039, following the grant of marketing authorization. Issued United States patent directed to methods
of using lipidated chemerin fragments or analogs for treating neuropathic pain has a statutory expiration date of March 13, 2034 (plus
187 days of patent term adjustment, or PTA), with potential patent term extension available until 2039, following the grant of marketing
authorization. Issued United States patent directed to methods of using lipidated chemerin fragments or analogs for treating DED has
a statutory expiration date of January 23, 2037, with potential patent term extension available until 2041, following the grant of marketing
authorization. We have pending patent applications for lipidated chemerin fragments or analogs and methods of use thereof that, if issued,
would be expected to expire in the United States and in countries outside of the United States between 2034 and 2043, excluding any patent
term adjustment that might be available following the grant of the patent and any patent term extensions that might be available following
the grant of marketing authorizations.
Issued
United States patent directed to lipidated BAM8-22 peptides or analogs and methods of use thereof has a statutory expiration date of
November 9, 2036 (plus 70 days of PTA), with potential patent term extension available until 2042, following the grant of marketing authorization.
We have pending patent applications for lipidated BAM8-22 peptides or analogs and methods of use thereof that, if issued, would be expected
to expire in the United States and in countries outside of the United States between 2036 and 2040, excluding any patent term adjustment
that might be available following the grant of the patent and any patent term extensions that might be available following the grant
of marketing authorizations.
We
plan to protect our intellectual property position by, among other things, licensing or filing our own U.S. and foreign patent applications
related to our proprietary technologies and products, and any inventions or improvements that are important to the development and implementation
of our business. We also may seek patent protection, if available, with respect to biomarkers and diagnostic methods that may be used
to determine optimal patient populations for use of our product candidates.
Wherever
possible, we seek to protect our inventions by filing U.S. patent applications as well as foreign counterpart applications in select
countries. Because patent applications in the U.S. are maintained in secrecy for at least 18 months after the applications are filed,
and since publication of discoveries in the scientific or patent literature often lags behind actual discoveries, we cannot be certain
that we were the first to make the inventions covered by each of our issued or pending patent applications, or that we were the first
to file for protection of inventions set forth in such patent applications. Our planned or potential products may be covered by third-party
patents or other intellectual property rights, in which case continued development and marketing of our products would require a license.
Required licenses may not be available to us on commercially acceptable terms, if at all. If we do not obtain these licenses, we could
encounter delays in product introductions while we attempt to design around the patents, or we could find that the development, manufacture
or sale of products requiring such licenses are not possible.
In
addition to patent protection, we also rely on know-how, trade secrets and the careful monitoring of proprietary information, all of
which can be difficult to protect. We seek to protect some of our proprietary technologies and processes by entering into confidentiality
agreements with our employees, consultants, and contractors. These agreements may be breached, we may not have adequate remedies for
any breach and our trade secrets may otherwise become known or be independently discovered by competitors. To the extent that our employees
or our consultants or contractors use intellectual property owned by others in their work for us, disputes may also arise as to the rights
in related or resulting know-how and inventions.
License
Agreement for OK-101
On
Target Therapeutics (OTT) and Tufts Medical Centre (TMC) entered into a license agreement on April 3, 2017, or the Master License, pursuant
to which OTT licensed exclusive rights to certain patent applications that describe and claim lipidated chemerin peptides and their uses
in DED, or Chemerin. The Master License remains in effect until they royalty term has expired with respect to all licensed products in
all countries. The Master License may be terminated by either party in the event of a material breach and in addition, OTT may terminate
the Master License at any time upon 90 days' notice.
38
On
May 22, 2017, OTT entered into a license and sublicense agreement with Panetta Partners Limited, one of our principal stockholders, relating
to Chemerin, or the Chemerin License Agreement, which was licensed from OTT and sublicensed from TMC. On May 1, 2018, we entered into
an assignment of the Sublicense with Panetta Partners Limited. Under the terms of the Chemerin License Agreement, we have exclusive rights
to Chemerin. Specifically, we have the benefit of the exclusive worldwide rights to a U.S. patent application (which if issued would
expire in 2036). In addition, we have exclusive worldwide rights to a Patent Cooperation Treaty, or PCT, patent which has been nationalized
in the U.S., Europe, Japan, Australia and Canada and if issued it would expire in 2037. The Chemerin License Agreement provides for the
payment by us of up to $4.9 million in development milestone payments and up to $37 million in sales milestones as follows:
Development
milestone payments being:
●
$300,000
    upon first patient enrolled in a Phase I clinical trial;
●
$600,000
    upon first patient enrolled on a Phase II clinical trial;
●
$1,500,000
    upon first patient enrolled in a Phase III clinical trial; and
●
$2,500,000
    upon first commercial sale of a licensed product.
Sales
milestones payments as follows:
●
$2,000,000
    on first achievement of annual net sales of $50,000,000;
●
$4,000,000
    on first achievement of annual net sales of $100,000,000;
●
$6,000,000
    on first achievement of annual net sales of $250,000,000;
●
$10,000,000
    on first achievement of annual net sales of $500,000,000; and
●
$15,000,000
    on first achievement of annual net sales of $1,000,000,000.
The
above payments equate to low and declining single digit percentage royalties on net sales.
We
believe that we have novel composition-of-matter coverage on the lipidated chemerin peptide lead analogues and novel method-of-use claims
in treating DED and other ophthalmic diseases. Each patent office has different patentability requirements, but we believe that the license
patent applications 16/070,467 (U.S. patent application entitled "Compounds and methods for treating inflammation"; applicant:
Tufts Medical Center / Trustees of Tufts College) and PCT/US2017/014605 (U.S. patent application entitled "Compounds and methods
for treating inflammation"; applicant Tufts Medical Center / Trustees of Tufts College) contain patentable subject matter. The
process for issuance of a patent involves a correspondence with each local patent office in the jurisdictions in which the patent application
is filed. That process, patent prosecution, involves a discussion of any relevant prior art and typically a discussion of the scope of
the claims. The patent prosecution process can take several years depending on the jurisdiction and is not in the control of the patent
owner, but in the control of the local patent office.
The
subject matter of the licensed IP may have been developed with government financial assistance and are subject to certain federal regulations
under the Bayh-Dole Act of 1980. In particular, the federal government retains a "nonexclusive, nontransferable, irrevocable, paid-up
license" for its own benefit to inventions produced with its financial assistance. The Bayh-Dole Act also provides federal agencies
with "march-in rights" and allows the government certain rights to require products to be manufactured in the United States.
March-in rights allow the government, in specified circumstances, to require the contractor or successors in title to the patent to grant
a "nonexclusive, partially exclusive, or exclusive license" to a "responsible applicant or applicants." If the
patent owner refuses to do so, the government may grant the license itself.
39
OK-201
We
entered into a license agreement with TMC on May 1, 2018, relating to intellectual property and proprietary technology for the use of
certain lipidated BAM peptides in the treatment of neuropathic pain. Under the terms of the license agreement, we have acquired an exclusive
license to certain patents (pending and issued), inventions (including future patent filings on lipidated BAM molecules related to the
licensed patents). The license agreement requires an upfront license fee of $15,000 (£11,000), which has been paid by us and annual
maintenance fees of $15,000 (£11,000) commencing on the first anniversary of the license agreement. The maintenance fees decrease
to $10,000 after the three-year anniversary until the first commercial sale. The license agreement also provides for further development
and sales milestone payments and royalties.
On
February 23, 2021, we announced that patent No. 10,899,796 entitled "Compounds and Methods for Treating Pain" was issued
by the United States Patent and Trademark Office. The patent is directed to a class of BAM peptides linked to specific lipids that demonstrate
potential for treating symptoms of neuropathic pain, ocular pain, ocular inflammation and/or DED. The work recited in this patent lays
out the potential of this class of lipidated BAM analogues as non-opioid analgesics for ocular pain management without the side effects
and potential abuse associated with opioid medications and is the foundation of our OK-201 program. In addition to the license from TMC
we have a collaboration agreement with TMC pursuant to which TMC has agreed to make available the services of Dr Pedram Hamrah M.D. as
principal investigator and nominated reach associate to carry out investigative and research studies in furtherance of our OK-201 corneal
neuropathic pain program. The patent will expire in early 2036.
Government
Regulation
Overview
Government
authorities in most jurisdictions extensively regulate the research, development, clinical testing, manufacture, distribution and marketing
of pharmaceutical products such as those that the company is developing. Obtaining regulatory approvals and ensuring subsequent compliance
with applicable laws and regulations requires the expenditure of substantial time and financial and managerial resources. Regulatory
requirements in different jurisdictions vary, and the timing and success of efforts to obtain regulatory approvals can be highly uncertain.
Development of a successful drug candidate, from identification of a candidate drug compound, through preclinical and clinical testing,
to filing of a marketing approval application, to registration, typically takes more than ten years.
Drug
development is a highly structured process divided into two major stages, preclinical and clinical. In the preclinical stage, the toxicology
and mode of action of an active compound is evaluated. The clinical stage is designed to prove the safety of any new pharmaceutical,
determine dosage requirements and, predominantly in the later phases, prove its therapeutic utility. This stage is carried out in three
phases, which, as a developer moves through the phases, require increasingly large, complex, expensive and time-consuming clinical studies.
During Phase 1, the product candidate is initially given to a small number of healthy human subjects or patients and tested for safety,
tolerance, absorption, metabolism, distribution and excretion. During Phase 2, additional trials are conducted in a larger, but still
relatively limited, patient population to verify that the product candidate has the desired effect and to identify optimal dosage levels.
Furthermore, possible adverse effects and safety risks are identified. The therapeutic utility of the product candidate for specific
targeted diseases is also studied in more depth. During Phase 3, trials are undertaken to further evaluate dosage, to provide statistically
significant evidence of clinical effectiveness and to further study the safety in an expanded patient population at multiple clinical
trial sites. Phase 3 trials may require several hundreds or thousands of patients and are therefore the most expensive and time-consuming
to conduct. At any time during one of the phases, a trial may produce a negative result, in which case the developer may choose to end
the development project, or a regulator could force clinical trials to terminate.
Following
completion of the Phase 3 trials, the developer submits all the preclinical and clinical trial documentation as well as extensive data
characterizing the manufacturing process to the regulator to seek regulatory approval to market the formulation as a pharmaceutical product.
The regulator reviews all the information related to the safety of the active compound, and whether the pharmacological effect claimed
by the developer on the proposed label can be substantiated by the results of the clinical trials. The regulator has the option to decide
to approve the application as requested, ask for changes to the claims made by the developer, ask for more information, require that
further clinical trials are undertaken, or refuse to approve the formulation for sale.
40
Even
after initial regulatory approval has been obtained, further studies, including Phase 4 post-approval safety studies, may be required
to provide additional data on safety and will be required to gain approval for the use of a product as a treatment for clinical indications
other than those for which the product was initially tested. There are also continuing, annual user fee requirements for any marketed
products and the establishments at which such products are manufactured, as well as new application fees for supplemental applications
with clinical data. In addition, regulatory authorities require post-marketing reporting to monitor the adverse effects of the product.
Results of post-approval programs may limit or expand the further marketing of the products. Further, if there are any modifications
to the product, including changes in indication, manufacturing process or labeling, or a change in the manufacturing facility, an application
seeking approval of such changes or, as the case may be, notification, must be submitted to the relevant regulatory authorities before
the modified product can be commercialized. Moreover, an approved drug product may be subject to a REMS, which could impose a number
of post-approval obligations, including (among other things) a communication plan for physicians regarding safe use of the drug, distribution
and use restrictions, and/or periodic assessments of the effectiveness of the REMS. Finally, studies may be required as a contingency
of regulatory approval (post-approval commitments), and completion of these studies within a regulator mandated time frame may be required.
European
Union
The
development, marketing and sale of medicinal products in the EU is subject to extensive pre- and post- marketing regulation by regulatory
authorities at both the EU and national levels. The requirements, regulatory approvals and processes governing the conduct of clinical
trials, product licensing, pricing and reimbursement vary from country to country, although there is some degree of EU wide harmonization.
Clinical
Trials
Clinical
trials of medicinal products in the EU must be conducted in accordance with EU and national regulations, focusing, in particular on traceability,
apply to clinical trials of advanced therapy medicinal products. If the sponsor of the clinical trial is not established within the EU,
it must appoint an entity within the EU to act as its legal representative. The sponsor must take out a clinical trial insurance policy
and, in most EU countries, the sponsor is liable to provide 'no fault' compensation to any study subject injured in the clinical
trial.
Prior
to commencing a clinical trial, the sponsor must obtain a clinical trial authorization from the relevant regulatory authority, and a
positive opinion from an independent ethics committee. The application for a clinical trial authorization must include, among other things,
a copy of the trial protocol and an investigational medicinal product dossier containing information about the manufacture and quality
of the medicinal product under investigation. Currently, clinical trial authorization applications must be submitted to the regulatory
authority in each Member State in which the trial will be conducted. Under the new Regulation on Clinical Trials, which is currently
expected to take effect in 2019, there will be a centralized application procedure where one national authority takes the lead in reviewing
the application and the other national authorities have only a limited involvement. Any substantial changes to the trial protocol or
other information submitted with the clinical trial applications must be notified to or approved by the relevant competent authorities
and ethics committees. Medicines used in clinical trials must be manufactured in accordance with cGMP.
Marketing
Approval
In
the EU medicinal products can only be commercialized after obtaining marketing authorization, or MA. There are three procedures for obtaining
marketing approvals: the centralized procedure, the decentralized procedure and the mutual recognition procedure/national procedure.
41
The
Community marketing authorization, which is issued by the European Commission through the centralized procedure, based on the opinion
of the Committee for Medicinal Products for Human Use (CHMP) of the EMA, is valid throughout the entire territory of the EU. The centralized
procedure is mandatory for certain types of products, such as biotechnology medicinal products, orphan medicinal products, and medicinal
products containing a new active substance indicated for the treatment of AIDS, cancer, neurodegenerative disorders, diabetes, autoimmune
and viral diseases. The centralized procedure is optional for products containing a new active substance not yet authorized in the EU,
or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest of public
health in the EU.
Marketing
approvals obtained using the decentralized procedure are available for products not falling within the mandatory scope of the Centralized
Procedure. An identical dossier is submitted to the regulatory authorities of each of the Member States in which the marketing approval
is sought, one of which is selected by the applicant as the Reference Member State, or RMS. The competent authority of the RMS prepares
a draft assessment report, a draft summary of the product characteristics and a draft of the labeling and package leaflet, which are
sent to the other the concerned Member States, or CMSs, for their approval. A CMS can raise an objection, based on the assessment report,
the summary of product characteristics, the labeling and the package leaflet on the grounds of potential serious risk to public health.
If no such objections are raised the product will be granted a national marketing authorization in the RMS and all of the selected CMSs.
Where a product has already been authorized for marketing in a Member State, this decentralized procedure approval can be recognized
in other Member States through the mutual recognition procedure.
Marketing
approvals obtained using the national procedure are issued by a single regulatory authority of one of the Member States and only apply
to the territory covered by the relevant regulatory authority. They are available for products not falling within the mandatory scope
of the centralized procedure. Once a product has been authorized for marketing in a Member State through the national procedure, any
application in another Member State must be by the mutual recognition procedure whereby the marketing approval can also be recognized
in other Member States through the mutual recognition procedure.
Under
the procedures described above, before granting the MA, the EMA or the relevant regulatory authority of the Member States of the EU makes
an assessment of the risk-benefit balance of the product on the basis of scientific criteria concerning its quality, safety and therapeutic
utility.
The
holder of a marketing authorization in any Member State of the EU is subject to various obligations under applicable EU regulations,
such as pharmacovigilance obligations, requiring it to, among other things, report and maintain detailed records of adverse reactions,
and to submit periodic safety update reports to the regulatory authorities. The holder must also ensure that the manufacturing and batch
release of its product is in compliance with the applicable requirements. The marketing approval holder is further obligated to ensure
that the advertising and promotion of its products complies with applicable laws, which can differ from Member State to Member State
of the EU.
Data
Exclusivity
MAAs
for generic medicinal products in the EU do not need to include the results of preclinical and clinical trials, but instead can refer
to the data included in the marketing approval of a reference product for which regulatory data exclusivity has expired. If a marketing
approval is granted for a medicinal product containing a new active substance, that product benefits from eight years of data exclusivity,
during which generic MAAs referring to the data of that product may not be accepted by the regulatory authorities, and a further two
years of market exclusivity, during which such generic products may not be placed on the market. The two-year period may be extended
to three years if during the first eight years a new therapeutic indication with significant clinical benefit over existing therapies
is approved.
42
There
is a special regime for biosimilars, or biological medicinal products that are similar to a reference medicinal product but that do not
meet the definition of a generic medicinal product, for example, because of differences in raw materials or manufacturing processes.
For such products, the results of appropriate preclinical or clinical trials must be provided, and guidelines from the EMA detail the
type of quantity of supplementary data to be provided for different types of biological product. There are no such guidelines for complex
biological products, such as gene or cell therapy medicinal products, and so it is unlikely that biosimilars of those products will currently
be approved in the EU. However, guidance from the EMA states that they will be considered in the future in light of the scientific knowledge
and regulatory experience gained at the time.
Orphan
Medicinal Products
The
EMA's Committee for Orphan Medicinal Products, or COMP, may recommend orphan medicinal product designation to promote the development
of products that are intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions affecting
not more than five in 10,000 persons in the EU. 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 product in the EU would be sufficient to justify the necessary investment in developing the medicinal product. The
COMP may only recommend orphan medicinal product designation when the product in question offers a significant clinical benefit over
existing approved products for the relevant indication. Following a positive opinion by the COMP, the European Commission adopts a decision
granting orphan status. The COMP will reassess orphan status in parallel with EMA review of a marketing authorization application and
orphan status may be withdrawn at that stage if it no longer fulfills the orphan criteria (for instance because in the meantime a new
product was approved for the indication and no convincing data are available to demonstrate a significant benefit over that product).
Orphan medicinal product designation entitles a party to financial incentives such as reduction of fees or fee waivers and ten years
of market exclusivity is granted following marketing authorization. During this period, the competent authorities may not accept or approve
any similar medicinal product, unless it offers a significant clinical benefit. This period may be redacted to six years if the orphan
medicinal product designation criteria are no longer met, including where it is shown that the product is sufficiently profitable not
to justify maintenance of market exclusivity.
United
States
Standard
Procedure
In
the United States, the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act of 1938 and its implementing regulations. The
process of obtaining regulatory approvals and the subsequent compliance with applicable federal, state, local and foreign statutes and
regulations requires the expenditure of substantial time and financial resources. Failure to comply with the applicable U.S. requirements
at any time during the product development process, approval process or after approval, may subject an applicant to a variety of administrative
or judicial sanctions, such as the FDA's refusal to approve pending NDAs or BLAs, withdrawal of an approval, imposition of a clinical
hold, issuance of warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions,
fines, refusals of government contracts, restitution, disgorgement or civil or criminal penalties.
The
process required by the FDA before a drug may be marketed in the United States generally involves the following:
●
completion
    of preclinical laboratory studies, animal studies and formulation studies in compliance with the FDA's good laboratory practice
    regulations;
●
submission
    to the FDA of an IND, which the FDA must approve before human clinical trials may begin;
●
approval
    of the human clinical trial by the institutional review board, or IRB, at each clinical site before each trial may be initiated;
●
performance
    of adequate and well-controlled human clinical trials in accordance with applicable IND and other clinical trial-related regulations,
    sometimes referred to as GCPs to establish the safety and clinical utility of the proposed product candidate for its proposed indication;
●
submission
    to the FDA of a BLA or NDA;
●
satisfactory
    completion of an FDA pre-approval inspection of the production facility or facilities where the product is produced to assess compliance
    with the FDA's cGMP requirements to assure that the facilities, methods and controls are adequate to preserve the product's
    identity, strength, quality, purity and potency;
●
potential
    FDA audit of the preclinical and/or clinical trial sites that generated the data in support of the NDA; and
●
FDA
    review and approval of the BLA or NDA prior to any commercial marketing or sale of the product in the United States.
43
Once
an approval is granted, the FDA may withdraw the approval if compliance with regulatory requirements and standards is not maintained
or if problems occur after the product reaches the market. Other potential consequences include, among other things:
●
restrictions
    on the marketing or manufacturing of the product, complete withdrawal of the product from the market or product recalls;
●
fines, warning
    letters or holds on post-approval clinical trials;
●
refusal of
    the FDA to approve pending NDAs or supplements to approved NDAs, or suspension or revocation of product approvals;
●
product seizure
    or detention, or refusal to permit the import or export of products; or
●
injunctions
    or the imposition of civil or criminal penalties.
Clinical
Trials
Clinical
trials involve the administration of the IND to human patients under the supervision of qualified investigators in accordance with GCP
requirements, which include the requirement that all research patients provide their informed consent in writing for their participation
in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the trial, the
parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. A protocol for each clinical trial and any
subsequent protocol amendments must be submitted to the FDA as part of the IND. In addition, an IRB at each institution participating
in the clinical trial must review and approve the plan for any clinical trial before it commences at that institution. Information about
certain clinical trials must be submitted within specific timeframes to the National Institutes of Health for public dissemination on
their website. Regulatory authorities, IRBs or the sponsor may suspend or terminate a clinical trial at any time on various grounds,
including a finding that the research patients are being exposed to an unacceptable health risk.
Marketing
Approval
Assuming
successful completion of the required clinical testing, the results of the preclinical studies and clinical trials, together with detailed
information relating to the product's chemistry, manufacture, controls, or CMC, and proposed labeling, among other things, are
submitted to the FDA as part of an NDA or BLA requesting approval to market the product for one or more indications. In most cases, the
submission of an NDA or BLA is subject to a substantial application user fee. Under the Prescription Drug User Fee Act guidelines that
are currently in effect, the FDA has a goal of 10 months from the date of filing of a standard NDA for a new molecular entity to review
and act on the submission. This review typically takes 12 months from the date the NDA is submitted to the FDA because the FDA has approximately
two months to make a filing decision.
In
addition, under the Pediatric Research Equity Act of 2003
,
certain NDAs or supplements to an NDA must contain data that
are adequate to assess the safety and effectiveness of the drug for the claimed indications in all relevant pediatric subpopulations,
and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may, on
its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval
of the product for use in adults, or full or partial waivers from the pediatric data requirements.
44
The
FDA conducts a preliminary review of all NDAs within the first 60 days after submission, before accepting them for filing, to determine
whether they are sufficiently complete to permit substantive review. The FDA may request additional information rather than accept an
NDA for filing. In this event, the application must be resubmitted with the additional information. The resubmitted application is also
subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an in-depth substantive
review. The FDA reviews an NDA to determine, among other things, whether the drug is safe and effective and whether the facility in which
it is manufactured, processed, packaged or held meets standards designed to assure the product's continued safety, quality and
purity.
The
FDA may refer an application for a novel drug to an advisory committee. An advisory committee is a panel of independent experts, including
clinicians and other scientific experts, that reviews, evaluates and provides 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 or NDA, the FDA typically will inspect the facility or facilities where the product is manufactured. The FDA will not
approve an application unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements
and adequate to assure consistent production of the product within required specifications. Additionally, before approving an NDA, the
FDA may inspect one or more clinical trial sites to assure compliance with GCP requirements.
After
evaluating the NDA or BLA and all related information, including the advisory committee recommendation, if any, and inspection reports
regarding the manufacturing facilities and clinical trial sites, the FDA may issue an approval letter, or, in some cases, a complete
response letter (which generally contains a statement of specific conditions that must be met in order to secure final approval of the
NDA and may require additional clinical or preclinical testing in order for the FDA to reconsider the application). Even with submission
of this additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for approval.
If and when those conditions have been met to the FDA's satisfaction, the FDA will typically issue an approval letter. An approval
letter authorizes commercial marketing of the drug with specific prescribing information for specific indications.
Even
if the FDA approves a product, it may limit the approved indications for use of the product, require that contraindications, warnings
or precautions be included in the product labeling, require that post-approval studies, including Phase 4 clinical trials, be conducted
to further assess a drug's safety after approval, require testing and surveillance programs to monitor the product after commercialization,
or impose other conditions, including distribution and use restrictions or other risk management mechanisms under a REMS, which can materially
affect the potential market and profitability of the product. The FDA may prevent or limit further marketing of a product based on the
results of post-marketing studies or surveillance programs. After approval, some types of changes to the approved product, such as adding
new indications, manufacturing changes, and additional labeling claims, are subject to further testing requirements and FDA review and
approval.
Orphan
Drug Designation
Under
the Orphan Drug Act of 1983, the FDA may designate a biologic product as an "orphan drug" if it is intended to treat a rare
disease or condition (generally meaning that it affects fewer than 200,000 individuals in the United States, or more in cases in which
there is no reasonable expectation that the cost of developing and making a biologic product available in the United States for treatment
of the disease or condition will be recovered from sales of the product).
If
a product with orphan status receives the first FDA approval for the disease or condition for which it has such designation, the product
is entitled to orphan product exclusivity, meaning that the FDA may not approve any other applications to market the same drug or biologic
product for the same indication for seven years, except in limited circumstances, such as a showing of clinical superiority to the product
with orphan exclusivity or if the party holding the exclusivity fails to assure the availability of sufficient quantities of the drug
to meet the needs of patients with the disease or condition for which the drug was designated. Competitors, however, may receive approval
of different products for the same indication for which the orphan product has exclusivity or obtain approval for the same product but
for a different indication for which the orphan product has exclusivity.
45
Post-Approval
Requirements for the EU and United States
The
FDA and the relevant regulatory authorities in the EU strictly regulate marketing, labeling, advertising and promotion of products that
are placed on the market in their respective territories. Drugs may be promoted only for the approved indications and in accordance with
the provisions of the approved label. The regulatory authorities actively enforce the laws and regulations prohibiting the promotion
of off-label uses, and a company that is found to have improperly promoted off-label uses may be subject to significant liability.
In
addition, drug manufacturers and other entities involved in the manufacture and distribution of approved drugs are required to register
their establishments with the relevant regulatory authorities and are subject to periodic unannounced inspections by them to confirm
compliance with cGMP requirements. Changes to the manufacturing process are strictly regulated and often require prior approval of the
relevant regulatory authorities before being implemented. Regulations laid down by the FDA and the regulatory authorities in the EU also
require investigation and correction of any deviations from the requirements of cGMP and impose reporting and documentation requirements
upon the marketing approval holder and any third-party manufacturers that the marketing approval holder may decide to use.
Other
Healthcare Laws in the EU and United States
The
company will also be subject to healthcare regulation and enforcement by the U.S. federal government and the state governments in the
EU and any other countries in which the company conducts its business, including its research, and the marketing and distribution of
its product candidates and products once they have obtained marketing approval. Failure to comply with these laws, where applicable,
can result in the imposition of significant civil penalties, criminal penalties, exclusion from participating in health care programs,
additional reporting requirements and oversight if the company becomes subject to a corporate integrity agreement or similar agreement
to resolve allegations of non-compliance with these laws and other sanctions. The healthcare laws and regulations that may affect the
Company's ability to operate in the United States include: the federal fraud and abuse laws, including the federal anti-kickback
and false claims laws; federal data privacy and security laws; and federal transparency laws related to payments and/or other transfers
of value made to physicians and other healthcare professionals and teaching hospitals. Many U.S. states have similar laws and regulations
that may differ from each other and federal law in significant ways. Moreover, several U.S. states have enacted legislation requiring
pharmaceutical manufacturers to, among other things, establish marketing compliance programs, file periodic reports with the state, and
make periodic public disclosures on sales and marketing activities, and prohibiting certain other sales and marketing practices. Rules
and legislation covering more or less the same subject matter as those in the United States apply to in countries in the EU and to other
countries. These can differ between jurisdictions and can sometimes result in lower or higher exposure in those countries than in the
United States. Where a product is sold in a number of countries compliance efforts can therefore be complicated.
Coverage
and Reimbursement in the EU and United States
Sales
of products developed from the Company's product candidates, if approved, will depend, in part, on the extent to which such products
will be covered by third party payors, such as government health care authorities, government health care programs, commercial insurance
and managed healthcare organizations. These third-party payors are increasingly limiting coverage or reducing reimbursements for medical
products and services. In the United States, no uniform policy of coverage and reimbursement for products exists among third party payors.
Therefore, coverage and reimbursement for products can differ significantly from payor to payor. In addition, the U.S. government, state
legislatures and foreign governments have continued implementing cost-containment programs, including price controls, restrictions on
reimbursement and requirements for substitution of generic products.
Governments
influence the price of medicinal products in the EU through their pricing and reimbursement rules and control of national healthcare
systems that fund a large part of the cost of those products to consumers. Some jurisdictions operate positive and negative list systems
under which products may only be marketed once a reimbursement price has been agreed. To obtain reimbursement or pricing approval, some
of these countries may require the completion of clinical trials that compare the cost-effectiveness of a particular product candidate
to currently available therapies. Other Member States allow companies to fix their own prices for medicines but monitor and control company
profits. The downward pressure on healthcare costs in general in the EU governments influence the price of medicinal products through
their pricing and reimbursement.
46
The
adoption of price controls and cost-containment measures, and the adoption of more restrictive policies in jurisdictions with existing
controls and measures, could further limit the Company's net revenue and results. Decreases in third party reimbursement for the
Company's product candidates or a decision by a third-party payor to not cover the Company's product candidates could reduce
physician usage of the Company's product candidates, once approved, and have a material adverse effect on the Company's sales,
results of operations and financial condition.
Privacy
and Data Protection Laws in Europe
We
are subject to European laws relating to our and our suppliers', partners' and subcontractors' collection, control,
processing and other use of personal data (i.e., any data relating to an identifiable living individual, whether that individual can
be identified directly or indirectly). We are subject to the supervision of local data protection authorities in those jurisdictions
where we are established, where we offer goods or services to EU residents and where we monitor the behavior of individuals in the EU
(i.e., undertaking clinical trials). We and our suppliers, partners and subcontractors process personal data including in relation to
our employees, employees of customers, clinical trial patients, healthcare professionals and employees of suppliers including health
and medical information. The data privacy regime in the EU includes the General Data Protection Regulation, or GDPR, the e-Privacy Directive
(2002/58/EC) and the e-Privacy Regulation (once in force) and the national laws and regulations implementing or supplementing each of
them.
The
GDPR requires that personal data is only collected for specified, explicit and legal purposes as set out in the GDPR or local laws, and
the data may then only be processed in a manner consistent with those purposes. The personal data collected and processed must be adequate,
relevant and not excessive in relation to the purposes for which it is collected and processed, it must be held securely, not transferred
outside of the EEA, (unless certain steps are taken to ensure an adequate level of protection) and must not be retained for longer than
necessary for the purposes for which it was collected. In addition, the GDPR requires companies processing personal data to take certain
organizational steps to ensure that they have adequate records, policies, security, training and governance frameworks in place to ensure
the protection of data subject rights, including as required to respond to complaints and requests from data subjects. For example, the
GDPR requires us to make more detailed disclosures to data subjects, requires disclosure of the legal basis on which we can process personal
data, makes it harder for us to obtain valid consent for processing, will require the appointment of a data protection officer where
sensitive personal data (i.e., health data) is processed on a large scale, introduces mandatory data breach notification throughout the
EU and imposes additional obligations on us when we are contracting with service providers.
In
addition, to the extent a company processes, controls or otherwise uses "special category" personal data (including patients'
health or medical information, genetic information and biometric information), more stringent rules apply, further limiting the circumstances
and the manner in which a company is legally permitted to process that data. Finally, the GDPR provides a broad right for Member States
to create supplemental national laws which may result in divergence across Europe making it harder to maintain a consistent operating
model or standard operating procedures. Such laws, for example, may relate to the processing of health, genetic and biometric data, which
could further limit our ability to use and share such data or could cause our costs to increase, and harm our business and financial
condition.
We
depend on a number of third parties in relation to the provision of our services, a number of which process personal data on our behalf.
With each such provider we enter into contractual arrangements to ensure that they only process personal data according to our instructions,
and that they have sufficient technical and organizational security measures in place. Where we transfer personal data outside the EU,
we do so in compliance with the relevant data export requirements from time to time. We take our data protection obligations seriously,
as any improper, unlawful or accidental disclosure, loss, alteration or access to, personal data, particularly sensitive personal data
(i.e., special category), could negatively impact our business and/or our reputation.
We
are also subject to EU laws on personal data export, as we may transfer personal data from the EU to other jurisdictions which are not
considered by the European Commission to offer adequate protection of personal data. Such transfers need to be legitimized by a valid
transfer mechanism under the GDPR. There is currently ongoing litigation challenging the commonly used transfer mechanisms, the European
Commission approved model clauses. In addition, the U.S. Privacy Shield is currently under review by the European Commission. As such,
it is uncertain whether the Privacy Shield framework and/or model clauses will be invalidated in the near future. These changes may require
us to find alternative bases for the compliant transfer of personal data from the EU to the United States and we are monitoring developments
in this area. Invalidation of any mechanism on which we rely could require operational changes and increased costs and may lead to governmental
enforcement actions, litigation, fines and penalties or adverse publicity that could have an adverse effect on our business.
47
The
EU is in the process of replacing the e-Privacy Directive with a new set of rules taking the form of a regulation, which will be directly
implemented in the laws of each Member State, without the need for further enactment. The draft e-Privacy Regulation imposes strict opt-in
marketing rules with limited exceptions for business-to-business communications and alters rules on third-party cookies, web beacons
and similar technology. Regulation of cookies and web beacons may lead to broader restrictions on online research activities, including
efforts to understand users' internet usage. The current draft also significantly increases fining powers to the same levels as
GDPR (i.e., the greater of 20 million Euros or 4% of total global annual revenue). The European Commission proposed the ePrivacy Regulation
in January 2017. It was intended to take effect alongside the EU GDPR (General Data Protection Regulation) on 25 May 2018.However, the
final text is still to be agreed, with the Council of the European Union and the European Parliament disagreeing about a number of issues.
There
are costs and administrative burdens associated with compliance with the GDPR and the resultant changes in the EU and EEA member states'
national laws and the introduction of the e-Privacy Regulation once it takes effect. Any failure or perceived failure to comply with
global privacy laws carries with it the risk of significant penalties and sanctions of up to €20 million or 4% of global turnover.
These laws or new interpretations, enactments or supplementary forms of these laws, could create liability for us, could impose additional
operational requirements on our business, could affect the manner in which we use and transmit patient information and could increase
our cost of doing business. Claims of violations of privacy rights or contractual breaches, even if we are not found liable, could be
expensive and time-consuming to defend and could result in adverse publicity that could harm our business.
C.
Organizational Structure
The
following table sets out details of the Company's only subsidiary:
Name
Principal activity
Registered address
Percentage
shareholding
Country of
incorporation
OKYO Pharma
US Inc.
Clinical stage biotechnology company
420 Lexington Avenue
Suite 1402
New York, NY 10170
100
%
USA
D.
Property, Plant and Equipment
The
below table contains information regarding existing or planned material tangible fixed assets owned or leased by OKYO Pharma Ltd and
its Subsidiary. We believe that suitable additional or substitute space will be available as needed to accommodate any future expansion
of our operations.
Location
Tenure
Principal use
420 Lexington Avenue
Suite 1402
New York, NY 10170
6 Months
CEO Office
48
ITEM
4A: UNRESOLVED STAFF COMMENTS
Not
applicable.
ITEM
5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of our financial condition and results of operations together with "Selected
Consolidated Financial Data" and our consolidated financial statements and the related notes thereto appearing at the end of this
Annual Report. We present our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting
Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB.
Some
information included in this discussion and analysis, including statements regarding industry outlook, our expectations regarding our
future performance, liquidity and capital resources and other statements regarding our plans and strategy for our business and related
financing, are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties. You should
read the "Risk Factors" section of this Annual Report for a discussion of important factors that could cause actual results
to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion
and analysis.
We
maintain our books and records in Pounds Sterling, and we prepare our financial statements in accordance with IFRS as issued by the IASB.
We report our financial results in U.S. dollars.
Overview
We
are a clinical-stage biopharmaceutical company developing next-generation therapeutics to improve the lives of patients suffering from
inflammatory eye diseases and ocular pain. Our research program is focused on a novel G Protein-Coupled Receptor, or GPCR, which we believe
plays a key role in the pathology of these inflammatory eye diseases of high unmet medical need. Our therapeutic approach is focused
on targeting inflammatory and pain modulation pathways that drive these conditions. We are presently developing OK-101, our lead clinical
product candidate, for the treatment of dry-eye disease ("DED"). We also plan to evaluate its potential in benefiting patients
with ocular neuropathic pain, uveitis and allergic conjunctivitis. We have also been evaluating OK-201, a bovine adrenal medulla, or
BAM, lipidated-peptide preclinical analogue candidate that is currently in developmental stage.
During
the 4
th
quarter of 2022 we finished the final stages of a concerted effort to complete all Investigational New Drug ("IND")
enabling activities and filed with the U.S. Food and Drug Administration ("FDA") an IND on OK-101 to treat DED patients on
November 18, 2022. On December 22, 2022 we announced that we had received clearance of the IND application from the FDA to enable us
to initiate a Phase 2, first-in-human, clinical study of OK-101 for the treatment of DED.
On
May 2, 2023, we announced that the first patient has been screened for our Phase 2, multi-center, randomized, double-blinded, placebo-controlled
trial of OK-101. Because the drug is designed to be administered topically, we were able to skip the standard Phase 1 studies typically
expected with orally delivered or injectable drug candidates in non-life-threatening conditions and we opened the first trial with OK-101
as a Phase 2 clinical trial in DED patients (See OKYO Pipeline below). This trial is planned to be conducted in approximately 200 to
240 DED patients. The study is being designed in conjunction with and is being managed and monitored by Ora, well known for its leadership
of ophthalmic clinical trial activities.
On
June 6, 2023 we announced that patients in the ongoing phase 2 trial were now being dosed in the randomized portion of the phase 2, multi-center,
double-masked, placebo-controlled trial of topical ocular OK-101 to treat DED, following the two-week placebo run-in period intended
to minimize the placebo effect. The Phase 2 trial is expected to be completed in 6-8 months from enrollment of the first patient. At
that point in time, we hope to have succeeded with two major goals for the Company: 1) demonstration of "proof of concept"
that OK-101 shows efficacy in the treatment of DED patients, and 2) convincing evidence that OK-101 is potentially an FDA-approvable
drug to treat DED patients, based on results from the primary efficacy points that are being evaluated in this phase 2 trial.
On
July 28, 2023 we announced a new agreement with Tufts Medical Center to conduct a 40-patient open-label clinical trial evaluating the
efficacy and safety of OK-101 in subjects with neuropathic corneal pain ("NCP"). The trial is planned to start in Fall 2023.
The Investigational New Drug ("IND") application for NCP is planned to be filed in Q4 of 2023, with study enrollment planned
to commence shortly after IND allowance by the FDA.
Figure
1. OKYO Pipeline
49
Foreign
currency translations
Items
included in the financial statements are measured using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in U.S. dollars, which is our presentation currency.
Foreign
currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.
The
financial statements of overseas subsidiary undertakings are translated into our functional currency on the following basis:
●
Assets and liabilities at the rate of
    exchange ruling at the year-end date.
●
Profit and loss account items at the
    average rate of exchange for the year.
Exchange
differences arising from the translation of the net investment in foreign entities, borrowings and other currency instruments designated
as hedges of such investments, are taken to equity (and recognized in the statement of comprehensive income) on consolidation.
Components
of Our Results of Operations
Revenues
To
date, we have not generated any revenue from product sales and do not expect to generate any revenue from the sale of products in the
near future. If our development efforts for our product candidates are successful and result in regulatory approval, we may generate
revenue in the future from product sales.
Operating
Expenses
Research
and Development Expenses
R&D
expenses consist primarily of costs incurred in connection with the R&D of our product candidates and are expensed as incurred. These
expenses consist of:
●
expenses
    incurred under agreements with CROs, CMOs, as well as investigative sites and consultants that conduct our clinical trials, preclinical
    studies and other scientific development services;
●
manufacturing
    scale-up expenses and the cost of acquiring and manufacturing materials for preclinical studies and clinical trial materials;
●
employee-related
    expenses, including salaries, related benefits, travel and share-based compensation expense for employees engaged in R&D functions;
●
costs related to compliance with regulatory
    requirements;
50
●
facilities costs, depreciation and other
    expenses, which include rent and utilities; and
●
fees for maintaining our third-party
    licensing agreements.
We
recognize external development costs based on an evaluation of the progress to completion of specific tasks using information provided
to us by our service providers.
Our
direct R&D 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 and CMOs in connection with our preclinical development, manufacturing and clinical development
activities. Our direct R&D expenses by program also include fees incurred under our license agreements. 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 use internal resources primarily to oversee the R&D as well as
for managing our preclinical development, process development, manufacturing and clinical development activities. These employees work
across multiple programs and, therefore, we do not track their costs by program.
The
table below summarizes our R&D expenses incurred by program:
Year ended March 31,
2023
2022 (restated)
2021 (restated)
Direct research and development expense by program:
OK-101
$
6,243,753
$
1,514,361
$
296,883
OK-201
93,945
95,197
51,464
Total direct research and development expense
$
6,337,698
$
1,609,558
$
348,347
Total research and development expense
$
6,337,698
$
1,609,558
$
348,347
R&D
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 and related product manufacturing expenses. As a result, we expect that our R&D expenses will increase substantially over
the next several years as we increase personnel costs and prepare for regulatory filings related to our product candidates. We also expect
to incur additional expenses related to milestone, royalty payments and maintenance fees payable to third parties with whom we have entered
into license agreements to acquire the rights related 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 development and commercialization, including the uncertainty of:
●
the scope,
    progress, outcome and costs of our preclinical development activities, clinical trials and other R&D activities;
●
establishing
    an appropriate safety profile with IND- and CTA-enabling studies;
●
successful
    patient enrollment in, and the initiation and completion of, clinical trials;
●
the timing,
    receipt and terms of any marketing approvals from applicable regulatory authorities;
●
establishing
    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 regulation;
●
launching
    commercial sales of our product candidates, if and when approved, whether alone or in collaboration with others; and
●
maintaining
    a continued acceptable safety profile of the product candidates following approval.
51
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 to discontinue, delay or modify clinical trials.
General
and Administrative Expenses
General
and administrative expenses consist primarily of salaries, 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 incur increased accounting, audit, legal,
regulatory, compliance, director and officer insurance costs, as well as investor and public relations expenses associated with being
a public company.
Taxation
The
tax expense for a period represents the total of current taxation and deferred taxation. The charges in respect of current taxation are
based on the estimated taxable profit for the relevant year. Taxable profit for the year is based on the profit as shown in the income
statement, as adjusted for items of income or expenditure which are not deductible or chargeable for tax purposes. The current tax liability
for the year is calculated using tax rates which have either been enacted or substantively enacted at the relevant balance sheet date.
Under
UK tax legislation, small and medium entity R&D relief allows us to claim back up to 14.5% of our surrenderable losses as a tax cash
credit.
52
A.
Results of Operations
The
results of operations that follow reflect the historic periods under review and should not be taken as indicative of future performance.
Comparison
of Years Ended March 31, 2023 and 2022
The
following tables summarizes our results of operations for the years ended March 31, 2023 and 2022:
Year Ended March 31,
2023
2022 (restated)
Change
Operating Expenses:
Research and development
$
(6,337,698
)
$
(1,609,558
)
$
(4,728,140
)
General and administrative
$
(6,849,502
)
$
(4,608,008
)
$
(2,241,494
)
Total Operating expenses
$
(13,187,200
)
$
(6,217,566
)
$
(6,969,634
)
Other Income/ (Expense)
(96,687
)
-
(96,687
)
Tax credit
12,202
786,521
(774,319
)
Net Loss
$
(13,271,685
)
$
(5,431,045
)
$
(7,840,640
)
Other comprehensive loss:
Foreign currency translation adjustment
(441,015
)
(837,152
)
482,165
Total Comprehensive (Loss)
$
(13,271,685
)
$
(6,268,197
)
$
(7,358,475
)
Research
and Development Expenses
Research
and development activities were $6,337,698 for the year ended March 31, 2023 compared to $1,609,698 for the year ended March 31, 2022
an increase of $4,728,140. The increase is due to an increase in R&D activity focused on progressing the pipeline towards the eventual
IND filing for OK-101 in DED.
General
and Administrative Expenses
Operating
expenses were $6,849,502 for the year ended March 31, 2023 as compared to $4,608,008 for the year ended March 31, 2022, an increase of
$2,241,494. The increase is predominantly due to costs relating to the IPO and additional NASDAQ listing such as D&O, compliance
and legal, plus additional public and investor relations expenses, professional fees and other general administrative expenses as we
increased our activities to progress our pipeline.
Other
Expenses
Other
expenses were $96,687 for the year ended March 31, 2023 as compared to nil for the year ended March 31, 2022. Other expenses comprises
of the interest due on a related party loan.
Income
Tax Credit
Income
tax credits of $12,202 and $786,521 are recognized for the years ended March 31, 2023 and 2022, respectively. The credits are obtained
at a rate of 14.5% of 230% of our qualifying research and development expenditure. The decrease in the provision is due primarily to
a revision of the income tax credit policy for the year ending March 31, 2023 due to stricter requirements by the UK tax authorities.
Comparison
of Years Ended March 31, 2022 and 2021
The
following tables summarizes our results of operations for the years ended March 31, 2022 and 2021:
Year Ended March 31,
2022 (restated)
2021 (restated)
Change
Operating Expenses:
Research and development
$
(1,609,558
)
$
(348,347
)
$
(1,261,211
)
General and administrative
$
(4,608,008
)
$
(3,017,859
)
$
(1,590,149
)
Total Operating expenses
$
(6,217,566
)
$
(3,366,206
)
$
(2,851,360
)
Other Income/ (Expense)
-
(12,295
)
12,295
Tax credit
786,521
24,994
761,527
Net Loss
$
(5,431,045
)
$
(3,353,507
)
$
(2,077,538
)
Other comprehensive loss:
Foreign currency translation adjustment
(837,152
)
346,365
(1,183,517
)
Total Comprehensive (Loss)
$
(6,268,197
)
$
(3,007,142
)
$
(3,261,055
)
53
Research
and Development Expenses
Research
and development activities were $1,609,558 for the year ended March 31, 2022 compared to $348,347 for the year ended March 31, 2021 an
increase of $1,261,211. The increase is due to an increase in R&D activity after the temporary pause in R&D activity in 2020
while the Scientific Advisory Board and management team were established.
General
and Administrative Expenses
Operating
expenses were $4,608,008 for the year ended March 31, 2022 as compared to $3,017,859 for the year ended March 31, 2021, an increase of
$1,590,149. The increase is predominantly due to the establishment of a management team and an increase in activity in the Company.
Income
Tax Credit
Income
tax credits of $786,521 and $24,994 are recognized for the years ended March 31, 2022 and 2021, respectively. The credits are obtained
at a rate of 14.5% of 230% of our qualifying research and development expenditure. The increase in the provision is due primarily to
an increase in qualifying research and development expenditure incurred in the year ending March 31, 2022, plus more qualifying research
and development expenditure identified for the year ending March 31, 2021 than was provided for.
54
B.
Liquidity and Capital Resources
Since
our inception, we have not generated any revenue and have incurred operating losses and negative cash flows from our operations. We have
funded our operations to date primarily with proceeds from the sale of our ordinary shares, exercise of warrants and convertible loan
notes.
As
of March 31, 2023, we had cash and cash equivalents of $4,045,381.
Through
March 31, 2022, we had received net cash proceeds of $5,987,167 from the issuance of ordinary shares.
Cash
Flows
The
following table summarizes our cash flows for each of the periods presented:
Year ended March 31,
2023
2022
2021
Net cash used in operating activities
$
(7,695,242
)
$
(5,468,065
)
$
(1,600,198
)
Net cash used in investing activities
(5,916
)
(1,669
)
(18,114
)
Net cash provided by financing activities
9,323,354
2,153,270
7,826,938
Net (decrease)/increase in cash and cash equivalents
$
1,622,196
$
(3,316,464
)
$
6,208,627
Net
Cash Used in Operating Activities
Our
use of cash in each of the years ended March 31, 2023, 2022 and 2021, resulted primarily from our net losses, adjusted for non-cash charges
and changes in components of working capital. Net cash used in operating activities of $7,695,242 during the year ended March 31, 2023
increased by $2,227,177 compared to the year ended March 31, 2022. The increase in net cash used in operating activities was primarily
due to an increase in activity progressing the pipeline towards the IND filing for OK-101.
Our
use of cash in each of the years ended March 31, 2022 and 2021 resulted primarily from our net losses, adjusted for non-cash charges
and changes in components of working capital. Net cash used in operating activities of $5,468,065 during the year ended March 31, 2022
increased by $3,867,867 compared to the year ended March 31, 2021. The increase in net cash used in operating activities was primarily
due to increased activity.
Net
Cash Used in Investing Activities
During
the year ended March 31, 2023 and the year ended March 31, 2022, we used $5,916 and $1,669 of cash respectively, in investing activities
for the purchases of property and equipment.
During
the year ended March 31, 2021 we used $18,114 of cash in investing activities for the purchases of property and equipment and advances
under a loan facility to West African Minerals Ltd.
Net
Cash Provided by Financing Activities
During
the years ended March 31, 2023, net cash provided by financing activities was $9,323,354, consisting of net cash proceeds from our sale
and issuance of ordinary shares plus a $2M loan from a related party.
During
the years ended March 31, 2022 and 2021, net cash provided by financing activities was $1,378,387 and $7,826,938, respectively, consisting
of net cash proceeds from our sale and issuance of ordinary shares, entering into fixed term convertible loan agreements and the exercise
of warrants.
Funding
Requirements
We
expect our expenses to increase substantially in connection with our ongoing activities, particularly as we advance the preclinical activities,
manufacturing and clinical trials of our product candidates and as we:
●
seek regulatory
    approvals for any product candidates that successfully complete clinical trials;
55
●
establish
    a sales, marketing and distribution infrastructure in anticipation of commercializing any product candidates for which we may obtain
    marketing approval and intend to commercialize on our own or jointly;
●
hire additional
    clinical, medical and development personnel;
●
expand our
    infrastructure and facilities to accommodate our growing employee base; and
●
maintain,
    expand and protect our intellectual property portfolio.
We
do not believe that our existing cash, will enable us to fund our operating expenses and capital expenditure requirements for the foreseeable
future. We have experienced net losses and significant cash outflows from cash used in operating activities over the past years, and
as of March 31, 2023, had an accumulated deficit of $126m , a net loss for the year ended March 31, 2023, of $13.3m and net cash used
in operating activities of $7.7m.
We
have prepared cash flow projections that include the costs associated with the continued clinical trials and additional investment to
fund that operation. On the basis of those projections, we conclude that significant doubt exists about the Group's ability to
continue as a going concern. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our available
capital resources sooner than we expect. If we receive regulatory approval for our other product candidates, we expect to incur significant
commercialization expenses related to product manufacturing, sales, marketing and distribution. See note 2 in the consolidated financial
statements.
Because
of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical product candidates,
we are unable to estimate the exact amount of our working capital requirements. Our future funding requirements will depend on and could
increase significantly as a result of many factors, including:
●
the scope,
    progress, outcome and costs of our preclinical development activities, clinical trials and other research and development activities;
●
the costs,
    timing, receipt and terms of any marketing approvals from applicable regulatory authorities;
●
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 revenue,
    if any, received from commercial sale of our products, should any of our product candidates receive marketing approval;
●
the costs
    and timing of hiring new employees to support our continued growth;
●
the costs
    of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending
    intellectual property-related claims; and
●
the extent
    to which we acquire technologies.
Until
such time, if ever, that we can generate product revenue sufficient to achieve profitability, we expect to finance our cash needs through
equity offerings and other financing activities such as debt arrangements. To the extent that we raise additional capital through the
sale of equity, your ownership interest will be diluted. If we raise additional funds through other third-party funding, collaboration
agreements, strategic alliances, licensing arrangements or marketing and distribution arrangements, we may have to relinquish valuable
rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be
favorable to us. If we are unable to raise additional funds through equity financings when needed, we may be required to delay, limit,
reduce or terminate our product development or future commercialization efforts or grant rights to develop and market products or product
candidates that we would otherwise prefer to develop and market ourselves.
56
Borrowings
In
August 2022, we entered into a short-term credit facility with a related party for $2m to support short term liquidity. The loan is available
for a period of 6 months upon first draw-down and carries an interest rate of 16% per annum, with additional default interest of 4% if
the loan is not repaid after the 6-month period.
In
February 2023, we entered into an additional short-term credit facility with a related party for $0.5m to further support short term
liquidity, under the same terms as the loan above. The capital on this additional facility was repaid in March 2023.
C.
Research and Development Expenses, Patents and Licenses, etc.
See
"Item 4.B.—Business Overview," and "Item 5. Operating and Financial Review and Prospects."
D.
Trend Information
See
"Item 5. Operating and Financial Review and Prospects—Trend Information."
57
E.
Off-Balance Sheet Arrangements
We
did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined in the rules
and regulations of the SEC.
F.
Tabular Disclosure of Contractual Obligations
The
following table summarizes our contractual commitments and obligations as of March 31, 2023 and 2022.
As at March 31, 2023
(in thousands)
Total
Less than
1 Year
Between 1 and 5 Years
More than
5 Years
Borrowings
$
2,000
$
2,000
$
-
$
-
Operating lease obligations
$
6
$
6
$
-
$
-
Total
$
2,006
$
2,006
$
-
$
-
As at March
    31, 2022
(in
    thousands)
Total
Less
    than
1 Year
Between
    1 and 5 Years
More
    than
5 Years
Borrowings
$
-
-
-
-
Operating lease obligations
$
19
$
19
$
-
-
Total
$
19
$
19
$
-
-
Please
refer to "Item 4 B. Business Overview" and "Item 10.C. Material Contracts" for further details.
G.
Safe Harbor
This
Annual Report on Form 20-F contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E
of the Exchange Act and as defined in the Private Securities Litigation Reform Act of 1995. See the section titled "Cautionary
Statement Regarding Forward-Looking Statements".
58
ITEM
6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
The
following table sets forth information regarding our directors and senior management as of the date of this annual report.
Name
Age
Position
Gabriele Marco Antonio Cerrone MBA (2)
51
Non-Executive Chairman
Dr. Gary S. Jacob
76
CEO and Executive Director
Dr. Raj Patil
66
Chief Scientific Officer
Keeren Shah
47
Chief Financial Officer
Willy Simon (1) (2) (3)
72
Senior Non-Executive Director
John Brancaccio (1) (2) (3)
75
Non-Executive Director
Bernard Denoyer (1) (2) (3)
76
Non-Executive Director
(1)
Remuneration
    Committee member
(2)
Nomination
    Committee member
(3)
Audit, risk
    and disclosure Committee member
Gabriele
Marco Antonio Cerrone –
Non-Executive Chairman
Gabriele
Cerrone has been the Non-Executive Chairman of our company since January 2021. Mr. Cerrone is the Founder of Tiziana Life Sciences Limited
and has been its Executive Chairman since April 2014. Mr. Cerrone has founded 10 biotechnology companies in oncology, infectious diseases
and molecular diagnostics, and has listed seven of these companies on Nasdaq, and two to the Main Market and AIM Market in London. Mr.
Cerrone co-founded Cardiff Oncology, Inc., an oncology company and served as its Co-Chairman; he was a co-founder and served as Chairman
of both Synergy Pharmaceuticals, Inc. and Callisto Pharmaceuticals, Inc. and was a Director of and led the restructuring of Siga Technologies,
Inc. Mr. Cerrone also co-founded FermaVir Pharmaceuticals, Inc. and served as Chairman of the Board until its merger in September 2007
with Inhibitex, Inc. Mr. Cerrone served as a director of Inhibitex, Inc. until its US$2.5bn sale to Bristol Myers Squibb Co in 2012.
Mr. Cerrone is the Executive Chairman and Founder of Nasdaq-listed Tiziana Life Sciences Limited, an oncology focused therapeutics company;
Co-Founder of Rasna Therapeutics Inc., a company focused on the development of therapeutics for leukaemias; Co-Founder of Hepion Pharmaceuticals,
Inc.; Executive Chairman and Co-Founder of Gensignia Life Sciences, Inc., a molecular diagnostics company focused on oncology using microRNA
technology; Non-Executive Chairman and Founder of Accustem Sciences Limited; and founder of BioVitas Capital Ltd. Mr. Cerrone graduated
from New York University's Stern School of Business with a master's degree in business administration (MBA).
59
Dr.
Gary S. Jacob
Dr.
Gary S. Jacob has served as Chief Executive Officer and a director of our company since January 2021. From November 2018 to March 2020,
Dr. Jacob was the Chief Executive Officer of Immuron Limited, an Australian microbiome biopharmaceutical company. From July 2008 until
December 2017, Dr. Jacob was President and Chief Executive Officer of Synergy Pharmaceuticals Inc., a biopharmaceutical company, where
he held various positions from July 2008 to November 2018 and he served as its Chairman from September 2013 to November 2018. On December
12, 2018, Synergy Pharmaceuticals Inc. filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code. Since March 19, 2014,
Dr. Jacob has been Chairman of the Board of Hepion Pharmaceuticals, Inc., a biotechnology company, and earlier served as its Chief Executive
Officer from May 15, 2013 until March 19, 2014. Dr. Jacob served as Chief Executive Officer of Callisto Pharmaceuticals, Inc. from May
2003 until January 2013 and a director from October 2004 until January 2013. Dr. Jacob also serves as a director of Rasna Therapeutics,
Inc., and is a past director of Cardiff Oncology, Inc. Dr. Jacob has over 35 years of experience in the pharmaceutical and biotechnology
industries across multiple disciplines including research & development, operations and business development. Prior to 1999, Dr.
Jacob served as a Monsanto Science Fellow, specializing in the field of glycobiology, and from 1997 to 1998 Dr. Jacob was Director of
Functional Genomics, Corporate Science & Technology, at Monsanto Company. Dr. Jacob also served from 1990 to 1997 as Director of
Glycobiology at G.D. Searle Pharmaceuticals Inc. During the period of 1986 to 1990, he was Manager of the G.D. Searle Glycobiology Group
at Oxford University, England.
Dr.
Raj Patil
Dr.
Raj Patil has served as Chief Scientific Officer of our company since March 2021. Dr. Patil has over 15 years of ophthalmic drug development
experience, including research & development, operations and business development. Dr. Patil previously worked with Ora, as Vice
President of Research & Development, where he was responsible for driving all anterior and posterior segment ocular research of Ora's
R&D Institute. From 2013 until 2018, Dr. Patil worked at iVeena Delivery Systems as Vice President of Advanced Ocular Delivery Systems.
Dr. Patil's tenure at iVeena included a two-year sabbatical in Singapore, where he served as an Associate Professor of Ophthalmology
at DUKE/NUS Medical School, and Principal Investigator at Singapore Eye Research Institute. From 2004 until 2013, Dr. Patil also held
a number of leadership roles at Alcon/Novartis Institute of Biomedical Research, including Associate Director of Research and Head of
Molecular Pharmacology - glaucoma and retina research. Prior to 2004, Dr. Patil served as an Associate Professor of Ophthalmology, Cell
Biology & Genetics at the University of Nebraska Medical Centre in Omaha from 2001 until 2004, and as an Assistant Professor of Ophthalmology,
Molecular Biology & Pharmacology at Washington University in St. Louis from 1992 until 2000. Dr. Patil received his PhD in Biochemistry
from National Chemical Laboratory/University of Pune, India, and completed his postdoctoral training in Biochemistry and Molecular Biology
at the University of Michigan, Ann Arbor, MI. He is the recipient of the Olga Keith Wiess Special Scholar Award from the Research to
Prevent Blindness Foundation, and NIH Director's New Innovator Award. Dr. Patil has authored over 50 peer-reviewed research articles,
serves as reviewer and editorial board member for numerous journals, and is frequently invited to lecture at academic and industry events.
Keeren
Shah
Keeren
Shah has served as our Chief Financial Officer since August 2020. Ms. Shah currently also serves as the Finance Director of Tiziana Life
Sciences Limited, Accustem Sciences Incum and Rasna Therapeutics Inc., having previously served as the Group Financial Controller for
all businesses from June 2016 to July 2020. Prior to joining us, Ms. Shah spent 10 years at Visa, Inc. as a Senior Leader in its finance
team where she was responsible for key financial controller activities, financial planning and analysis, and core processes as well as
leading and participating in key transformation programs and Visa Inc.'s initial public offering. Before joining Visa, Ms. Shah
also held a variety of finance positions at other leading companies including Arthur Andersen and BBC Worldwide. She holds a Bachelor
of Arts with Honors in Economics and is a member of the Chartered Institute of Management Accountants.
Willy
Simon –
Non-Executive Director
Willy
Jules Simon has been a director of our company since November 2015. He is a banker and worked at Kredietbank N.V. and Citibank London
before serving as an executive member of the Board of Generale Bank NL from 1997 to 1999 and as the chief executive of Fortis Investment
Management from 1999 to 2002. He acted as chairman of Bank Oyens & van Eeghen from 2002 to 2004. He was chairman of AIM-traded Velox3
plc (formerly 24/7 Gaming Group Holdings plc) until 2014 and had been a director of Playlogic Entertainment Inc., a Nasdaq OTC listed
company. Willy Simon has been the chairman of Bever Holdings, a company listed in Amsterdam, since 2006 and Chairman of Ducat Maritime
since 2015. He is also a non-executive director of Tiziana Life Sciences Limited, AccuStem Sciences Inc and Rasna Therapeutics Inc.
John
Brancaccio –
Non-Executive Director
John
Brancaccio, a retired CPA, has served as a director of our company since June 2020. From April 2004 until May 2017, Mr. Brancaccio was
the Chief Financial Officer of Accelerated Technologies, Inc., an incubator for medical device companies. Mr. Brancaccio served as a
director of Callisto Pharmaceuticals, Inc. from April 2004 until its merger with Synergy Pharmaceuticals, Inc. in January 2013 and has
been a director of Tamir Biotechnology, Inc. (formerly Alfacell Corporation) since April 2004, as well as a director of Hepion Pharmaceuticals,
Inc. since December 2013 and Tiziana Life Sciences Limited since July 2020. Mr. Brancaccio served as a director of Synergy from July
2008 until April 2019. He is also a non-executive director of AccuStem Sciences Inc and Rasna Therapeutics Inc. Mr. Brancaccio is a past
director of Cardiff Oncology, Inc.
Bernard
Denoyer–
Non-Executive Director
Bernard
F. Denoyer, a retired CPA, has served as a director of our company since December 2021. Mr. Denoyer served as Senior Vice President,
Finance and Secretary of Synergy Pharmaceuticals, Inc, from July 2008 until his retirement in June 2017. Between 2004 and January 2013
Mr. Denoyer concurrently served as Principal Financial Officer of Synergy's former parent company, Callisto Pharmaceuticals, Inc.
From October 2000 to December 2003, Mr. Denoyer was an independent consultant. Prior to this, Mr. Denoyer served as Chief Financial Officer
and Senior Vice President of META Group, Inc., between June 1994 and October 2000.
60
Family
Relationships
There
are no family relationships among any of our executive officers or directors.
B.
Compensation
Total
Compensation for the Non-Executive Chairman and Non-Executive Directors
The
table below sets out the total remuneration received by the Non-Executive Chairman and the Non-Executive Directors for the year ended
March 31, 2023.
Name
Position
Fees
earned
or paid
in cash
($000) (1)
Options
awarded
($000) (2)
Other
($000)
Total
($000)
Gabriele Cerrone
Non-Executive Chairman
145
-
300
445
Willy Simon
Non-Executive Director
39
10
-
49
John Brancaccio
Non-Executive Director
39
24
-
63
Bernard Denoyer
Non-Executive Director
39
5
-
44
(1)
The amounts
    have been translated into U.S. dollars from Pounds Sterling based upon the representative exchange rates as of March 31, 2023 of
    £1.00 = $1.23472.dav
(2)
Represents
    the fair value of incentive stock options granted during the year to March 31, 2023 using the Black-Scholes model for computing stock-based
    compensation expense as of the date of grant.
Narrative
Disclosure to the Compensation table
Gabriele
Cerrone
We
entered into an appointment agreement with Gabriele Cerrone on January 6, 2021 to serve as our Non-Executive Chairman. This agreement
entitles Mr. Cerrone to receive a consultancy fee of £120,000 per year.
In
May 2022, Mr Cerrone was awarded a bonus of $150,000 in recognition that in order to support the offering that took place in May 2022,
Mr Cerrone had subscribed to 37,500 ADSs at $4.00 per ADS. In March 2023, Mr Cerrone was awarded an additional bonus of $150,000 in recognition
of his efforts in arranging the global private placing.
In
March 2023 Mr Cerrone was granted a long-term realization bonus on the basis that (i) were the Company to be sold, during the currency
of his directorship or in the period of 6 years thereafter, for a price of, in excess of, US$275,000,000 that Mr Cerrone receive a bonus
equal to 3.5% of the value of the Company (and not just the excess); and (ii) in the event that the Company to be sold, during the currency
of his directorship or in the period of 6 years thereafter, for a price of, in excess of, US$500,000,000, Mr Cerrone would, instead of
the 3.5% bonus, receive a bonus equal to 6.5% of the enterprise value of the Company (and not just the excess over US$500,000,000). The
terms of the award are to make appropriate provision for any "spin-off" of assets and for the eventuality that the Company
be sold for non-cash consideration. Mr Cerrone be responsible for all tax liabilities in connection with any payment of the award.
Non
-Executive Director remuneration
The
remuneration of our non-executive directors is determined by our board as a whole, based on a review of current practices in other companies.
61
Compensation
of Executive Directors
The
table below sets the remuneration of each of the Executive Directors for the financial year ended March 31, 2023.
Name
Position
Fees
earned or
paid in
cash
($000)
Bonus
earned or
paid in
cash
($000)
Options
awarded
($000) (1)
Total
($000)
Gary Jacob
Executive Director
433
217
133
783
(1)
Represents
    the fair value of incentive stock options granted during the year to March 31, 2023 using an appropriate valuation model for computing
    stock-based compensation expense as of the date of grant.
Narrative
Disclosure to the Compensation table
We
entered into an employment agreement with Dr. Gary S. Jacob, our Chief Executive Officer, on December 21, 2020 and amended the agreement
on January 19, 2021. Pursuant to the agreement, Dr. Jacob had an annual salary of $350,000 and a cash bonus of up to 50% of his annual
salary based on annual performance goals. In May 2022, it was agreed that Mr Jacobs base salary would increase from US$350,000 to US$450,000
effective from 1 June 2022, provided that the increase will initially accrue but only be paid following a future equity raise.
Dr.
Jacob is also entitled to the same fringe benefits as we provide to our other executives from time to time and is eligible to receive
employee share incentives. If Dr. Jacob's employment with the company is terminated without cause, or if he resigns for good reason,
Dr. Jacob will also be entitled to receive severance equal to continuation of his base salary as then currently in effect for 12 months
following his date of termination and will be eligible for a pro-rated bonus and for reimbursement for medical coverage premiums for
6 months following his date of termination. Dr. Jacob's severance benefits are conditioned on, amongst other things, his execution
of our standard separation agreement and a general release of claims in our favor.
Outstanding
Equity Awards at Fiscal Year-End
The
following table provides information regarding all outstanding equity awards for our directors, executive officers, and non-executive
directors, as of March 31, 2023. The equity awards have been amended to reflect the share consolidation of 65 to 1 which took place on
May 22, 2023:
Name
Ordinary
Shares
Underlying
Options
Exercise
Price Per
Ordinary
Share (£)
Grant Date
Expiration
Date
Gary Jacob
30,769
2.93
06/01/2021
05/01/2031
200,000
3.19
31/08/2021
30/08/2031
84,615
1.63
14/03/2023
14/03/2033
Willy Simon
30,769
2.93
06/07/2018
06/07/2028
6,154
1.63
14/03/2023
14/03/2033
John Brancaccio
6,923
10.08
20/08/2020
20/08/2030
13,846
3.19
31/08/2021
30/08/2031
1,538
5.20
31/01/2022
31/01/2032
15,385
1.63
14/03/2023
14/03/2033
Bernard Denoyer
15,384
5.20
31/01/2022
31/01/2032
3,077
2.01
14/03/2023
14/03/2033
Employee
Share Option Plan with Non-Employee Sub-Plan and US Sub-Plan
The
main features of the Unapproved Share Option Plan are summarized below.
Eligibility
All
executive directors, officers and employees of the Company and any of its subsidiaries are eligible to participate in the Unapproved
Share Option Plan. The Remuneration Committee selects the individuals to whom share options are to be granted from time to time.
Grant
of options
Options
may be granted at such time or times as the Remuneration Committee (or the Board, excluding any interested Director, until a Remuneration
Committee is formally established) determines.
Exercise
price and adjustments to options
While
the Ordinary Shares are admitted to trading on the NASDAQ Capital Market, the exercise price per Ordinary Share may not be less than
the average of the middle market quotations for an Ordinary Share for the five dealing days immediately prior to the date of grant. If
the Ordinary Shares are not admitted to trading on the NASDAQ Capital Market, the exercise price will be the amount specified by the
Remuneration Committee. If the Ordinary Shares are newly issued the exercise price may not, in any event, be less than the nominal value
of an Ordinary Share. In the event of any variation in the share capital of the Company the exercise price and/or the number of Ordinary
Shares comprised in each option may be adjusted as the Remuneration Committee determines. No adjustment may be made which will reduce
the exercise price below the nominal value of an Ordinary Share.
62
Rights
and restrictions
An
option granted under the Unapproved Share Option Plan is not transferable. The option certificate will specify when the option will lapse,
and such date may not be later than the tenth anniversary of its date of grant. Except in the circumstances referred to below, an option
will only be exercisable on or after the date which is three years after the date of grant.
If
the participant ceases to be employed by the Company by reason of injury, disability, ill-health or redundancy; or because the business
or company that employs them is transferred out of the ultimate ownership of the Company, their option may be exercised within six months
after such cessation or transfer. In the event of the death of a participant, the personal representatives of a participant may exercise
their option within six months after the date of death. The extent to which an option may be exercised in these circumstances will be
determined by reference to any exercise conditions and time vesting provisions set out in the option certificate unless the Remuneration
Committee decides otherwise and is satisfied that any waiver of such provisions does not constitute a reward for failure.
On
cessation of employment for any other reason (or when a participant serves or has been served with, notice of termination of such employment),
the option will lapse unless the Remuneration Committee exercises its discretion to allow the exercise of the option for a period not
exceeding 6 months from the date of such cessation or notice. In such circumstances and where exercise is permitted, the extent to which
an option may be exercised will be determined by reference to any exercise conditions and time vesting provisions set out in the option
certificate unless the Remuneration Committee decides otherwise and is satisfied that any waiver of such provisions does not constitute
a reward for failure.
Corporate
events
Options,
to the extent not already exercisable, will become exercisable immediately prior to a change in control of the Company, in the event
of a takeover of the Company, in the event that an officer becomes entitled or bound to acquire Ordinary Shares or in the event that
the court sanctions a compromise or arrangement for the reconstruction of the Company or its amalgamation with any other company. In
such event, all share options may be exercised for a limited period and will lapse to the extent not exercised. Options, to the extent
not already exercisable, will become exercisable in the event that the Company is proposed to be voluntarily wound up and all share options
may be exercised within a limited period in connection with the winding up, failing which they will lapse. In such circumstances and
where exercise is permitted, the extent to which an option may be exercised will be determined by reference to any exercise conditions
set out in the option certificate unless the Remuneration Committee decides otherwise and is satisfied that any waiver of such provisions
does not constitute a reward for failure.
Performance
conditions
The
exercise of share options may be subject to the satisfaction of such performance conditions, if any, as may be specified and subsequently
varied and/or waived by the Remuneration Committee.
Issuance
of Ordinary Shares
The
Ordinary Shares issued upon the exercise of share options granted under the Unapproved Share Option Plan will rank pari passu with the
Company's issued Ordinary Shares on the date of exercise, save as regards any rights arising by reference to a record date prior
to the date of such exercise.
63
Plan
limit
Options
may not be granted under the Unapproved Share Option Plan if such grant would result in the total number of "Dilutive Shares"
exceeding 15% of the Company's issued share capital from time to time. "Dilutive Shares" means, on any date, all shares
of the Company which (a) have been issued, or transferred out of treasury, on the exercise of share options granted, or in satisfaction
of any other awards made, under any share incentive scheme (including the Unapproved Share Option Plan) in the shorter of the five years
ending on (and including) that date and the period since adoption of the Plan; and (b) remain capable of issue, or transfer out of treasury,
under any subsisting share options granted by the Company.
Alternative
settlement on exercise
Instead
of delivering the number of Ordinary Shares specified in the exercise notice, the Remuneration Committee may make a cash payment with
the option holder's consent or deliver Ordinary Shares equal to the value of the Ordinary Shares over which the option is exercised,
less the relevant exercise price, or may deliver a combination of the above two.
Alteration
The
Remuneration Committee may alter the Unapproved Share Option Plan except that (apart from minor amendments to benefit the administration
of the Share Option Plan, to correct typographical or other errors, to take account of a change in legislation or to obtain or maintain
favorable tax, exchange control or regulatory treatment for participants or the Company) no alteration to the advantage of participants
or to the Unapproved Share Option Plan limit described above can be made without the prior approval of Shareholders in general meeting.
No
amendment may have a materially adverse effect on share options granted before the amendment without the relevant option holder's
consent.
Termination
and Plan period
The
Remuneration Committee may terminate or suspend the operation of the Unapproved Share Option Plan at any time, whereupon no further share
options shall be granted but in all other respects the provisions of the Unapproved Share Option Plan shall remain in force. In any event,
no share options may be granted after the date which is five years after the date the Unapproved Share Option Plan is adopted.
64
C.
Board Practices
Corporate
Governance Practices
We
are a "foreign private issuer," as defined by the SEC. As a result, in accordance with Nasdaq listing requirements, we may
rely on home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance
standards. While we voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage of the following limited
exemptions:
●
Exemption
    from filing quarterly reports on Form 10-Q containing unaudited financial and other specified information or current reports on Form
    8-K upon the occurrence of specified significant events.
●
Exemption
    from Section 16 rules requiring insiders to file public reports of their stock ownership and trading activities and liability for
    insiders who profit from trades in a short period of time, which will provide less data in this regard than shareholders of U.S.
    companies that are subject to the Exchange Act.
●
Exemption
    from the Nasdaq requirement requiring disclosure of any waivers of the code of business conduct and ethics for directors and officers.
●
Exemption
    from the requirement that our board have a compensation committee that is composed entirely of independent directors with a written
    charter addressing the committee's purpose and responsibilities.
●
Exemption
    from the requirement to have independent director oversight of director nominations.
We
follow the QCA code corporate governance practices in lieu of Nasdaq corporate governance requirements as follows:
●
We do not
    follow Nasdaq Rule 5620(c) regarding quorum requirements applicable to meetings of shareholders. Such quorum requirements are not
    required under English law. In accordance with generally accepted business practice, our Articles of Association will provide alternative
    quorum requirements that are generally applicable to meetings of shareholders.
●
We do not
    follow Nasdaq Rule 5605(b)(2), which requires that independent directors regularly meet in executive sessions where only independent
    directors are present. Our independent directors may choose to meet in executive sessions at their discretion.
Although
we may rely on certain home country corporate governance practices, we must comply with Nasdaq's Notification of Noncompliance
requirement (Nasdaq Rule 5625) and the Voting Rights requirement (Nasdaq Rule 5640). Further, we must have an audit committee that satisfies
Nasdaq Rule 5605(c)(3), which addresses audit committee responsibilities and authority and requires that the audit committee consist
of members who meet the independence requirements of Nasdaq Rule 5605(c)(2)(A)(ii).
We
intend to take all actions necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance
requirements of the Sarbanes-Oxley Act, the rules adopted by the SEC and Nasdaq listing rules. Accordingly, our shareholders will not
have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.
For an overview of our corporate governance principles, see the section titled "Description of Share Capital and Articles of Association—Differences
in Corporate Law."
65
Compliance
with the Quoted Companies Alliance Corporate Governance Code
All
companies with securities admitted to trading on LSE are required to include on their website details of a recognized corporate governance
code that the board of directors of the company have decided to apply, how the company complies with that code, and where it departs
from its chosen corporate governance code an explanation of the reasons for doing so. This information is required to be reviewed annually.
The
company has decided to apply the Corporate Governance Code published by the Quoted Companies Alliance, or the QCA Code. The QCA Code
sets out a standard of minimum best practice for small and midsize quoted companies. The Company will continue to follow these rules
despite the delisting from the LSE.
Composition
of Our Board of Directors
Our
board of directors is currently composed of five members. Our board of directors has determined that, of our five directors, three of
the directors, Mr. John Brancaccio, Mr. Bernard Denoyer and Mr. Simon, each do not have a relationship that would interfere with the
exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is "independent"
as that term is defined under Nasdaq rules.
In
accordance with our Articles, each of our directors for whom it is the third annual general meeting following the annual general meeting
at which they were elected or last re-elected, or who was appointed by the board since the previous annual general meeting, shall retire
from office but shall be eligible to stand for re-election. See "Description of Share Capital and Articles of Association—Articles
of Association—Board of Directors."
The
expiration of the current terms of the members of the Board of Directors and the period each member has served in that term are as follows:
Name
Year Current
Term Began
Year Current
Term Expires
Gabriele Cerrone
2022
2023
Gary Jacob
2022
2023
Willy Simon
2022
2023
John Brancaccio
2022
2023
Bernard Denoyer
2022
2023
The
Company has adopted best practice for corporate governance in its country of incorporation so all directors will retire and stand for
re-election at each annual general meeting (as opposed to reliance upon rotational reappointment).
Committees
of Our Board of Directors
Our
board of directors has three standing committees: an audit, risk and disclosure committee, a remuneration committee and a nomination
committee.
66
Audit,
Risk and Disclosure Committee
The
audit, risk and disclosure committee, which consists of John Brancaccio, Bernard Denoyer and Willy Simon, assists the board of directors
in overseeing our accounting and financial reporting processes. Mr. Brancaccio serves as chairman of the audit, risk and disclosure committee.
The audit, risk and disclosure committee consists exclusively of members of our board who are financially literate, and Mr. Brancaccio
is considered an "audit committee financial expert" as defined by applicable SEC rules and has the requisite financial sophistication
as defined under the applicable Nasdaq rules and regulations.
Our
board has determined that all of the members of the audit, risk and disclosure committee satisfy the "independence" requirements
set forth in Rule 10A-3 under the Exchange Act. The audit, risk and disclosure committee will be governed by a charter that complies
with Nasdaq rules.
The
audit, risk and disclosure committee's responsibilities include:
●
recommending
    the appointment of the independent auditor to the general meeting of shareholders;
●
the appointment,
    compensation, retention and oversight of any accounting firm engaged for the purpose of preparing or issuing an audit report or performing
    other audit services;
●
pre-approving
    the audit services and non-audit services to be provided by our independent auditor before the auditor is engaged to render such
    services;
●
evaluating
    the independent auditor's qualifications, performance and independence, and presenting its conclusions to the full board of
    directors on at least an annual basis;
●
reviewing
    and discussing with management and our independent registered public accounting firm our financial statements and our financial reporting
    process;
●
reviewing,
    approving or ratifying any related party transactions.
67
Remuneration
Committee
The
remuneration committee consists of Mr. Brancaccio, Mr. Denoyer and Mr. Simon. Mr. Simon serves as chairman of the remuneration committee.
Under SEC and Nasdaq rules, there are heightened independence standards for members of the remuneration committee, including a prohibition
against the receipt of any compensation from us other than standard board member fees.
The
remuneration committee's responsibilities include:
●
identifying,
    reviewing and proposing policies relevant to the compensation and benefits of our directors and executive officers;
●
evaluating
    each executive officer's performance in light of such policies and reporting to the board; and
●
overseeing
    and administering our employee share option scheme or equity incentive plans in operation from time to time.
Nomination
Committee
The
nomination committee consists of Mr. Denoyer, Mr. Brancaccio and Mr. Simon. Mr. Denoyer serves as chairman of the nomination committee.
The nomination committee's responsibilities include:
●
drawing up
    selection criteria and appointment procedures for directors;
●
recommending
    nominees for election to our board of directors and its corresponding committees;
●
assessing
    the functioning of individual members of our board of directors and executive officers and reporting the results of such assessment
    to the board of directors; and
●
developing
    corporate governance guidelines.
None
of our non-employee directors have any service contracts with Okyo Pharma Ltd or our subsidiary that provide for benefits upon termination
of employment.
D.
Employees
As
of March 31, 2022, we had 3 full time employees. Two of our employees were engaged in research and development and one employee was engaged
in management, administration and finance. One is located in England and two are located in the United States. None of our employees
are members of labor unions. None of our employees are covered by a collective bargaining agreement.
Insurance
and Indemnification
To
the extent permitted by the Companies (Guernsey) Law, 2008, we are empowered to indemnify our directors against any liability they incur
by reason of their directorship. We maintain directors' and officers' insurance to insure such persons against certain liabilities.
We expect to enter into a deed of indemnity with each of our directors and executive officers prior to, or as soon as practicable, following
the filing of this annual report.
In
addition to such indemnification, we provide our directors and executive officers with directors' and officers' liability
insurance.
Insofar
as indemnification of liabilities arising under the Securities Act may be permitted to our board of directors, executive officers, 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.
E.
Share Ownership
See
"Item 7. Major Shareholders and Related Party Transactions."
68
ITEM
7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The
following table sets forth information relating to the beneficial ownership of our ordinary shares as of July 28, 2023 by:
●
each person,
    or group of affiliated persons, known by us to own beneficially 5% or more of our outstanding ordinary shares; and
●
each member
    of our board of directors and each of our executive officers.
The
number of ordinary shares beneficially owned by each entity, person, board member, or executive officer is determined in accordance with
the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules,
beneficial ownership includes any ordinary shares over which the individual has sole or shared voting power or investment power as well
as any ordinary shares that the individual has the right to acquire within 60 days of July 28, 2023 through the exercise of any option,
warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, the persons named in the table
have sole voting and investment power with respect to all ordinary shares held by that person.
Number of Ordinary
Shares Beneficially
Owned
Name of beneficial owner
Shares
%
5% or Greater Shareholders:
Gabriele Cerrone
(1)
8,608,364
33.69
Executive Officers and Directors:
Gabriele Cerrone
(1)
8,608,364
33.69
Willy Simon
(2)
39,717
*
Gary Jacob
(3)
403,575
1.58
John Brancaccio
(4)
15,966
*
Bernard Denoyer
(5)
5,128
*
All directors and executive officers as a group (5 persons)
(3)
9,072,753
35.51
*
Indicates
    beneficial ownership of less than 1% of the total outstanding ordinary shares.
(1)
Mr. Gabriele
    Cerrone is the ultimate beneficial owner of ordinary shares through Planwise Group Limited and Panetta Partners Limited.
(2)
Includes
    30,769 stock options which are currently exercisable or exercisable within 60 days of July 28, 2023
(3)
Includes
    357,692 stock options which are currently exercisable or exercisable within 60 days of July 28, 2023
(4)
Includes
    7,436 stock options which are currently exercisable or exercisable within 60 days of July 28, 2023
(5)
Consists
    of 5,128 stock options which are currently exercisable or exercisable within 60 days of July 28, 2023
69
B.
Related Party Transactions
The
following is a description of related party transactions we have entered into since April 1, 2021, with the beneficial owners of 5% or
more of our ordinary shares, which are our only voting securities, and senior management and members of our board of directors.
Indemnity
Agreements
We
have entered into deeds of indemnity with each of our directors.
Shared
services Agreements
We
have entered into a Shared Services agreement with Tiziana whereby we are charged for shared services such as payroll and rent.
Related
Person Transaction Policy
Our
board of directors has adopted a written related person transaction policy, effective as of May 10, 2022. This policy covers, any transaction
or proposed transactions between us and a related person that are material to us or the related person, including without limitation,
purchases of goods or services by or from the related person or entities in which the related person has a material interest, indebtedness,
guarantees of indebtedness and employment by us of a related person. In reviewing and approving any such transactions, our audit, risk
and disclosure committee is tasked to consider all relevant facts and circumstances, including, but not limited to, whether the transaction
is on terms comparable to those that could be obtained in an arm's length transaction and the extent of the related person's
interest in the transaction.
C.
Interests of Experts and Counsel
Not
applicable.
ITEM
8: FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
See
"Item 18. Financial Statements".
Legal
Proceedings
Save
as disclosed in this paragraph, there are no governmental, legal or arbitration proceedings (including any such proceedings which are
pending or threatened of which the Company is aware), which may have, or have had during the 12 months prior to the date of this annual
report, a significant effect on the Company's and/or our financial position or profitability. In addition to the proceedings set
out in this section, the Company is not involved in other legal proceedings and claims in the ordinary course of business.
B.
Significant Changes
See
Note 25 of our consolidated financial statements at the end of this Annual Report for a description of the significant changes since
March 31, 2023.
70
ITEM
9: THE LISTING
A.
Listing Details
From
May 22, 2023, the principal trading market for our ordinary shares is the Nasdaq Capital Market. Prior to this date the primary market
was the main market of the London Stock Exchange (LSE), where our ordinary shares have been listed since July 17, 2018. Prior to July
17, 2018 we were listed on the AIM market of the London Stock Exchange since 2014. The following table sets forth, for the periods indicated,
the reported high and low closing prices on the London Stock Exchange for our ordinary shares in pounds Sterling. See "Exchange
Rate Information" on page 4 for the exchange rates applicable to the periods set forth below.
Our
ordinary shares traded on the Main Market of the London Stock Exchange under the symbol "OKYO" since July 17, 2018 until
May 19, 2023.
The
following table presents, for the periods indicated, the reported high and low sale prices, including intra-day sales, of our ordinary
shares on the Main Market of the London Stock Exchange in Pounds Sterling and U.S. dollars. For the convenience of the reader, we have
translated Pounds Sterling amounts in the table below into U.S. dollars at the noon buying rate of the Federal Reserve Bank of New York
on July 14, 2023 which was £1.00 to $1.3113.
Price
    Per
Ordinary Share £
Price
    Per
Ordinary Share $
High
Low
High
Low
Year Ended March 31, 2024
First Quarter
0.021
0.016
0.067
0.020
Second Quarter (to May 19, 2023)
0.024
0.014
0.032
0.018
Year Ended March 31, 2023
First Quarter
0.065
0.026
0.082
0.036
Second Quarter
0.043
0.024
0.056
0.031
Third Quarter
0.034
0.023
0.048
0.030
Fourth Quarter
0.054
0.019
0.071
0.024
Year Ended March 31, 2022
First Quarter
0.078
0.060
0.102
0.078
Second Quarter
0.065
0.040
0.085
0.053
Third Quarter
0.085
0.041
0.112
0.054
Fourth Quarter
0.083
0.048
0.108
0.062
Year Ended March 31, 2021
First Quarter
0.055
0.017
0.072
0.022
Second Quarter
0.180
0.053
0.024
0.069
Third Quarter
0.121
0.071
0.159
0.093
Fourth Quarter
0.120
0.076
0.157
0.100
71
Our
American Depositary Shares, or ADSs, have been trading on the Nasdaq Capital Market under the symbol "OKYO" since May 17,
2022 until May 21, 2023. These were swapped for ordinary shares in Okyo Pharma Ltd on May 22, 2023. The following table sets forth, for
the periods indicated, the reported high and low closing sale prices of our ordinary shares on the Nasdaq Capital Market in U.S. dollars.
Price Per
ADS $
High
Low
Year Ended March 31, 2024
First Quarter
2.13
1.15
Second Quarter (to July 19, 2023)
2.37
1.96
Year Ended March 31, 2023
First Quarter (From May 17, 2022)
3.62
1.92
Second Quarter
3.40
1.95
Third Quarter
2.70
1.69
Fourth Quarter
1.27
1.07
On
July 19, 2023, the last reported sale price of our ordinary shares on the Nasdaq Capital Market was $1.27 per ordinary share.
B.
Plan of Distribution
Not
applicable.
C.
Markets
Our
ordinary shares are now listed on the Nasdaq Capital Market under the symbol "OKYO". The listing of our ordinary shares on
the Main Market of the London Stock Exchange ceased on May 21, 2023.
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
72
F.
Expenses of the Issue
Not
applicable.
ITEM
10: ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
We
incorporate by reference into this Annual Report the description of our amended articles of association contained in our Registration
Statement on Form F-1 originally filed with the SEC on March 4, 2022, as amended.
C.
Material Contracts
Except
as otherwise disclosed in this Annual Report (including the exhibits hereto), we are not currently, and have not been in the last two
years, party to any material contract, other than contracts entered into in the ordinary course of business.
D.
Exchange Controls
There
are no governmental laws, decrees, regulations or other legislation in the United Kingdom that may affect the import or export of capital,
including the availability of cash and cash equivalents for use by us, or that may affect the remittance of dividends, interest, or other
payments by us to non-resident holders of our ordinary shares, other than withholding tax requirements. There is no limitation imposed
by English and our Guernsey law or our articles of association on the right of non-residents to hold or participate in shareholders vote.
73
E.
Taxation
Material
U.S. Federal Income Tax Considerations for U.S. Holders
U.S.
Federal Income Tax Considerations for U.S. Holders
The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary
shares by U.S. Holders. This discussion applies to U.S. Holders that purchase our Ordinary shares pursuant to this offering and hold
such Ordinary shares as capital assets for tax purposes. This discussion is based on the Internal Revenue Code, U.S. Treasury regulations
promulgated thereunder and administrative and judicial interpretations thereof, and the income tax treaty between the United Kingdom
and the United States, or the Treaty, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive
effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders
in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as
certain financial institutions, insurance companies, dealers or traders in securities or other persons that generally mark their securities
to market for U.S. federal income tax purposes, tax-exempt entities or governmental organizations, retirement plans, regulated investment
companies, real estate investment trusts, grantor trusts, brokers, dealers or traders in securities, commodities, currencies or notional
principal contracts, certain former citizens or long-term residents of the United States, persons who hold our Ordinary shares as part
of a "straddle," "hedge," "conversion transaction," "synthetic security" or integrated
investment, persons that have a "functional currency" other than the U.S. dollar, persons who are subject to the tax accounting
rules of Section 451(b) of the Internal Revenue Code, persons that own directly, indirectly or through attribution 10% or more (by vote
or value) of our equity, corporations that accumulate earnings to avoid U.S. federal income tax, partnerships and other pass-through
entities, and investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences
or any U.S. federal estate, gift or alternative minimum tax consequences.
As
used in this discussion, the term "U.S. Holder" means a beneficial owner of our Ordinary shares that is, for U.S. federal
income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or entity treated as a corporation
for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District
of Columbia, (3) an estate the income of which is subject to U.S. federal income tax regardless of its source or (4) a trust (i) with
respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United
States persons have the authority to control all of its substantial decisions or (ii) that has elected under applicable U.S. Treasury
regulations to be treated as a domestic trust for U.S. federal income tax purposes.
If
an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary shares, the U.S. federal income tax consequences
relating to an investment in such Ordinary shares will depend upon the status and activities of such entity and the particular partner.
Any such entity and a partner in any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences
applicable to it (and, as applicable, its partners) of the purchase, ownership and disposition of our Ordinary shares.
We
have not sought, nor will we seek, a ruling from the IRS with respect to the matters discussed below. There can be no assurance that
the IRS will not take a different position concerning the tax consequences of the purchase, ownership or disposition of the Ordinary
shares or that any such position would not be sustained. Persons considering an investment in our Ordinary shares should consult their
own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our
Ordinary shares, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.
Passive
Foreign Investment Company (PFIC) Rules
In
general, a corporation organized outside the United States will be treated as a PFIC for any taxable year in which either (1) at least
75% of its gross income is "passive income," or the PFIC income test, or (2) on average at least 50% of its assets, determined
on a quarterly basis, are assets that produce passive income or are held for the production of passive income, or the PFIC asset test.
Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale
or exchange of property that give rise to passive income. Assets that produce or are held for the production of passive income generally
include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce
passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of
each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.
74
Although
PFIC status is determined on an annual basis and generally cannot be determined until the end of the taxable year, based on the nature
of our current and expected income and the current and expected value and composition of our assets, we believe we were a PFIC for our
2017 tax year and we expect to be a PFIC for our current taxable year. There can be no assurance that we will not be a PFIC in future
taxable years. Even if we determine that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with
our conclusion and that the IRS would not successfully challenge our position. Because of the uncertainties involved in establishing
our PFIC status, our U.S. counsel expresses no opinion regarding our PFIC status, and also expresses no opinion with respect to our predictions
or past determinations regarding our PFIC status.
If
we are a PFIC in any taxable year during which a U.S. Holder owns our ordinary shares, the U.S. Holder could be liable for additional
taxes and interest charges under the "PFIC excess distribution regime" upon (1) a distribution paid during a taxable year
that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's
holding period for our ordinary shares, and (2) any gain recognized on a sale, exchange or other disposition, including, under certain
circumstances, a pledge, of our ordinary shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime,
the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's
holding period for our ordinary shares. The amount allocated to the current taxable year (
i.e
., the year in which the distribution
occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income
earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect
for individuals or corporations, as applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable
to underpayments of tax, will be added to the tax.
If
we are a PFIC for any year during which a U.S. Holder holds our ordinary shares, we must generally continue to be treated as a PFIC by
that U.S. Holder for all succeeding years during which the U.S. Holder holds such ordinary shares, unless we cease to meet the requirements
for PFIC status and the U.S. Holder makes a "deemed sale" election with respect to our ordinary shares. If the election is
made, the U.S. Holder will be deemed to sell our ordinary shares it holds at their fair market value on the last day of the last taxable
year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution
regime. After the deemed sale election, the U.S. Holder's ordinary shares would not be treated as shares of a PFIC unless we subsequently
become a PFIC.
If
we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares and one of our non-United States subsidiaries
is also a PFIC (
i.e
., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and
on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions
or dispositions. Any of our non-United States subsidiaries that have elected to be disregarded as entities separate from us or as partnerships
for U.S. federal income tax purposes would not be corporations under U.S. federal income tax law and accordingly, cannot be classified
as lower-tier PFICs. However, a non-United States subsidiary that has not made the election may be classified as a lower-tier PFIC if
we are a PFIC during your holding period and the subsidiary meets the PFIC income test or PFIC asset test.
If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on our ordinary shares if a valid "mark-to-market" election is made by the U.S. Holder for our ordinary shares. An electing
U.S. Holder generally would take into account as ordinary income each year, the excess of the fair market value of our ordinary shares
held at the end of such taxable year over the adjusted tax basis of such ordinary shares. The U.S. Holder would also take into account,
as an ordinary loss each year, the excess of the adjusted tax basis of such ordinary shares over their fair market value at the end of
the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result
of the mark-to-market election. The U.S. Holder's tax basis in our ordinary shares would be adjusted annually to reflect any income
or loss recognized as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our ordinary shares
in any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition
would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter
as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified as a PFIC because we no longer meet the PFIC
income or PFIC asset test, the U.S. Holder would not be required to take into account any latent gain or loss in the manner described
above and any gain or loss recognized on the sale or exchange of the ordinary shares would be classified as a capital gain or loss.
75
A
mark-to-market election is available to a U.S. Holder only for "marketable stock." Generally, stock will be considered marketable
stock if it is "regularly traded" on a "qualified exchange" within the meaning of applicable U.S. Treasury regulations.
A class of stock is regularly traded during any calendar year during which such class of stock is traded, other than in de minimis quantities,
on at least 15 days during each calendar quarter.
The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid Qualified Electing Fund (QEF) election. As we do not expect to provide U.S. Holders with the information necessary for a U.S.
Holder to make a QEF election, prospective investors should assume that a QEF election will not be available.
The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our ordinary shares, the consequences
to them of an investment in a PFIC, any elections available with respect to the ordinary shares and the IRS information reporting obligations
with respect to the purchase, ownership and disposition of ordinary shares of a PFIC.
Distributions
Subject
to the discussion above under "Passive Foreign Investment Company Rules", a U.S. Holder that receives a distribution with
respect to our ordinary shares generally will be required to include the gross amount of such distribution in gross income as a dividend
when actually or constructively received by the U.S. Holder to the extent of the U.S. Holder's pro rata share of our current and/or
accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a
U.S. Holder is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits,
it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's
ordinary shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's ordinary shares, the remainder
will be taxed as a capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles,
U.S. Holders should expect all distributions to be reported to them as dividends. The amount of a dividend will include any amounts withheld
by the company in respect of United Kingdom taxes.
Distributions
on our ordinary shares that are treated as dividends generally will constitute income from sources outside the United States for foreign
tax credit purposes and generally will constitute passive category income. Subject to applicable limitations, some of which vary depending
upon the U.S. Holder's particular circumstances, any United Kingdom income taxes withheld from dividends on ordinary shares at
a rate not exceeding the rate provided by the Treaty will be creditable against the U.S. Holder's U.S. federal income tax liability.
The rules governing foreign tax credits are complex and U.S. Holders should consult their tax advisers regarding the creditability of
foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct
foreign taxes, including any United Kingdom income tax, in computing their taxable income, subject to generally applicable limitations
under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued
in the taxable year. The amount of any dividend income paid in a currency other than the U.S. dollar will be the U.S. dollar amount calculated
by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact
converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. holder should
not be required to recognize foreign currency gain or loss in respect of the dividend amount. A U.S. Holder may have foreign currency
gain or loss if the dividend is converted into U.S. dollars after the date of receipt.
Distributions
paid on our ordinary shares will not be eligible for the "dividends received" deduction generally allowed to corporate shareholders
with respect to dividends received from U.S. corporations under the Internal Revenue Code. Dividends paid by a "qualified foreign
corporation'' to non-corporate U.S. Holders are eligible for taxation at a reduced capital gains rate rather than the marginal
tax rates generally applicable to ordinary income provided that a holding period requirement (more than 60 days of ownership, without
protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) and certain other requirements
are met. Each U.S. Holder is advised to consult their tax advisors regarding the availability of the reduced tax rate on dividends to
their particular circumstances. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable
year (see discussion above under "Passive Foreign Investment Company Rules''), we will not be treated as a qualified
foreign corporation, and therefore the reduced capital gains tax rate described above will not apply.
76
A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays
on ordinary shares that are readily tradable on an established securities market in the United States.
The
amount of any dividend income that is paid in Pounds Sterling will be the U.S. dollar amount calculated by reference to the exchange
rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted
into U.S. dollars on the date of receipt (actual or constructive), a U.S. Holder should not be required to recognize foreign currency
gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gains or losses if the dividend is converted
into U.S. dollars after the date of receipt (actual or constructive).
Sale,
Exchange or Other Taxable Disposition of Our Ordinary Shares
Subject
to the discussion above under "Passive Foreign Investment Company Rules", a U.S. Holder generally will recognize capital
gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our ordinary shares in an amount equal
to the difference, if any, between the amount realized (
i.e
., the amount of cash plus the fair market value of any property received)
on the sale, exchange or other disposition and such U.S. Holder's adjusted tax basis in the ordinary shares. Such capital gain
or loss generally will be a long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or a long-term capital loss
if, on the date of sale, exchange or other disposition, the ordinary shares were held by the U.S. Holder for more than one year. Any
capital gain of a non-corporate U.S. Holder that is not a long-term capital gain is taxed at ordinary income tax rates. The deductibility
of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our ordinary shares will
generally be a gain or loss from sources within the United States for U.S. foreign tax credit purposes.
Medicare
Tax
Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of our ordinary shares. If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors
regarding the applicability of this Medicare tax to your income and gains in respect of your investment in our ordinary shares.
Information
Reporting and Backup Withholding
U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our ordinary
shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). In addition, each U.S. Holder who is
a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than $100,000 for our ordinary
shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment.
Substantial penalties and other adverse circumstances may be imposed upon a U.S. Holder that fails to comply with the required information
reporting.
Dividends
on and proceeds from the sale or other disposition of our ordinary shares generally have to be reported to the IRS unless the U.S. Holder
establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (1) fails to provide an
accurate U.S. taxpayer identification number or otherwise establish a basis for exemption, or (2) is described in certain other categories
of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding
tax rules.
Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or
a credit against a U.S. Holder's U.S. federal income tax liability if the required information is furnished by the U.S. Holder
on a timely basis to the IRS.
U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.
EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT THEIR OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN OUR ORDINARY SHARES
IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES. IN ADDITION, SIGNIFICANT CHANGES IN U.S. FEDERAL INCOME TAX LAWS WERE RECENTLY ENACTED.
PROSPECTIVE INVESTORS SHOULD ALSO CONSULT WITH THEIR TAX ADVISORS WITH RESPECT TO SUCH CHANGES IN U.S. TAX LAW AS WELL AS POTENTIAL CONFORMING
CHANGES IN STATE TAX LAWS.
77
U.K.
Taxation
The
following is intended as a general guide to current U.K. tax law and Her Majesty's Revenue & Customs, or HMRC, published practice
applying as at the date of this annual report (both of which are subject to change at any time, possibly with retrospective effect) relating
to the holding of ordinary shares. It does not constitute legal or tax advice and does not purport to be a complete analysis of all U.K.
tax considerations relating to the holding of ordinary shares, or all of the circumstances in which holders of ordinary shares may benefit
from an exemption or relief from U.K. taxation. It is written on the basis that the company does not (and will not) directly or indirectly
derive 75% or more of its qualifying asset value from U.K. land, and that the company is and remains solely resident in the U.K. for
tax purposes and will therefore be subject to the U.K. tax regime and not the U.S. tax regime save as set out above under "U.S.
Federal Income Taxation."
Except
to the extent that the position of non-U.K. resident persons is expressly referred to, this guide relates only to persons who are resident
(and, in the case of individuals, domiciled or deemed domiciled) for tax purposes solely in the U.K. and do not have a permanent establishment
or fixed base in any other jurisdiction with which the holding of the ordinary shares is connected, or U.K. Holders, who are absolute
beneficial owners of the ordinary shares (where the ordinary shares are not held through an Individual Savings Account or a Self-Invested
Personal Pension) and who hold the ordinary shares as investments.
This
guide may not relate to certain classes of U.K. Holders, such as (but not limited to):
●
persons who
    are connected with the company;
●
financial
    institutions;
●
insurance
    companies;
●
charities
    or tax-exempt organizations;
●
collective
    investment schemes;
●
pension schemes;
●
market makers,
    intermediaries, brokers or dealers in securities;
●
persons who
    have (or are deemed to have) acquired their ordinary shares by virtue of an office or employment or who are or have been officers
    or employees of the company or any of its affiliates; and
●
individuals
    who are subject to U.K. taxation on a remittance basis.
THESE
PARAGRAPHS ARE A SUMMARY OF CERTAIN U.K. TAX CONSIDERATIONS AND ARE INTENDED AS A GENERAL GUIDE ONLY. IT IS RECOMMENDED THAT ALL HOLDERS
OF ORDINARY SHARES OBTAIN ADVICE AS TO THE CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSAL OF THE ORDINARY SHARES IN THEIR OWN
SPECIFIC CIRCUMSTANCES FROM THEIR OWN TAX ADVISORS. IN PARTICULAR, NON-U.K. RESIDENT OR DOMICILED PERSONS ARE ADVISED TO CONSIDER THE
POTENTIAL IMPACT OF ANY RELEVANT DOUBLE TAXATION AGREEMENTS.
78
Dividends
Withholding
Tax
Dividends
paid by the company will not be subject to any withholding or deduction for or on account of U.K. tax, irrespective of the residence
or particular circumstances of the holders of ordinary shares.
Income
Tax
An
individual U.K. Holder may, depending on his or her particular circumstances, be subject to U.K. tax on dividends received from the company.
An individual holder of ordinary shares who is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. income
tax on dividends received from the company unless he or she carries on (whether solely or in partnership) a trade, profession or vocation
in the U.K. through a branch or agency to which the ordinary shares are attributable. There are certain exceptions for trading in the
U.K. through independent agents, such as some brokers and investment managers.
All
dividends received by an individual U.K. Holder from us or from other sources will form part of that U.K. Holder's total income
for income tax purposes and will constitute the top slice of that income. A nil rate of income tax will apply to the first £2,000
of taxable dividend income received by the individual U.K. Holder in a tax year. Income within the nil-rate band will be taken into account
in determining whether income in excess of the £2,000 tax-free allowance falls within the basic rate, higher rate or additional
rate tax bands. Dividend income in excess of the tax-free allowance will (subject to the availability of any income tax personal allowance)
be taxed at 7.5 per cent. to the extent that the excess amount falls within the basic rate tax band, 32.5 per cent. to the extent that
the excess amount falls within the higher rate tax band and 38.1 per cent. to the extent that the excess amount falls within the additional
rate tax band.
Corporation
Tax
A
corporate holder of ordinary shares who is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. corporation
tax on dividends received from the company unless it carries on (whether solely or in partnership) a trade in the United Kingdom through
a permanent establishment to which the ordinary shares are attributable.
Corporate
U.K. Holders should not be subject to U.K. corporation tax on any dividend received from the company so long as the dividends qualify
for exemption, which should be the case, provided the dividends fall within an exempt class and certain conditions are met. If the conditions
for the exemption are not satisfied, or such U.K. Holder elects for an otherwise exempt dividend to be taxable, U.K. corporation tax
will be chargeable on the amount of any dividends (at the current rate of 19%).
Chargeable
Gains
A
disposal or deemed disposal of ordinary shares by a U.K. Holder may, depending on the U.K. Holder's circumstances and subject to
any available exemptions or reliefs (such as the annual exemption), give rise to a chargeable gain or an allowable loss for the purposes
of U.K. capital gains tax and corporation tax on chargeable gains.
If
an individual U.K. Holder who is subject to U.K. income tax at either the higher or the additional rate is liable to U.K. capital gains
tax on the disposal of ordinary shares, the current applicable rate will be 20%. For an individual U.K. Holder who is subject to U.K.
income tax at the basic rate and liable to capital gains tax on such disposal, the current applicable rate would be 10%, save to the
extent that any capital gains when aggregated with the U.K. Holder's other taxable income and gains in the relevant tax year exceed
the unused basic rate tax band. In that case, the rate currently applicable to the excess would be 20%.
If
a corporate U.K. Holder becomes liable to U.K. corporation tax on the disposal (or deemed disposal) of ordinary shares, the main rate
of U.K. corporation tax (currently 19%) would apply. Indexation allowance is not available in respect of disposals of ordinary shares
acquired on or after January 1, 2018 (and only covers the movement in the retail prices index up until 31 March 2017, in respect of assets
acquired prior to that date). A holder of ordinary shares which is not resident for tax purposes in the United Kingdom should not normally
be liable to U.K. capital gains tax or corporation tax on chargeable gains on a disposal (or deemed disposal) of ordinary shares unless
the person is carrying on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or
agency (or, in the case of a corporate holder of ordinary shares, through a permanent establishment) to which the ordinary shares are
attributable. However, an individual holder of ordinary shares who is treated as resident outside the United Kingdom for the purposes
of a double tax treaty, or who has ceased to be resident for tax purposes in the United Kingdom for a period of less than five years
and who disposes of ordinary shares during that period may be liable on his or her return to the United Kingdom to U.K. tax on any capital
gain realized (subject to any available exemption or relief).
79
Stamp
Duty and Stamp Duty Reserve Tax
The
discussion below relates to the holders of our ordinary shares or ordinary shares wherever resident, however it should be noted that
special rules may apply to certain persons such as market makers, brokers, dealers or intermediaries.
Issue
of Shares
No
U.K. stamp duty or stamp duty reserve tax, or SDRT, is payable on the issue of the ordinary shares in the company.
Transfers
of Shares
Transfers
of the ordinary shares (including instruments transferring ordinary shares and agreements to transfer ordinary shares) are not subject
to UK stamp duty or UK SDRT.
Issue
and Transfers of Ordinary Shares
U.K.
stamp duty or SDRT is not payable on the issue or transfer of (including an agreement to transfer) ordinary shares in a Guernsey incorporated
entity. Guernsey has no issue or transfer taxes on ordinary shares.
80
F.
Dividends and Paying Agents
Not
applicable.
G.
Statements by Experts
Not
applicable.
H.
Documents on Display
We
are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information
with the SEC, including annual reports on Form 20-F and reports on Form 6-K. You may inspect and copy reports and other information filed
with the SEC at the public reference facilities of the SEC located at 100 F Street, N.E., Washington, D.C. 20549. You may also obtain
copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington,
DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC also maintains a website
at http://www.sec.gov from which certain filings may be accessed.
We
also make available on our website, free of charge, our Annual Report and the text of our reports on Form 6-K, including any amendments
to these reports, as well as certain other SEC filings, as soon as reasonably practicable after they are electronically filed with or
furnished to the SEC. Our website address is
www.okyopharma.com
. The information contained on our website is not incorporated
by reference in this Annual Report.
I.
Subsidiary Information
For
information on our subsidiaries, see "Item 4C. Organizational Structure."
ITEM
11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We
are exposed to market risks in the ordinary course of our business, which are principally limited to interest rate fluctuations and foreign
currency exchange rate fluctuations. We maintain significant amounts of cash and cash equivalents that are in excess of federally insured
limits in various currencies, placed with one or more financial institutions for varying periods according to expected liquidity requirements.
Interest
Rate Risk
Our
exposure to interest rate sensitivity is impacted by changes in the underlying U.S. and U.K. bank interest rates. Our surplus cash and
cash equivalents have been invested in interest-bearing savings and money market accounts from time to time. We have not entered into
investments for trading or speculative purposes. Due to the conservative nature of our investment portfolio, which is predicated on capital
preservation of investments with short-term maturities, we do not believe an immediate one percentage point change in interest rates
would have a material effect on the fair market value of our portfolio, and therefore we do not expect our operating results or cash
flows to be significantly affected by changes in market interest rates.
Foreign
Currency Exchange Risk
We
maintain our consolidated financial statements in the functional currency Pounds Sterling. Monetary assets and liabilities denominated
in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance
sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included
in the determination of net income (loss) for the respective periods.
81
For
financial reporting purposes, our consolidated financial statements are prepared using the functional currency, and translated into the
U.S. dollar. Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated
at the average exchange rates and shareholders' equity is translated based on historical exchange rates. Translation adjustments
are not included in determining net income (loss) but are included in foreign exchange adjustment to accumulate other comprehensive loss,
a component of shareholders' equity.
We
do not currently engage in currency hedging activities in order to reduce our currency exposure, but we may begin to do so in the future.
Instruments that may be used to hedge future risks may include foreign currency forward and swap contracts. These instruments may be
used to selectively manage risks, but there can be no assurance that we will be fully protected against material foreign currency fluctuations.
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
Not
applicable.
82
PART
II
ITEM
13: DEFAULTS, DIVIDEND ARREARAGES AN DELINQUENCIES
None.
ITEM
14: MATERIAL MODIF
IC
ATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
ITEM
15: CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Disclosure
Controls and Procedures
The
Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, have evaluated
the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) as of March 31, 2022. Based on that evaluation, the Company's
Chief Executive Officer and the Company's Chief Financial Officer have concluded that as of March 31, 2023, due to the existence
of the material weaknesses in the Company's internal control over financial reporting described below, the Company's disclosure
controls and procedures were not effective.
Management's
Annual Report on Internal Control over Financial Reporting
The
Company's management is responsible for establishing and maintaining adequate internal controls over financial reporting as defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB), and IFRIC interpretations as applicable to companies reporting under IFRS.
Because
of their inherent limitations, internal controls over financial reporting 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.
Under
the supervision and with the participation of management, the Company's Chief Executive Officer and the Company's Chief Financial
Officer, the Company conducted an informal evaluation, based on regular verbal discussions between management and the audit committee,
of the effectiveness of its internal control over financial reporting based on the framework described in Internal Control-Integrated
Framework issued by the Commission of Sponsoring Organizations of the Treadway Commission, as revised in 2013. Based on that evaluation,
management has concluded that the Company did not maintain effective internal control over financial reporting as of the period ended
March 31, 2023 due to the existence of the material weaknesses in internal control over financial reporting described below.
Material
Weaknesses
A
deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting, such that there is a reasonable
possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected
on a timely basis.
The
Board and management have determined that the Company did not maintain effective internal control over financial reporting as of the
period ended March 31, 2023 due to the existence of the following material weaknesses identified by management. A consequence of the
material weaknesses identified below did result in material errors, but these were identified during the audit phase and adjusted for
in the consolidated financial statements. Management therefore believes that our consolidated financial statements present fairly the
consolidated financial position, results of operations and cash flows for the periods covered. However, management recognizes that the
failure of the internal control over financial reporting to operate effectively as described below could result in a material misstatement
which may not have been detected by our controls:
Lack
of Accounting Resources
Due
to the limited financial resources available for expenditure other than research and development, the Company had a lack of accounting
resources resulting in over reliance on key staff, professional opinions, a weakness in monitoring controls and other oversight procedures,
which resulted in corrected misstatements.
83
Remediation
efforts
Management
intends to remediate this item in the following manner:
i.
Additional
    funds have been made available to enable the Company to address its lack of accounting resources and additional resources have been
    hired and formalized review controls have been implemented.
ii.
Periodic
    assessments will be performed to evaluate the sufficiency of the Company's accounting resources and needs for recruiting additional
    personnel, in addition to providing our accounting personnel with regular training over applicable IFRS accounting standards, complex
    accounting and financial reporting subject matters, and SEC reporting.
We
intend to complete the remediation of the material weaknesses discussed above as soon as practicable, but we can give no assurance that
we will be able to do so. Designing and implementing effective disclosure controls and procedures is a continuous effort that requires
us to anticipate and react to changes in our business and the economic and regulatory environments and to devote significant resources
to maintain a financial reporting system that adequately satisfies our reporting obligations. The remedial measures that we have taken
and intend to take may not fully address the material weaknesses that we have identified, and material weaknesses in our disclosure controls
and procedures may be identified in the future. Should we discover such conditions, we intend to remediate them as soon as practicable.
We are committed to taking appropriate steps for remediation, as needed.
ITEM
16A: AUDIT COMMITTEE FINANCIAL EXPERT
The
members of our audit, risk and disclosure committee are Mr John Brancaccio, Mr Bernard Denoyer and Mr. Willy Simon. Mr. John Brancaccio
is the chair of the audit, risk and disclosure committee. Each of our audit, risk and disclosure committee members satisfies the independence
requirements of Rule 5605(a)(2) of the Nasdaq Stock Market Marketplace Rules and the independence requirements of Rule 10A-3(b)(1) under
the Exchange Act. Our board of directors has determined that Mr. John Brancaccio is an "audit committee financial expert"
as defined in Item 16A of Form 20-F.
ITEM
16B: CODE OF ETHICS
Our
Code of Business Conduct and Ethics is applicable to all of our employees, officers and directors and is available on our website at
https://www.okyopharma.com. Our Code of Business Conduct and Ethics provides that our directors and officers are expected to avoid any
action, position or interest that conflicts with the interests of our company or gives the appearance of a conflict. Our directors and
officers have an obligation under our Code of Business Conduct and Ethics to advance our company's interests when the opportunity
to do so arises. We expect that any amendment to this code, or any waivers of its requirements, will be disclosed on our website. Information
contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report, and you should not
consider information on our website to be part of this Annual Report.
ITEM
16C: PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth, for each of the years indicated, the aggregate fees billed to us for services rendered by PKF Littlejohn
LLP, our independent registered public accounting firm and Mazars, our previous independent registered public accounting firm:
Mazars LLP
Year Ending March 31,
2023
2022
(in thousands)
Audit fees
107
201
Other assurance services
(1)
227
149
Total
334
350
PKF Littlejohn LLP
Year Ending March 31,
2023
2022
(in thousands)
Audit fees
121
-
Other assurance services
(1)
-
-
Total
121
-
(1)
Other assurance
    services include interim reviews and audit opinions required for other filings
ITEM
16D: EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
16E: PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
None.
ITEM
16F: CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT
On
November 24, 2022, Mazars LLP ("Mazars") resigned as the Company's independent registered public accounting firm. On
November 28, 2022, the Company appointed PKF Littlejohn, LLP ("PKF") as the Company's new independent registered public
accounting firm.
The
Audit Committee of the board of directors of the Company approved the appointment of PKF.
The
reports of Mazars on the Company's financial statements for each of fiscal years ended March 31, 2021 and 2022 did not contain
an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle.
During
the fiscal years ended March 31, 2021 and 2022, and the subsequent interim period through November 24, 2022, there were no disagreements
(as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) between the Company and Mazars on any matter
of accounting principles or practices, financial statement disclosure or auditing scope or procedures which disagreements, if not resolved
to the satisfaction of Mazars would have caused Mazars to make reference thereto in their reports on the financial statements for such
years. The Company disclosed in its Form 20-F for the fiscal year ended March 31, 2022 that its internal control over financial reporting
was not effective as of March 31, 2022 due to a lack of accounting resources resulting in over reliance on key staff, professional opinions,
a weakness in monitoring controls and other oversight procedures, which resulted in corrected misstatements.
The
Company provided Mazars with a copy of the disclosures it is making in this Annual Report on Form 20-F and requested that Mazars furnish
the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements contained
herein. A copy of Mazar's letter, dated August 11, 2023 is filed as Exhibit 16.1 to this Annual Report on Form 20-F.
During
the fiscal years ended March 31, 2021 and 2022 and the period from April 1, 2022 through September 30, 2022, neither the Company, nor
anyone acting on its behalf, consulted with PKF regarding (i) the application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that may be rendered on the Company's financial statements, and PKF did not
provide either a written report or oral advice to the Company that was an important factor considered by the Company in reaching a decision
as to the accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a disagreement (as defined
in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation
S-K).
84
ITEM
16G: CORPORATE GOVERNANCE
The
Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including
our company, to comply with various corporate governance practices. In addition, Nasdaq rules provide that foreign private issuers may
follow home country practices in lieu of the Nasdaq corporate governance standards, subject to certain exceptions and except to the extent
that such exemptions would be contrary to U.S. federal securities laws. The home country practices followed by our company in lieu of
Nasdaq rules are described below:
●
We do not
    follow Nasdaq's quorum requirements applicable to meetings of shareholders. Such quorum requirements are not required under
    Guernsey law. In accordance with generally accepted business practice, our articles of association provide alternative quorum requirements
    that are generally applicable to meetings of shareholders.
●
We do not
    follow Nasdaq's requirements that non-management directors meet on a regular basis without management present. Our board of
    directors may choose to meet in executive session at their discretion.
●
We do not
    follow Nasdaq's requirements to seek shareholder approval for the implementation of certain equity compensation plans, the
    issuances of ordinary shares under such plans, or in connection with certain private placements of equity securities. In accordance
    with Guernsey law, we are not required to seek shareholder approval to allot ordinary shares in connection with applicable employee
    equity compensation plans. We will follow Guernsey law with respect to any requirement to obtain shareholder approval prior to any
    private placements of equity securities.
We
intend to take all actions necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance
requirements of the Sarbanes-Oxley Act of 2002, the rules adopted by the SEC and Nasdaq's listing standards.
Because
we are a foreign private issuer, our directors and senior management are not subject to short-swing profit and insider trading reporting
obligations under Section 16 of the U.S. Securities Exchange Act of 1934, as amended, or Exchange Act. They are, however, subject to
the obligations to report changes in share ownership under Section 13 of the Exchange Act and related SEC rules.
ITEM
16H: MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16L: DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
85
PART
III
ITEM
17: FINANCIAL STATEMENTS
We
have elected to furnish financial statements and related information specified in Item 18.
ITEM
18: FINANCIAL STATEMENTS
See
the Financial Statements beginning on page F-1.
ITEM
19: EXHIBITS
Exhibit
    No.
Description
3.1**
Memorandum and Articles of Incorporation of OKYO Pharma Limited
8.1
List of Subsidiaries. (Incorporated by reference to Exhibit 21.1 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.1**
OKYO Pharma Limited Share Option Plan With Non-Employee Sub-Plan And US Sub-Plan (Incorporated by reference to Exhibit 10.1 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.2**
Executive Employment Agreement dated December 21, 2020 between Gary S. Jacob and OKYO Pharma Limited as amended on January 19, 2021. (Incorporated by reference to Exhibit 10.2 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.3**
Collaboration Agreement between On Target Therapeutics, LLC and OKYO Pharma Limited dated June 4, 2018 (Incorporated by reference to Exhibit 10.3 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.4**
Amendment to Collaboration Agreement between On Target Therapeutics, LLC and OKYO Pharma Limited dated October 22, 2018 (Incorporated by reference to Exhibit 10.4 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.5**
License Agreement dated as of May 1, 2018 by and between Tufts Medical Center, Inc. and OKYO Pharma Limited (Incorporated by reference to Exhibit 10.5 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.6**
Shared Services Agreement dated as of January 1, 2018 by and between OKYO Pharma Limited and Tiziana Life Sciences plc (Incorporated by reference to Exhibit 10.6 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.7**
License and Sublicense Agreement dated May 22, 2017 by and between On Target Therapeutics, LLC and OKYO Pharma Limited (Incorporated by reference to Exhibit 10.7 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.8**
First Amendment to the License and Sublicense Agreement dated March 25, 2021 by and between On Target Therapeutics, LLC and OKYO Pharma Limited. (Incorporated by reference to Exhibit 10.8 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
10.9**
Collaboration Agreement dated August 6, 2019 between Tufts Medical Center, Inc. and OKYO Pharma Limited. (Incorporated by reference to Exhibit 10.9 to Amendment No. 6 to Form F-1 filed on May 13, 2022).
12.1*
Certification by the Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2*
Certification by the Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1*
Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2*
Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
15.1*
Consent of Mazars LLP.
15.2
Consent of PKF Littlejohn LLP
16.1*
Letter from Mazars LLP dated August 14, 2023
101.INS
XBRL
    Instance Document.
101.SCH
XBRL
    Taxonomy Extension Schema Document.
101.CAL
XBRL
    Taxonomy Extension Calculation Linkbase Document.
101.DEF
XBRL
    Taxonomy Extension Definition Linkbase Document.
101.LAB
XBRL
    Taxonomy Extension Label Linkbase Document.
101.PRE
XBRL
    Taxonomy Extension Presentation Linkbase Document
*
Filed
    Herewith
86
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.
OKYO
    Pharma Ltd
By:
/s/
    Gary Jacob
Gary
    Jacob
Chief
    Executive Officer
Date:
August
    14, 2023
87
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
OKYO
PHARMA LIMITED
Report of Independent Registered Public Accounting Firm
PCAOB ID:
2814
F-2
Report of Independent Registered Public Accounting Firm
PCAOB ID:
1401
F-3
Consolidated Balance Sheets
F-4
Consolidated Statements of O
perations and
Comprehensive
L
oss
F-5
Consolidated Statements of Changes in Shareholders' Equity
F-6
Consolidated Statement of Cash Flows
F-7
Notes to Consolidated Financial Statements
F-8
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the shareholders and Board of Directors of OKYO Pharma Limited
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying Consolidated Balance Sheet of OKYO Pharma Limited and its subsidiaries (the "Group") as of
March 31, 2023 and the related Consolidated Statement of Operations and Comprehensive Loss, Consolidated Statement of Cash Flows and
Consolidated Statement of Changes in Equity for the year ended March 31, 2023 and the related notes (collectively referred to as the
"consolidated financial statements"). In our opinion, the consolidated financial statements above present
fairly, in all material respects, the financial position of the Group as of March 31, 2023 and the results of its operations and its
cash flows for the year ended March 31, 2023 in conformity with International Financial Reporting Standards as issued by the
International Accounting Standards Board.
We also have audited the adjustments to the 2022 and 2021 financial statements
as described in Note 2A Reclassification of Prior Year Presentation and Note 18 Basic and Diluted Loss Per Share. In our opinion, such
adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2022
and 2021 financial statements of the Group other than with respect to the adjustments and, accordingly, we do not express an opinion or
any other form of assurance on the 2022 and 2021 financial statements taken as a whole.
Going
Concern Uncertainty
The consolidated financial statements have been prepared assuming that the Group will continue as a going concern.
As discussed in note 2 to the consolidated financial statements, the Group is pre-revenue and its business model requires significant
ongoing expenditure on research and development that include the costs associated with the ongoing clinical trials. The forecast prepared
by management indicates that the current cash held will be utilised by October 2023 without additional financing facilities in place.
Management intends to raise sufficient funds to enable the Group to complete the Phase II clinical trials for OK101 and meet working capital
requirements, and are taking steps to include possible deferred payment of existing liabilities, working capital cost reductions and raising
additional equity. These conditions raise substantial doubt about the Group's ability to continue as a going concern. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for opinion
These
consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an
opinion on the Group's 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 Group 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, 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 Group's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit 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 audit 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 audit provides a reasonable basis for our opinion.
PKF
Littlejohn LLP
We
have served as the Group's auditor since 28 November 2022.
London,
England
August 14, 2023
F-
2
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the shareholders and Board of Directors of OKYO Pharma Limited
Opinion
on the Consolidated Financial Statements
We have audited, before the effects of the adjustments
to retrospectively apply changes in presentation and disclosure described in Note 2A and 18A, the consolidated balance sheets of OKYO Pharma
Limited and its subsidiary (the Group) as of March 31, 2022, together with the related consolidated statements of operations and comprehensive
loss, consolidated statements of shareholders' equity, and consolidated statements of cash flows for each of the two years in the
period ended March 31, 2022 and the related notes (collectively referred to as the 'consolidated financial statements'). The
2022 and 2021 consolidated financial statements before the effects of the adjustments discussed in Note 2A and 18A are not presented herein.
The 2022 and 2021 consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audit.
In our opinion, the consolidated financial statements,
before the effects of the adjustments to retrospectively apply changes in presentation and disclosure described in Note 2A and 18A, present
fairly, in all material respects, the financial position of the Group as of March 31, 2022, and the results of its operations and its
cash flows for each of the two years in the period ended March 31, 2022, in conformity with International Financial Reporting Standards
as issued by the International Accounting Standards Board.
We were not engaged to audit, review, or apply any
procedures to the adjustments to retrospectively apply changes in presentation and disclosure described in Note 2A and 18A and, accordingly,
we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.
Those adjustments were audited by PKF Littlejohn LLP.
Going
Concern Uncertainty
The
accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern. As discussed
in Note 2 to the consolidated financial statements, the Group are pre-revenue, and its business model requires significant ongoing expenditure
on research and development. The forecast prepared by management indicates that the current cash held will be exhausted by October 2022
without additional financing facilities in place. The Group is in the final stages of its Investigational New Drug (IND) application
for OK101, due to be filed with the U.S. Food and Drug Administration (FDA) in mid-November 2022 after which there is a 30 day period
for the FDA to raise questions or issue a clinical hold. Both Management and their Contract Research Organisation, Ora, Inc. believe
the risk of a clinical hold being issued is very low based on preliminary discussions with the FDA. On completion of the IND application
process, management intends to raise sufficient funds to enable the Group to complete Phase II clinical trials for OK101. As management's
forecasts indicate current cash held is not sufficient to complete the IND application process and cover working capital requirements
until further funds are raised for the Phase II clinical trials, to meet the short-term need, the Group has secured a $2 million short-term
credit facility with a related party, Tiziana Life Sciences Limited, which must be repaid six months after the initial draw-down. After
taking this facility into consideration the available cash position will be extended to approximately April 2023. If further funds for
the Phase II clinical trials are not raised before then, to continue operating, the Group will need to raise additional funds sufficient
to meet its ongoing working capital requirements as well as to repay the $2 million short-term credit facility. These conditions raise
substantial doubt about the Group's ability to continue as a going concern. The consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Group'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 Group in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. The Group is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, 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 Group's internal control over financial reporting. Accordingly, we express no such opinion.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
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.
Mazars
LLP
We
 served as the Group's auditor from 2019 until November 24, 2022.
London,
England
August
15, 2022
F-
3
OKYO
Pharma Limited
Consolidated
Balance Sheets
Year ended March 31,
2023
2022
$
$
ASSETS
Current assets:
Cash and cash equivalents
4,045,381
2,700,724
Current taxation receivable
559,128
781,688
Other receivables
592,195
812,956
Total current assets
5,196,704
4,295,368
Property and Equipment, net
7,216
5,225
Total non-current assets
7,216
5,225
Total assets
5,203,920
4,300,593
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Current liabilities:
Trade and other payables
4,262,855
1,306,150
Related party payable
779,191
47,041
Loan payable to related party
2,215,111
-
Total current liabilities
7,257,157
1,353,191
Total liabilities
7,257,157
1,353,191
Shareholders' Equity:
Share premium
131,385,892
123,976,510
Share options reserve
3,628,756
2,355,040
Warrants reserve
82,376
53,413
Foreign currency translation reserve
(
11,452,542
)
(
11,011,527
)
Retained deficit
(
125,697,719
)
(
112,426,034
)
Total shareholders' equity
(
2,053,237
)
2,947,402
Total liabilities and shareholders' equity
5,203,920
4,300,593
F-
4
OKYO
Pharma Limited
Consolidated
Statements of Operations and Comprehensive Loss
Year ended March 31,
2023
2022 (restated)*
2021 (restated)*
$
$
$
Operating expenses:
Research and development
(
6,337,698
)
(
1,609,558
)
(
348,347
)
Operating Expenses
(
6,849,502
)
(
4,608,008
)
(
3,017,859
)
Total operating expenses
(
13,187,200
)
(
6,217,566
)
(
3,366,206
)
Other income/(expense):
Finance income
-
-
-
Finance expense
(
96,687
)
-
(
1,123
)
Impairment of loan
-
-
(
11,172
)
Loss from operations before income taxes
(
13,283,887
)
(
6,217,566
)
(
3,378,501
)
Income tax provision
12,202
786,521
24,994
Loss for the year
(
13,271,685
)
(
5,431,045
)
(
3,353,507
)
Other Comprehensive loss:
Exchange differences on translating foreign operations
(
441,015
)
(
837,152
)
346,365
Comprehensive loss
(
13,712,700
)
(
6,268,197
)
(
3,007,142
)
Basic and diluted loss per share attributable to common shareholders
$
(
0.61
)
$
(
0.36
)
$
(
0.32
)
*
Refer to Note 2A and 18A
F-
5
OKYO
Pharma Limited
Consolidated
Statements of Shareholders' Equity
No. of Shares
Share Capital
Options reserve
Warrant reserve
Convertible Loan Note reserve
Retained Earnings
Translation Reserve
Total Equity
$
$
$
$
$
$
$
Balance at 31 March 2020
636,297,049
112,079,984
93,441
639,903
—
(
102,432,702
)
(
10,520,740
)
(
140,114
)
Issue of share capital
36,269,253
230,019
—
—
—
—
—
230,019
Options charge
—
—
550,138
—
—
—
—
550,138
Options exercised
250,000
15,870
(
1,515
)
—
—
1,515
—
15,870
Options forfeiture
—
(
5,751
)
—
—
—
—
(
5,751
)
Warrants charge
(
138,305
)
—
221,311
—
—
—
83,006
Convertible loan note issued
—
(
558,396
)
—
—
8,151,777
—
—
7,593,382
Convertible loan note interest
—
—
—
—
219,059
(
219,059
)
—
—
Total transactions
(
450,811
)
542,872
221,311
8,370,836
(
217,544
)
—
8,466,664
Comprehensive income
Loss for the period
—
—
—
—
(
3,353,507
)
—
(
3,353,507
)
Currency translation
—
—
—
—
—
346,365
346,365
Total comprehensive income
—
—
—
—
(
3,353,507
)
346,365
(
3,007,142
)
Balance at 31 March 2021
672,816,302
111,629,173
636,313
861,214
8,370,836
(
106,003,753
)
(
10,174,375
)
5,319,408
Convertible loan note and warrant interest
—
—
—
546,318
444,918
(
991,236
)
—
—
Convertible loan note conversion
315,086,410
8,876,397
—
—
(
8,876,397
)
—
—
—
Currency translation on Convertible Loan note conversion
—
—
—
—
654,833
—
—
654,833
Transfer between equity reserves
—
—
594,190
(
594,190
)
—
—
—
Options charge
—
—
1,737,876
—
—
—
—
1,737,876
Options forfeiture
(
19,149
)
(
19,149
)
Warrants Exercised
386,512,756
3,470,940
—
(
2,010,030
)
—
—
—
1,460,910
Warrants charge
—
—
—
61,721
—
—
—
61,721
Total transactions
701,599,166
12,347,337
1,718,727
(
807,801
)
(
8,370,836
)
(
991,236
)
—
3,896,191
Comprehensive income
Loss for the period
—
—
—
—
—
(
5,431,045
)
—
(
5,431,045
)
Currency translation
—
—
—
—
—
—
(
837,152
)
(
837,152
)
Total comprehensive income
—
—
—
—
—
(
5,431,045
)
(
837,152
)
(
6,268,197
)
Balance at 31 March 2022
1,374,415,468
123,976,510
2,355,040
53,413
—
(
112,426,034
)
(
11,011,527
)
2,947,402
Issuance of
shares fundraising
net
282,199,381
7,323,354
—
—
—
—
7,323,354
Expenses settled
in shares
2,177,500
86,028
—
—
—
—
—
86,028
Options charge
—
—
1,286,128
—
—
—
—
1,286,128
Options forfeiture
—
—
(
12,412
)
—
—
—
—
(
12,412
)
Warrants charge
—
—
—
28,963
—
—
—
28,963
Total transactions
284,376,881
7,409,382
1,273,716
28,963
—
—
—
8,712,061
Loss for the period
—
—
—
—
—
(
13,271,685
)
—
(
13,271,685
)
Currency translation
—
—
—
—
—
—
(
441,015
)
(
441,015
)
Total comprehensive income
—
—
—
—
—
(
13,271,685
)
(
441,015
)
(
13,712,700
)
Balance at 31 March 2023
1,658,792,349
131,385,892
3,628,756
82,376
-
(
125,697,719
)
(
11,452,542
)
(
2,053,237
)
F-
6
OKYO
Pharma Limited
Consolidated
Statements of Cash Flows
Year ended March 31,
2023
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss from operations before income taxes
$
(
13,283,887
)
$
(
6,217,566
)
$
(
3,378,501
)
Adjustments to reconcile net loss to net cash used in operating activities:
Share option charge
1,286,128
1,737,876
550,138
Warrant charge
28,963
61,721
83,006
Forfeiture of options
(
12,412
)
(
19,149
)
(
5,751
)
Depreciation of fixed assets
3,797
2,331
1,510
Amortization of right of use asset
-
-
11,601
(Gain)/Loss on foreign exchange
51,192
(
9,230
)
4,056
Expenses settled in shares
86,028
-
-
Impairment of loan to West African Minerals Ltd
-
-
11,171
Gain on disposal of right of use asset
-
(
179
)
(
818
)
Net decrease/(increase) in related party receivables
-
27,376
(
3,862
)
Net increase/(decrease) in related party payables
814,319
48,900
(
46,311
)
Net (increase)/decrease in operating assets/other receivables
167,718
(
802,154
)
208,931
Net (decrease)/increase in trade and other payables
2,963,759
(
297,991
)
886,093
Cash inflow from taxation
199,153
-
78,540
Net cash used in operating activities
(
7,695,242
)
(
5,468,065
)
(
1,600,198
)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
(
5,916
)
(
1,669
)
(
6,943
)
Loan to West African Minerals Ltd
-
-
(
11,171
)
Net cash used in investing activities
(
5,916
)
(
1,669
)
(
18,114
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares
7,323,354
-
230,019
Proceeds from issuance of convertible loan notes
-
-
7,593,380
Processed from options exercised
-
-
15,870
Processed from warrants exercised
-
2,153,270
-
Loan from related party
2,000,000
-
-
Repayment of leasing liabilities
-
-
(
12,331
)
Net cash provided by financing activities
9,323,354
2,153,270
7,826,938
Net (decrease)/increase in cash and cash equivalents
1,622,196
(
3,316,464
)
6,208,627
Cash and cash equivalent, beginning of period
2,700,724
6,889,329
235,485
Exchange difference
(
277,539
)
(
872,141
)
445,217
Cash and cash equivalent, end of period
4,045,381
2,700,724
6,889,329
F-
7
1.
Reporting Entity
OKYO
Pharma Limited (the "Company" or "OKYO") is a company domiciled in Guernsey and listed on the main market on
the NASDAQ Capital Market (NASDAQ: OKYO). The Company was previously dual listed with a standard listing on the main market of the London
Stock Exchange (LSE: OKYO) until May 22nd, 2023.
The
Company is developing next-generation therapeutics to improve the lives of patients with inflammatory eye diseases and chronic pain.
Our goal is to develop first in class drug candidates that prevent the disease instead of controlling it, and we achieve this through
our collaboration with pioneer scientists in the field.
The
ultimate parent of the group is Panetta Partners Limited, incorporated in the British Virgin Islands.
2.
ACCOUNTING POLICIES
The
principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies
have been applied consistently to all the years presented unless otherwise stated.
Basis
of preparation
The
consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board (IASB), IFRIC interpretations and the Companies (Guernsey) Law 2008 as applicable
to companies reporting under IFRS.
Basis
of measurement
Going
Concern
The
Group has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and as of
March 31, 2023, had an accumulated deficit of $
125.7
m ($
109
m of this accumulated loss relates to a discontinued business prior to the
reorganisation in 2018), a net loss for the year ended March 31, 2023, of $
13.3
m and net cash used in operating activities of $
7.7
m.
The
Directors have prepared cash flow projections that include the costs associated with the continued clinical trials and additional investment
to fund that operation. On the basis of those projections, the directors conclude that the company will not be able to meet its liabilities
as they fall due within the next 12 months from the date when these financial statements are issued. The cash balance as at 1 August
2023 is approximately $
1
m. The cash burn rate until from the beginning of August to the end of December 2023 is projected at $
7.8
m, and
the Group projects that without additional financing facilities it will run out of cash in October 2023. Consequently, in the opinion
of the directors there is a material uncertainty that may cause significant doubt about the Group's ability to continue as a going
concern.
The
Directors are however aware, through their own extensive experience in the sector, that this position is not uncommon in the context
of a pre-revenue life sciences company principally involved in cash consuming research and development activity. The Directors took
strategic advantage of the opportunity to dual list the Company on NASDAQ in May 2022 in order to be able to access potential
liquidity in the US, which is generally a more favorable environment for life sciences companies to raise money and where there are
more specialist investors focused on early-stage opportunities. The Company raised $2.5m as part of the NASDAQ IPO and more recently
raised an additional $5.7m in March 2023 through a private placement to management, new and existing investors.
The top line data for the clinical trial is expected in Q4 2023 and the
Directors are taking steps to put engagements and plans into place to ensure that sufficient funds will be forthcoming. These steps include
possible deferred payments of existing liabilities, working capital cost reductions and raising additional equity.
Until
and unless the Group and Company secures sufficient investment to fund their clinical pipeline, there is a material uncertainty that
may cast significant doubt on the Group and Company's ability to continue as a going concern, and therefore, that it may be unable
to realize its assets and discharge its liabilities in the normal course of business. Despite this material uncertainty, the Directors
conclude that it is appropriate to continue to adopt the going concern basis of accounting as the Directors are confident, based on the
previous fund-raising history as well as additional measures being planned, that sufficient funds will be forthcoming
and accordingly they have prepared these financial statements on a going concern basis.
F-
8
New
and Revised Standards
Standards
in effect in 2023
There
are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on April 1,
2022, that are relevant to the Group or that have had any material impact in the year to March 31, 2023. New standards, amendments to
standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant, and not likely to
have a material impact on the Group, and hence are not listed here.
Basis
of consolidation
Subsidiary
undertakings are all entities over which the Group exercises control. The Group has control when it can demonstrate all of the following:
(a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability
to use its power over the investee to affect the amount of the investor's return.
The
existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered
when assessing whether control of an entity is exercised. Subsidiaries are consolidated from the date at which the Group obtains control
and are de-consolidated from the date at which control ceases.
Inter-company
transactions, balances and unrealised gains on transactions between group companies are eliminated upon consolidation. Unrealised losses
are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Segment
reporting
Operating
segments are reported in a manner consistent with the internal reporting provided to the Board. The Board allocates resources to and
assess the performance of the segments. The Board considers there to be only one operating segment being the research and development
of biotechnological and pharmaceutical products.
Taxation
The
tax credit for the year represents the total of current taxation and deferred taxation. The credit in respect of current taxation is
based on the estimated taxable loss for the year. Taxable profit or loss for the year is based on the profit or loss as shown in the
statement of comprehensive income, as adjusted for items of income or expenditure which are not deductible or chargeable for tax purposes.
The current tax asset for the year is calculated using tax rates which have either been enacted or substantively enacted at the balance
sheet date.
Deferred
tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised, or the
deferred liability is settled. Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will
be available against which the temporary differences can be utilised.
In
the current year, Research and Development tax credits are not provided for and are recognized when received. This change in policy is
as a result of the UK tax authority's new regime of reviewing nearly every tax claim it receives. Prior to the current year, Research
and Development tax credits were provided for the year that the costs were incurred. These were estimated based on eligible research
and development expenditure. Any difference rebated are recognized when the cash is received from the UK tax authorities.
Foreign
currency translation
Items
included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment
in which the entity operates (the functional currency), which is Pounds sterling.
The
consolidated financial statements are presented in US dollars, which is the Group's presentation currency.
F-
9
Foreign
currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.
The
financial statements are translated into US dollars on the following basis:
●
Assets
    and liabilities at the rate of exchange ruling at the year-end date.
●
Profit
    and loss account items at the average rate of exchange for the year.
Exchange
differences arising from the translation of the net investment in foreign entities, borrowings and other currency instruments designated
as hedges of such investments, are taken to equity (and recognized in the statement of comprehensive income) on consolidation.
License
fees
Payments
related to the acquisition of rights to a product or technology are capitalised as intangible assets if it is probable that future economic
benefits from the asset will flow to the Group and the cost of the asset can be reliably measured.
Payments
made which provide the right to perform research are carefully evaluated to determine whether such payments are to fund research or acquire
an asset. Licence fees expenses are recognised as incurred.
Research
and development
All
on-going research and development expenditure is currently expensed in the period in which it is incurred. Due to the regulatory environment
inherent in the development of the Group's products, the criteria for development costs to be recognised as an asset, as set out
in IAS 38 'Intangible Assets', are not met until a product has been granted regulatory approval and it is probable that future
economic benefit will flow to the Group. The Group currently has no such qualifying expenditure.
Financial
instruments
The
Group classifies a financial instrument, or its component parts, as a financial liability, a financial asset or an equity instrument
in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an
equity instrument.
The
Group evaluates the terms of the financial instrument to determine whether it contains an asset, a liability or an equity component.
Such components shall be classified separately as financial assets, financial liabilities or equity instruments.
A
financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
(a)
Financial
    assets, initial recognition and measurement and subsequent measurement
At
initial recognition financial assets are measured at their fair value. Subsequent measurement depends on their classification. Financial
assets such as receivables, cash and cash equivalents and deposits are subsequently measured at amortized cost using the effective interest
method, less loss allowance.
The
Group does not hold any financial assets at fair value through profit or loss or fair value through other comprehensive income.
(b)
Financial
    liabilities, initial recognition and measurement and subsequent measurement
At
initial recognition, financial liabilities are measured at their fair value minus, if appropriate, any transaction costs that are directly
attributable to the issue of the financial liability. All financial liabilities are subsequently measured at amortized cost using the
effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss
on derecognition is also recognized in profit or loss.
The
Group's financial liabilities include trade and other payables.
F-
10
Cash
and cash equivalents
Cash
and cash equivalents comprise cash at bank and on hand.
Impairment
Impairment
of financial assets measured at amortised cost
At
each reporting date the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost.
In
establishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified
approach, depending on the nature of the underlying group of financial assets.
General
approach
The
general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted
cash and cash and cash equivalents.
Under
the general approach the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses,
unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is
recognised at an amount equal to the lifetime expected credit losses.
Simplified
approach
The
simplified approach is applied to the impairment assessment of trade receivables.
Under
the simplified approach the Group always recognises a loss allowance for a financial asset at an amount equal to the lifetime expected
credit losses.
Impairment
of non-financial assets
i)
Non-financial
    assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
ii)
Non-financial
    assets are impaired when their carrying amount exceeds the recoverable amount. The recoverable amount is measured as the higher of
    fair value less cost of disposal and value in use. The value in use is calculated as being net projected cash flows based on financial
    forecasts discounted back to present value.
Share
capital
Ordinary
shares of the Company are classified as equity.
Property,
plant and equipment
(i)
Recognition
    and measurement
Items
of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include
expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality
of the related equipment is capitalised as part of that equipment.
When
parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components)
of property, plant and equipment.
F-
11
Gains
and losses on disposal of an item of property, IT and equipment are determined by comparing the proceeds from disposal with the carrying
amount of property, IT and equipment, and are recognized in profit or loss. When revalued assets are sold, the amounts included in the
revaluation reserve are transferred to retained earnings.
(ii)
Depreciation
Depreciation
is calculated on the depreciable amount, which is the cost of an asset, less its residual value.
Depreciation
is recognised in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant and
equipment.
The
estimated useful lives for the current period and the comparative period are as follows:
IT
    and equipment
3
years
Depreciation
methods, useful lives and residual values are reviewed at each reporting date. Depreciation is allocated to the operating expenses line
of the statement of comprehensive income.
Leases
All
leases are accounted for by recognising a right-of-use asset and a lease liability except for:
●
Leases
    of low value assets; and
●
Leases
    with a duration of 12 months or less.
The
Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group
does not have any leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments
based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies
its right-of-use assets in a consistent manner to its property, plant and equipment (see Note 10).
At
lease commencement date, the Group recognises a right-of-use asset and a lease liability in its consolidated statement of financial position.
The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs
incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made
in advance of the lease commencement date (net of any incentives received).
The
Group depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful
life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such
indicators exist.
At
the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted
using the Group's incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible
to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Group would
have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. This rate
is adjusted should the lessee entity have a different risk profile to that of the Group.
Lease
payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments
based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably
certain to be exercised.
Subsequent
to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance
costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.
F-
12
Short
term leases exempt from IFRS 16 are classified as operating leases. Payments made under operating leases are recognised in profit and
loss on a straight-line basis over the term of the lease.
Share
based payments
The
calculation of the fair value of equity-settled share based awards and the resulting charge to the statement of comprehensive income
requires assumptions to be made regarding future events and market conditions. These assumptions include the future volatility of the
Company's share price. These assumptions are then applied to a recognized valuation model in order to calculate the fair value
of the awards.
Where
employees, Directors or advisers are rewarded using share based payments, the fair value of the employees', Directors' or
advisers' services are determined by reference to the fair value of the share options/warrants awarded. Their value is appraised
at the date of grant and excludes the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets).
In
accordance with IFRS 2, a charge is made to the statement of comprehensive income for all share-based payments including share options
based upon the fair value of the instrument used and warrants issued in return for services. A corresponding credit is made to a share
based payment reserve – options, in the case of options awarded to employees, Directors, advisers and other consultants. A corresponding
credit is made to a share based payment reserve – warrants, in the case of warrants issued in return for services.
Warrants
Warrants
are issued by the Group in return for services and as part of a financing transaction.
Warrants
issued in return for services.
Warrants
issued in return for services fall within scope of IFRS 2 and are classified as a share-based payment. The share-based payment is measured
at fair value and charged to the Statement of comprehensive income. There is no remeasurement of fair value.
Warrants
issued as part of a financing transaction.
Warrants
issued as part of a financing transaction fall outside the scope of IFRS 2. These are classified as equity instruments because a fixed
amount of cash is exchanged for a fixed amount of equity. The relative fair value is recognised within equity and is not remeasured.
Classification
of these instruments is governed by the so-called 'fixed' test for non-derivatives, and the 'fixed for fixed'
test for derivatives. Under the fixed test, a non-derivative contract will qualify for equity classification only where there is no contractual
obligation for the issuer to deliver a variable number of its own equity instruments. Under the fixed for fixed test, a derivative will
qualify for equity classification only where it will be settled by the issuer exchanging a fixed amount of cash or another financial
asset for a fixed number of its own equity instruments.
Warrants
issued by the Company as part of a financing transaction, are classified as equity instruments because a fixed amount of cash is exchanged
for a fixed amount of equity of the Company. No other features exist that would result in financial liability classification.
Convertible
loan notes
The
Group issues Convertible loan notes which can be classified as equity or a liability depending on whether the fixed for fixed condition
is met or not.
Where
the fixed for fixed condition is met
The
Group classifies convertible loan notes that meet the fixed for fixed condition as equity instruments and records the principal of the
loan note as equity in a Convertible loan note reserve. The accrued interest on the principal amount is also recorded in the Convertible
loan note reserve as it is convertible into equity. Upon redemption of the instrument and the issue of share capital, the amount is reclassified
from the convertible loan note reserve to share capital and share premium.
Fair
Value Measurement
Management
have assessed the categorization of the fair value measurements using the IFRS 13 fair value hierarchy. Categorization within the hierarchy
has been determined on the basis of the lowest level of input that is significant to the fair value measurement of the relevant asset
as follows;
Level
1 - valued using quoted prices in active markets for identical assets;
Level
2 - valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1;
Level
3 - valued by reference to valuation techniques using inputs that are not based on observable market data.
2A.
RECLASSIFICATION OF PRIOR YEAR PRESENTATION
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.
For
a more accurate representation of research and development expenses, an adjustment has been made to the Consolidated statement of
Operations and comprehensive loss for the years ended March 31, 2022, and March 31, 2021, to reclassify patent related expenditure
to research and development expenses from operating expenses.
The
impact of the reclassification on the Group's Consolidated statement of operations and comprehensive loss is as follows:
Consolidated
statement of operations and comprehensive loss
Year ending 31 March 2022
As Previously reported
Adjustment
As restated
$
$
$
Research and development
(
1,301,178
)
(
308,380
)
(
1,609,558
)
Operating expenses
(
4,916,388
)
308,380
(
4,608,008
)
Total operating expenses
(
6,217,566
)
-
(
6,217,566
)
Total Comprehensive loss for the year
(
6,268,197
)
-
(
6,268,197
)
Consolidated
statement of operations and comprehensive loss
Year ending 31 March 2021
As Previously reported
Adjustment
As restated
$
$
$
Research
(
173,821
)
(
174,526
)
(
348,347
)
Operating expenses
(
3,192,358
)
174,526
(
3,017,859
)
Total operating expenses
(
3,366,206
)
-
(
3,366,206
)
Total Comprehensive loss for the period
(
3,007,142
)
-
(
3,007,142
)
F-
13
3.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The
preparation of financial information in accordance with generally accepted accounting practice, in the case of the Group being IFRS as
issued by the IASB, requires the directors to make estimates and judgements that affect the reported amount of assets, liabilities, income
and expenditure and the disclosures made in the financial statements. Such estimates and judgements must be continually evaluated based
on historical experience and other factors, including expectations of future events.
The
following are considered to be the key sources of estimation uncertainty
:
Share-based
payments
The
Group accounts for share-based payment transactions for employees in accordance with IFRS 2 Share-based Payment, which requires the measurement
of the cost of employee services received in exchange for the options on our ordinary shares, based on the fair value of the award on
the grant date.
The
Directors selected the Black-Scholes-Merton option pricing model as the most appropriate method for determining the estimated fair value
of our share-based awards without market conditions. For performance-based options that include vesting conditions relating to the market
performance of our ordinary shares, a Monte Carlo pricing model was used in order to reflect the valuation impact of price hurdles that
have to be met as conditions to vesting.
The
Group makes estimates as to the useful life of an option award, the expected price volatility of the underlying share, risk free interest
rate for the term of the award and correlations and volatilities of the shares of peer group companies. The Group also makes estimates
as to the vesting period for awards that have performance-based criteria.
The
resulting cost of an equity incentive award is recognised as expense over the requisite service period of the award, which is usually
the vesting period. Compensation expense is recognised over the vesting period using the straight-line method.
The
assumptions used for estimating fair value for share-based payment transactions are disclosed in note 14 to our consolidated financial
statements.
4.
OPERATING EXPENSES
Operating
expenses are stated after charging:
Year Ended March 31,
Group
2023
$
2022
$
2021
$
Director fees including bonus (excluding Chairman's bonus)
910,403
707,385
278,224
Chairman's bonus
300,000
-
1,160,347
Auditor's Remuneration (refer to Note 20)
*
454,692
349,665
131,511
Legal and Professional fees
1,432,926
1,143,300
343,422
(Gain)/Loss on disposal of leases
-
(
179
)
-
FX Gains and losses
99,930
(
13,577
)
200,061
Depreciation
3,797
2,423
1,512
*
This
    has been restated for presentational purposes only to include audit-related assurance services in addition to fees payable to the
    company's auditors for the audit of the parent company (being OKYO Pharma Limited) and consolidated financial statements. Refer
    to note 20 where details of auditor's remuneration has been disclosed. This has no impact on the primary financial statements.
F-
14
5.
SEGMENTAL REPORTING
During
the year under review management identified the Group's only operating segment as the research and development of biotechnological
and pharmaceutical products. This one segment is monitored, and strategic decisions are made based upon it and other non-financial data
collated from industry intelligence. The form of financial reporting reported to the Board is consistent with those presented in the
annual financial statements.
6.
EMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS
Year ended March 31,
2023
$
2022
$
2021
$
Group
Staff costs comprised:
Directors' salaries
1,204,285
707,385
1,438,571
Wages and salaries
548,328
323,186
121,702
Social security costs
151,967
84,449
9,543
Recruitment costs
13,750
14,259
12,922
1,918,330
1,129,279
1,582,739
The average monthly number of employees, including directors, employed by the group during the years ending March 31, 2023, March 31, 2022, and March 31, 2021 were:
Research and Development
2
2
1
Corporate and administration
6
5
5
8
7
6
The
Group and Company made $
6,510
of payments to a defined contribution pension schemes on behalf of Directors or employees during the year
ending March 31, 2023 (March 31, 2022: $
2,622
, March 31 2021: $
2,904
)
F-
15
7.
REMUNERATION OF KEY MANAGEMENT PERSONNEL
Directors
of the Group and Company received the following remuneration during the years ending March 31 2023 and 2022:
Year ended March 31,
2023
2022
$'000
Directors'
fees
Bonus
Salary
Share based payment expenses
Directors'
fees
Bonus
Salary
Share based payment expenses
G. Cerrone (1)
145
300
-
-
164
-
-
-
G Jacob (2)
-
217
433
834
-
75
350
1,579
W Simon
39
-
-
-
44
-
-
1
K. Shailubhai (3)
-
-
-
-
18
-
-
(
15
)
J Brancaccio (4)
39
-
-
24
42
-
-
20
B Denoyer (5)
39
-
-
18
15
-
-
4
260
517
433
876
283
75
350
1,589
Year ended March 31,
$'000
2021
Directors
fees
Bonus
Salary
Share based
payment
expenses
G. Cerrone (1)
35
1,160
-
-
G Jacob (2)
-
41
85
468
W Simon
42
-
-
2
K. Shailubhai (3)
37
-
-
17
J Brancaccio (4)
31
-
-
16
G Macrae (6)
13
-
-
-
158
1,201
85
503
(1)
Gabriele
    Cerrone's bonus awarded for $
300
k
    in the year ended 31 March 2023 comprised of $
150
k
    awarded in recognition of his support in the offering in May 2022 to list the Company on NASDAQ and $
150
k
    awarded in recognition of his efforts in arranging the global private placing in March 2023; Gabriele Cerrone's bonus awarded
    in the year ended 31 March 2021 for $
1,160
k
    was awarded on the basis of the co-invention of the use of Chemerin in the COVID-19 indication when he was not a director or
    employee of the Company (now the subject of a patent application); work carried out in procuring, backing and completing the
    refinancing of the Company in 2020 and actions taken to make new executive appointments and scientific advisory appointments to the
    Board with the result that the Company now has a clear and accelerated path to the clinic.
(2)
Gary
    Jacob became an employee and Director of the Company on 7 January 2021
(3)
K
    Shailubhai resigned as Director on 17 June 2021
(4)
John
    Brancaccio was appointed as Director on 10 June 2020
(5)
Bernard
    Denoyer was appointed as Director on 24 November 2021
(6)
Gregor
    Macrae was appointed as Director on 18 December 2019 and resigned on 10 June 2020
F-
16
The
following share options were granted to Directors in the year:
2023
2022
2021
Number of
options
Number of
options
Number of
options
J Brancaccio
1,000,000
325,000
450,000
G Jacob
5,500,000
3,250,000
40,000,000
W Simon
400,000
-
-
B Denoyer
200,000
1,000,000
-
7,100,000
4,575,000
40,450,000
No
director has yet benefitted from any increase in the value of share capital since issuance of the options and no director exercised share
options in the year.
The
Key Management Personnel of the Group are members of the leadership team who have the authority and responsibility for planning, directing
and controlling the activities of the Group either directly or indirectly. They include all Directors of the Board (executive and non-executive).
Key Management Personnel compensation is set out below.
2023
2022
2021
$'000
$'000
$'000
Short-term employee benefits
1,500
1,026
1,455
Share based payments
1,273
1,815
515
2,773
2,841
1,970
8.
TAXATION
Year ended March 31,
2023
$
2022
$
2021
$
Group
Current year tax (credit)
-
(
509,282
)
(
24,952
)
Adjustments in respect of prior periods
(
12,202
)
(
277,239
)
(
42
)
Deferred tax
Origination and reversal of timing differences
-
-
-
Total tax (credit) for the period
(
12,202
)
(
786,521
)
(
24,994
)
The tax charge for the year is different from the standard rate of corporation tax in the United Kingdom of 19%. The difference can be reconciled as follows:
Loss before taxation
(
13,283,888
)
(
6,217,566
)
(
3,378,501
)
Loss charged at standard rate of corporation tax
19
%
(
2,523,939
)
(
1,181,337
)
(
641,915
)
Tax losses arising in the year not recognized
2,279,050
524,870
660,594
Tax losses surrendered for Research and Development
-
667,335
-
Expenses not deductible for taxation
241,985
370,306
-
Tax increase from effect of capital allowances and depreciation
124
(
3
)
(
334
)
Research and Development tax claim
-
(
509,282
)
(
43,432
Research and Development enhanced expenditure
-
(
377,187
)
-
Research and Development tax credits claimed in respect of previous periods
(
12,202
)
(
277,240
)
(
42
)
Consolidation adjustment in relation to foreign exchange movements
2,780
(
3,983
)
135
)
Total tax (credit) for the period
(
12,202
)
(
786,521
)
(
24,994
)
No
deferred tax asset has been recognized in respect of trading losses carried forward because of uncertainty as to when these losses will
be recoverable.
The
Group has tax losses of $
23,903,092
(2022: $
15,870,525
, 2021: $
9,411,521
) to carry forward for use against future profits
.
F-
17
9.
FINANCE INCOME AND COSTS
Year ended March 31,
2023
$
2022
$
2021
$
Finance Income
Interest income
-
-
-
Total finance income
-
-
-
Finance Expenses
Interest expense on lease liabilities
-
-
(
1,122
)
Interest expense on related party loan
(
96,687
)
-
-
Total finance expenses
(
96,687
)
-
(
1,123
)
10.
PROPERTY, PLANT AND EQUIPMENT
Details
of the Group's property, plant and equipment are as follows:
$
IT equipment
Total
Cost
At 1 April 2022
9,779
9,779
Additions
5,916
5,916
Disposals
-
-
Foreign exchange
(
380
)
(
380
)
At 31 March 2023
15,315
15,315
Depreciation
At 1 April 2022
4,554
4,554
Charge in year
3,797
3,797
Foreign exchange
(
252
)
(
252
)
At 31 March 2023
8,099
8,099
Net Book Value as at 31 March 2023
7,216
7,216
$
IT equipment
Total
Cost
At 1 April 2021
8,343
8,343
Additions
1,669
1,669
Disposals
-
-
Foreign exchange
(
233
)
(
233
)
At 31 March 2022
9,779
9,779
Depreciation
At 1 April 2021
2,286
2,286
Charge in year
2,331
2,331
Foreign exchange
(
63
)
(
63
)
At 31 March 2022
4,554
4,554
Net Book Value as at 31 March 2022
5,225
5,225
The
Group's property, plant and equipment is located in the following operating segments:
Group
Net Book Value
March 31 2023
$
UK
3,433
US
3,783
Total
7,216
Group
Net Book Value
March 31 2022
$
UK
2,937
US
2,289
Total
5,225
F-
18
11.
OTHER RECEIVABLES
Year ended March 31,
$
2023
2022
Group
Other receivables
340,848
19,130
VAT receivable
80,099
82,617
Prepayments
171,248
711,209
592,195
812,956
There
are no differences between the carrying amount and fair value of any of the trade and other receivables above.
Prepayments
includes
no
prepaid invoices (2022: $
639,635
) relating to the OK-101 project.
12.
TRADE AND OTHER PAYABLES
Year ended March 31,
$
2023
2022
Group
Trade payable
2,387,778
741,807
Accruals
1,545,410
457,773
Bonus accrual
329,667
106,570
4,262,855
1,306,150
13.
CAPITAL AND RESERVES
Capital
Management
For
the purpose of the Company's capital management, capital includes called up share capital, share premium, share based payments
for options, share based payments for warrants and all other equity reserves attributable to the equity holders of the parent as reflected
in the statement of financial position.
The
Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and to maximise
shareholder value through the optimisation of the debt and equity balance.
The
Company manages its capital to maximise the return to the shareholders through the optimisation of equity. The capital structure of the
Company as at 31 March 2023 consists of equity attributable to equity holders of the Company, comprising issued capital, reserves and
retained deficit as disclosed.
The
Company manages its capital structure and makes adjustments to it, in light of economic conditions and the strategy approved by shareholders.
To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders
or issue new shares and release the Company's share premium account. No changes were made in the objectives, policies or processes
during the year ended 31 March 2023 and 31 March 2022.
Share
capital and premium
The
Company is authorized to issue an unlimited number of nil par value shares of a single class. The Company may issue fractional shares
and a fractional share shall have the corresponding fractional rights, obligations and liabilities of a whole share of the same class
or series of shares. Shares may be issued in one or more series of shares as the Directors may by resolution determine from time to time.
Each
share in the Company confers upon the shareholder:
●
the
    right to one vote at a meeting of the shareholders or on any resolution of shareholders;
●
the
    right to an equal share in any dividend paid by the Company; and
●
the
    right to an equal share in the distribution of the surplus assets of the Company on its liquidation.
The
Company may by resolution of the Directors redeem, purchase or otherwise acquire all or any of the shares in the Company subject to regulations
set out in the Company's Articles of Incorporation.
On
May 22, 2023, there was a share consolidation of 65 to 1.
F-
19
Authorized
The
Company is authorized to issue an unlimited number of nil par value shares of a single class.
Shares
Share capital
Issued ordinary shares of US$0.00 each
Number
$
At 31 March 2021
672,816,302
111,629,173
Exercise of warrants
386.512.756
3,470,940
Conversion of CLN
315,086,410
8,876,397
At 31 March 2022
1,374,415,468
123,976,510
Issue of share (IPO) – May 2022
40,625,000
2,500,000
Issue of share (IPO) – Cost of fundraising – May 2022
-
(
742,979
)
Expenses settled in shares
2,177,500
86,028
Issue of share (IPO) – March 2023
241,574,381
5,741,335
Issue of share (IPO) – Cost of fundraising – March 2023
-
(
175,000
)
At 31 March 2023
1,658,792,349
131,385,892
Issuance
of ordinary shares
In
May 2021,
36,363,636
ordinary shares were issued in relation to an exercise of warrants at an issue price of
0.0135
p per ordinary share.
In
May 2021,
72,000,000
ordinary shares were issued in relation to an exercise of warrants at an issue price of
0.0055
p per ordinary share.
In
May 2021,
76,605,760
ordinary shares were issued in relation to a conversion of loan notes at an issue price of
0.004
p per ordinary share.
In
May 2021,
73,304,650
ordinary shares were issued in relation to a conversion of loan notes at an issue price of
0.085
p per ordinary share.
In
May 2021,
39,605,760
ordinary shares were issued in relation to an exercise of warrants at an issue price of
0.004
p per ordinary share.
In
February 2022,
165,176,000
ordinary shares were issued in relation to a conversion of loan notes at an issue price of
0.004
p per ordinary
share.
In
February 2022,
238,543,360
ordinary shares were issued in relation to a cashless exercise of warrants.
In
May 2022,
40,625,000
ordinary shares were issued at an issue price of £
0.05
by way of placing shares to raise finance.
In
February 2023,
2,177,500
ordinary shares were issued in relation to a contractual issue at an issue price of £
0.03
per ordinary
share.
In
March 2023,
241,574,381
ordinary shares were issued at an issue price of £
0.019
per ordinary share as a way of placing shares to
raise finance.
F-
20
Share
options reserve
The
share-based payment reserve for options represents the cost to issue share-based compensation, primarily share options, based on their
grant date fair value.
Share
warrants reserve
The
share-based payment reserve for warrants represent the cost to issue warrants based on their grant date fair value.
Convertible
Loan Note reserve
The
convertible loan note reserve represents the proceeds received on issuance of convertible loan notes classified as equity instruments,
accrued interest and any relative fair value adjustments.
Retained
Deficit reserve
Retained
deficit represent the cumulative profits/(losses) of the entity which have not been distributed to shareholders.
Translation
reserve
The
translation reserve represents the unrealised gains or losses from the foreign currency translation of Companies within the Group.
Dividends
The
Directors paid
no
dividend during the year to 31 March 2023 and 31 March 2022.
Transfer
between equity reserves
The
company affected a transfer between reserves in equity in order to align the values of the equity reserves on a relative fair value basis.
The total amount recorded in equity remains unaltered.
14.
SHARE OPTIONS AND WARRANTS
Options
The
Company operates share-based payment arrangements to remunerate Directors and key employees in the form of a share option scheme. It
also issues options in lieu of fees to key suppliers and collaborators. The exercise price of the option is normally equal to the market
price of an ordinary share in the Company at the date of grant.
Note that the information presented
below does not reflect the 65 to 1 consolidation which took place after 31 March 2023.
2023
2022
Options
Weighted
Average
exercise price
(cents)
Options
Weighted
Average
exercise price
(cents)
Outstanding at 1 April
72,400,000
7.49
60,750,000
6.90
Granted
39,820,000
1.61
28,150,000
8.41
Forfeited
(
1,950,000
)
-
(
16,500,000
)
5.91
Exercised
-
-
-
-
Outstanding at 31 March
110,270,000
5.93
72,400,000
7.49
Exercisable at 31 March
35,155,666
6.79
14,437,500
7.36
2021
Options
Weighted
Average
exercise price
(cents)
Outstanding at 1 April
19,500,000
5.58
Granted
42,250,000
7.31
Forfeited
(
750,000
)
6.21
Exercised
(
250,000
)
6.21
Outstanding at 31 March
60,750,000
6.90
Exercisable at 31 March
9,250,000
6.21
F-
21
During
the year ending 31 March 2023,
no
options were exercised. During the year ending 31 March 2022,
no
options were exercised.
The
total outstanding fair value charge of the share option instruments is deemed to be approximately $
1,649,386
(2022: $
2,072,515
). A share-based
payment charge for the year of $
1,273,716
(2022: $
1,718,727
) has been expensed in the statement of comprehensive income. The share based
payment charge in the year to March 31, 2023 includes a forfeiture of $
12,412
(2022: $
19,149
).
The
weighted average contractual life of options outstanding at March 31, 2023 is
5.73
years. (2022:
7.77
years).
Share
options outstanding at the end of the year have the following expiry dates and exercise prices:
Grant Date
Expiry Date
Exercise Price
Share Options as at 31 March 2023
('000)
6 July 2018
6 July 2025
4.5
p
2,000
20 August 2020
19 August 2028
15.5
p
750
6 January 2021
5 January 2031
5
p
40,000
12 January 2021
11 January 2031
7.9
p
1,500
15 April 2021
15 April 2031
7.88
p
5,000
31 August 2021
31 August 2031
4.9
p
14,400
31 January 2022
30 January 2032
8.0
p
8,750
1 August 2022
31 July 2027
5.0
p
650
20 September 2022
19 September 2027
5.0
p
1,820
22 November 2022
23 November 2022
6.3
p
5,000
14 March 2023
13 March 2027
2.5
p
30,400
Total
110,270
Fair
value of options granted
The
Directors have used the Black-Scholes option pricing model to estimate the fair value of most of the options applying the assumptions
below.
Historical
volatility relies in part on the historical volatility of a group of peer companies that management believes is generally comparable
to the Company and in part on the company's own share price volatility. Where sufficient historical data is available, the Company
uses its own share price to calculate volatility.
The
Company has not paid any dividends on share capital since its inception and does not anticipate paying dividends on its share capital
in the foreseeable future.
The
Company has estimated a forfeiture rate of zero.
F-
22
The
model inputs for options granted during the year ended 31 March 2023 valued under the Black Scholes Valuation model are:
Grant Date
1 August 2022
20 September 2022
22 November 2022
14 March 2023
Grant date share price
5
p
5
p
6.3
p
2.5
p
Exercise share price
5
p
5
p
6.3
p
2.5
p
Vesting periods
25% each quarter
100% in one year
Fully vested
25% over four years
Risk free rate
1.47
%
3.26
%
3.16
%
3.2
%
Expected volatility
81.2
%
81.8
%
68.3
%
125
%
Option life
2
years
2
years
2
years
4
years
The
model inputs for options granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model are:
Grant Date
15 April 2021
31 August 2021
31 January 2022
Grant date share price
7.7
p
4.9
p
4.8
p
Exercise share price
7.9
p
4.9
p
8.0
p
Vesting periods
25% each year
25% each year
1.25m options vest 33% each year and 7.5m options have developmental milestone performance conditions
Risk free rate
0.35
%
0.30
%
0.97
%
Expected volatility
80.20
%
77.7
%
83.0
%
Option life
5
years
5
years
5
years
F-
23
Warrants
As
part of the acquisition of the OK-101 project, the underlying scientific founders of the OK-101 Project (inukshuk Holdings), who will
continue to be involved in the development of the Project, received
35,000,000
warrants as consideration. The warrants are exercisable
at a price of
4.5
pence each and are split into four distinct tranches
and each tranche becomes exercisable upon satisfaction of a specific developmental milestone. The warrants are currently exercisable
until
17
July 2023
.
Note that the information presented
below does not reflect the 65 to 1 consolidation which took place after 31 March 2023.
In
May 2019, warrants were granted over
36,363,636
shares at an exercise price of
1.35
p per share in connection with a private placement.
These warrants were exercised in May 2021.
In
March 2020, warrants were granted over
40,000,000
shares at an exercise price of
0.55
p per share in connection with a private placement.
These warrants were exercised on a cashless basis in February 2022 (post a price reduction offer to
0.012
p), resulting in the issuance
of
39,400,000
shares.
In
March 2020, warrants were granted over
35,825,130
shares at an exercise price of
0.55
p per share in connection with a private placement.
These warrants were exercised in May 2021.
In
April 2020, warrants were granted over
36,174,870
shares at an exercise price of
0.55
p per share in connection with a private placement.
These warrants were exercised in May 2021.
In
May 2020, warrants were granted over
909,090
shares at an exercise price of
2.75
p per share in in lieu of professional fees. The warrants
are exercisable until 21 May 2023.
In
July 2020, warrants were granted over
750,000
shares at an exercise price of
14
p per share in in lieu of broker fees. The warrants are
exercisable until 20 July 2022.
In
May 2021, warrants were granted over
76,605,760
shares at an exercise price of
0.4
p per share in connection with the conversion of convertible
loan notes.
39,605,760
were exercised immediately and the remaining
37,000,000
were exercised on a cashless basis in February 2022 (post
a price reduction offer to
0.012
p), resulting in the issuance of
36,445,000
shares.
In
February 2022, warrants were granted over
165,176,000
shares at an exercise price of
0.4
p per share in connection with the conversion
of convertible loan notes.
165,176,000
were exercised on a cashless basis in February 2022(post a price reduction offer to
0.012
p), resulting
in the issuance of
162,698,360
shares.
No
warrants were granted or exercised in the year to March 31, 2023. During the year to March 2022,
147,969,396
warrants were exercised
for proceeds of £
1,045,332
, resulting in the issuance of
147,969,396
shares.
242,716,000
warrants were also exercised on a cashless
basis resulting in the issuance of
238,543,360
shares.
F-
24
31 March 2023
31 March 2022
Warrants
Weighted Average exercise price (cents)
Warrants
Weighted Average exercise price (cents)
Outstanding at 1 April
36,659,090
6.11
185,022,726
2.1
Granted
-
-
241,781,760
0.5
Exercised
-
-
(
390,145,396
)
0.7
Outstanding at 31 March
36,659,090
6.11
36,659,090
6.11
Exercisable at 31 March
909,090
3.40
1,659,090
10.30
The
Directors have estimated the fair value of the warrants in services provided using the Black-Scholes valuation model based on the assumptions
below.
The
model inputs for warrants granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model included:
29 May 2020
Grant date share price
1.75
p
Exercise share price
0.4
p
Risk free rate
0.25
%
Expected volatility
79.6
%
Expected life
3
years
The
remaining fair value of the warrant instruments is deemed to be approximately $
11,194
(2022: $
43,348
). For the consideration warrants,
the charge has been expensed over the vesting period. For all other warrants, the charge has been expensed over the service period. A
share-based payment charge for the year of $
28,963
(2022: $
61,721
) has been expensed in the statement of comprehensive income.
F-
25
15.
CONVERTIBLE INSTRUMENTS CLASSIFIED AS EQUITY
The
Company has raised convertible equity finance via the issuance of convertible loan notes as per the table below. All notes are not convertible
into cash and are convertible on the fourth anniversary of the date of issue of the Notes, or at the election of the noteholder on completion
of the next non-qualifying equity financing or on the making of a takeover offer for the Company (as defined in the City Code on Takeovers
and Mergers), and such election may be made on an immediate basis or conditional on any such takeover offer being declared, or becoming,
unconditional.
Date
Terms
Amount
$
29 May 2020
●
20
% coupon per annum
● Conversion price of
0.4
p
● Upon conversion the shares will be issued with a warrant attached at an exercise price of
0.4
p with a maximum life of
5
years from the date of the conversion of the loan note
541,239
Fees relating to equity fundraise 29 May 2020 issued as CLN
●
20
% coupon per annum
● Conversion price of
0.4
p
● Upon conversion the shares will be issued with a warrant attached at an exercise price of
0.4
p with a maximum life of
5
years from the date of the conversion of the loan note
32,474
27 July 2020
●
2.15
% coupon per annum
Conversion price of
8.5
p
4,506,446
17 August 2020
●
2.15
% coupon per annum
● Conversion price of
8.5
p
1,882,641
3 September 2020
●
2.15
% coupon per annum
● Conversion price of
8.5
p
663,055
Fees relating to all other equity fundraise issued as CLN
●
2.15
% coupon per annum
● Conversion price of
8.5
p
525,922
8,151,777
All
noteholders were offered the option to convert during the year ended March 31, 2022 and any conversions took place on May 7, 2021 and
February 21, 2022. Loan note holders were offered conversions including the full interest that would have been accrued had the note reached
its full term.
16.
FINANCIAL INSTRUMENTS
The
main risks arising from the Group's financial instruments are liquidity risk, interest rate risk and credit risk. The Directors
regularly review and agree policies for managing each of these risks which are summarized below.
Liquidity
risk
The
Group's policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves
of cash to meet its liquidity requirements in the short and long term. The Group ordinarily finances its activities through cash generated
from by private and public offerings of equity and debt securities.
F-
26
The
table below summarizes the maturity profile of the Group's financial liabilities based on contractual undiscounted payments:
Group
2023
$
Less than 3
months
3 to 12
months
Total
Trade and other payables
990,870
1,461,937
2,452,807
Related party payables
-
2,994,302
2,994,302
990,870
4,456,239
4,456,239
Group
2022
$
Less than 3
months
3 to 12
months
Total
Trade and other payables
649,624
92,186
741,810
Related party payables
47,041
-
47,041
696,665
92,186
788,851
Credit
risk
Credit
risk is managed on a Group basis. Credit risk arises principally from cash and cash equivalents and deposits with banks and financial
institutions.as well as outstanding receivables. The Group reviews its banking arrangements carefully to minimize such risks and currently
has no customers and therefore this risk is viewed as minimal. Management monitor loans between members of the Group as part of their
internal reporting and assess outstanding receivables for ability to be repaid.
Interest
rate risk
The
Group has limited exposure to interest-rate risk arising from its bank deposits and convertible loan note instruments. These deposit
accounts are held at variable interest rates based on Barclays Bank plc and Pennsylvania State Bank base rates.
The
Directors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net result
for the year or the equity position at the year-end for either the year ended 31 March 2023 or 31 March 2022.
17.
RELATED PARTY TRANSACTIONS
All
related party transactions occurred in the normal course of operations.
Tiziana
Life Sciences Ltd
Tiziana
Life Sciences Ltd is a related party as the entity is controlled by a person that has significant influence over the Group. The Company
shares premises and other resources with Tiziana Life Sciences Ltd and there is a shared services agreement in place between the Company
and Tiziana Life Sciences Ltd. As at 31
st
March 2023, the Company had incurred $
159,501
(2022: $
107,132
) worth of costs in
relation to this agreement and at 31 March 2023 $
184,150
(2022: $
47,041
) was due to Tiziana Life Sciences Ltd.
Tiziana
Life Sciences Ltd also paid other invoices on behalf of the Company. As at March 31, 2023, Tiziana had paid $
433,140
worth of costs on
behalf of the Group, of which $
230,000
was repaid by the Company in April 2023.
In
August 2022, Tiziana Life Sciences Ltd issued a short-term credit facility to OKYO Pharma for $
2
m to support short term liquidity.
The
loan is available for a period of 6 months upon first draw-down and carries an interest rate of
16
% per annum, with additional default
interest of
4
% if the loan is not repaid after the 6-month period.
As at March 31, 2023 the full amount had been drawn down against the
loan and $
98,627
of interest had been accrued. The total balance due at 31 March 2023 for this loan was $
2,207,209
.
In
February 2023, Tiziana Life Sciences Ltd issued an additional short-term credit facility to OKYO Pharma for $
0.5
m to further support
short term liquidity, under the same terms as the loan above. As at March 31, 2023 $
488,009
had been drawn down against the loan and
$
7,902
of interest had been accrued. The total balance due at 31 March 2023 for this loan was $
7,902
as the principal of the loan was
repaid during March 2023.
Directors
At
March 31, 2023, the Company owed Gabriele Cerrone $
61,736
for his fees from November 2022 to March 2023. This was subsequently paid on
April 4, 2023. The Company also owed Gabriele Cerrone $
96,872
in relation to the May 2022 offering, when it was agreed to compensate
Mr Cerrone for the purchase of
25,000
ADSs in the market at a cost of $
96,872
in order to take out a participant who no longer wished
to be in the transaction, given that the offering might otherwise have failed.
At
March 31, 2023, the Company owed John Brancaccio $
3,293
for his fees for March 2023. This was subsequently paid on May 5, 2023.
F-
27
18.
BASIC AND DILUTED LOSS PER SHARE
Basic
loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary
shares in issue during the year.
In
May 2023, the company delisted from the Main Market of the London Stock Exchange and carried out a share consolidation of 65 to 1. The
weighted average number of ordinary shares in issue shown below has been retrospectively adjusted to reflect this share consolidation
(see note 23 Post balance sheet events).
As such, the number of shares presented below may not be consistent with that presented
elsewhere.
Year ended
March 31,
2023
2022
(Loss) attributable to equity holders of the company ($)
(
13,271,685
)
(
5,431,045
)
Weighted average number of ordinary shares in issue (adjusted)
22,257,058
15,064,813
Basic and dilutive loss per share (dollars per share)
(
0.61
)
(
0.36
)
Year ended
March 31,
2021
(Loss) attributable to equity holders of the company ($)
(
3,353,507
)
Weighted average number of ordinary shares in issue (adjusted)
10,350,271
Basic and dilutive loss per share (dollars per share)
(
0.32
)
As
the Group is reporting a loss from continuing operations for the year then, in accordance with IAS 33, the share options are not considered
dilutive because the exercise of the share options would have an anti-dilutive effect. The basic and diluted earnings per share as presented
on the face of the Statement of comprehensive income are therefore identical.
18A.
SHARE CONSOLIDATION
In May 2023, the company delisted
from the Main Market of the London Stock Exchange and carried out a share consolidation of
65 to 1
. The effects of the share consolidation
have been retrospectively adjusted where required and has been disclosed accordingly (see also note 23 Post balance sheet events).
19.
LEASES
The
Group is a lessee and does not have any leases as a lessor.
All
leases are accounted for by recognising a right-of-use asset and a lease liability except for:
●
Leases
    of low value assets; and
●
Leases
    with a duration of 12 months or less.
The
Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group
does not have leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments based
on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its
right-of-use assets in a consistent manner to its property, plant and equipment.
For
leases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the properties
in their original condition at the end of the lease.
During
the year to March 31, 2022, the Group entered into new lease agreement on its existing office. The new leases has a term shorter than
12 months, so the Group has applied the exemption allowed by paragraph 5a in IFRS 16 in respect of short term leases.
F-
28
Right-of-use assets
Property
$
At 1 April 2022
-
Derecognition of right of use asset
-
Impact of Foreign exchange
-
At 31 March 2023
-
$
At 1 April 2021
98,579
Derecognition of right of use asset
(
97,553
)
Impact of Foreign exchange
(
1,026
)
At 31 March 2022
-
Lease Liabilities
31 March 2023
31 March 2022
$
$
At 1 April
-
98,760
Interest expense
-
Lease payments
-
-
Impact of foreign exchange
-
(
1,207
)
Derecognition of lease liability
-
(
97,553
)
Early Termination write off
-
-
Additions
-
-
Interest expense
-
-
Lease payments
-
-
-
-
Operating
leases
At
March 31, 2023 and March 31, 2022, the company had annual commitments under non-cancellable operating leases:
Operating leases which expire:
31 March 2023
31 March 2022
$
$
Within one year
-
18,713
-
18,713
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29
20.
AUDITOR'S RENUMERATION
During
the period, the group obtained the following services from the company's auditors PKF, our independent registered public accounting
firm and Mazars, our previous independent registered public accounting firm.:
Mazars LLP
31 March 2023
31 March 2022
31 March 2021
$
$
$
Fees payable to the company's auditors for the audit of the parent company and consolidated financial statements
106,927
200,773
58,874
Fees payable to the company's auditors for other services:
Audit-related assurance services
227,208
148,892
72,637
334,135
349,665
131,511
PKF Littlejohn LLP
31 March 2023
31 March 2022
31 March 2021
$
$
$
Fees payable to the company's auditors for the audit of the parent company and consolidated financial statements
120,557
-
-
Fees payable to the company's auditors for other services:
Audit-related assurance services
-
-
-
120,557
-
-
21.
CASH AND CASH EQUIVALENTS
Cash
and cash equivalents consist of the following:
31 March 2023
31 March 2022
$
$
Cash at bank and in hand:
GBP
471,974
2,400,817
USD
3,573,407
299,907
4,045,381
2,700,724
22.
COMMITMENTS AND CONTINGENCIES
The
Group's main financial commitments relate to the contractual payments in respect of its licensing agreements. Due to the uncertain
nature of scientific research and development and the length of time required to reach commercialisation of the products of this research
and development, pre-clinical, clinical and commercial milestone obligations are not detailed until there is a reasonable certainty that
the obligation will become payable. Contractual commitments are detailed where amounts are known and certain.
●
OK-101
    – We are obligated to pay to On Target Therapeutics the following additional amounts in respect of the first licensed product
    or service which achieves the stated development milestones:
(a)
First Patient Enrolled in a Phase I Human Clinical trial
$
300,000
(b)
First Patient Enrolled in a Phase II Human Clinical trial
$
600,000
(c)
First Patient Enrolled in a Phase III Human Clinical trial
$
1,500,000
●
BAM8
    – The Group are committed to paying an annual license maintenance fee until the first commercial sale. The annual license maintenance
    fee is $
15,000
until May 2021, and $
10,000
thereafter.
23.
POST BALANCE SHEET EVENTS
On
May 22, 2023, the Company delisted from the standard segment of the Main Market of the London Stock Exchange and had a sole listing on
the NASDAQ capital market. In conjunction with the delisting, there was a share consolidation of 65 to 1. The share consolidation has been reflected in our disclosures of basic and diluted loss per share as disclosed in
note 18 in accordance with IAS 33.
On
June 6, 2023, the Company announced that patients are now being dosed in the randomized portion of the phase 2, multi-center, double-masked,
placebo-controlled trial of topical ocular OK-101 to treat DED.
On
May 24, 2023, the Company extended the life of its outstanding warrants to July 12, 2026. All other terms remained unchanged.
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30