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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the Securities and Exchange Commission
&#160;July 18, 2022</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Registration Statement No. 333- </b>&#160;&#160;&#160;&#160;&#160;&#160;</p><div>

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

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 12pt"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION</b></span><b><span style="font-size: 10pt"><br/>
WASHINGTON, D.C. 20549</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 12pt"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">S-1</ix:nonNumeric></b></span><b><span style="font-size: 10pt"><br/>
REGISTRATION STATEMENT<br/>
UNDER<br/>
THE SECURITIES ACT OF 1933</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><span style="font-size: 12pt"><b>ADITXT, INC.</b></span></ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></ix:nonNumeric></td> <td style="text-align: center; white-space: nowrap; width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23219</b></span></td> <td style="text-align: center; white-space: nowrap; width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>82-3204328</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of<br/>
incorporation or organization)</span></td> <td style="text-align: center; white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial<br/>
Classification Code Number)</span></td> <td style="text-align: center; white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer<br/>
Identification Number)</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>737 N. Fifth Street, Suite 200</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Richmond, VA 23219</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(650) 870-1200<br/>
</b>(Address and telephone number of registrant&#8217;s principal executive offices)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Aditxt, Inc.<br/>
Chief Executive Officer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>737 N. Fifth Street, Suite 200</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Richmond, VA 23219</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(650) 870-1200<br/>
</b>(Name, address, including zip code, and telephone number, including area code, of agent for service)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt"><i>&#160;</i></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Richard A. Friedman, Esq.</b></span></td>
    <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Robert F.
Charron, Esq.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Sean F. Reid, Esq.</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Matthew McCullough, Esq.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Emily A. Mastoloni, Esq.</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Ellenoff Grossman &amp; Schole LLP</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Sheppard, Mullin, Richter &amp; Hampton LLP</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>1345 Avenue of the Americas</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>30 Rockefeller Plaza</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>New York, NY 10105</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>New York, NY 10112</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Tel: (212) 370-1300</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Tel: (212) 653-8700</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Fax: (212) 653-8701 </b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Approximate date of commencement of proposed
sale to the public:<br/>
As soon as practicable after the effective date of this registration statement becomes effective.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box:
&#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">If this Form is filed to register
additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; text-align: justify; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer &#9744;</span></td> <td style="text-align: justify; white-space: nowrap; width: 1%">&#160;</td> <td style="text-align: justify; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#9744;</span></td> <td style="text-align: justify; white-space: nowrap; width: 1%">&#160;</td> <td style="text-align: justify; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric> &#9746;</span></td> <td style="text-align: justify; white-space: nowrap; width: 1%">&#160;</td> <td style="text-align: justify; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify; white-space: nowrap">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify; white-space: nowrap">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify; white-space: nowrap">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided to Section 7(a)(2)(B) of the Securities Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityExTransitionPeriod">&#9746;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine</b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

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

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

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

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: Red"><b>The information in
this preliminary prospectus is not complete and may be changed. The selling stockholders may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>PRELIMINARY PROSPECTUS</b></span></td>
    <td style="width: 33%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>SUBJECT
    TO COMPLETION</b></span></td>
    <td style="width: 31%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>DATED&#160;&#160;&#160;&#160;&#160;&#160;,
    2022</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>Shares of Common Stock and
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b> Pre-Funded Warrants to Purchase [&#160;&#160;&#160; ] Shares
of Common Stock and </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Placement Agent Warrants to Purchase up to [&#160;&#160;&#160; ]
Shares of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering in a best-efforts offering up
to [&#160;&#160;&#160; ] shares of our common stock, par value $0.001 per share, at an assumed purchase price of $[&#160;&#160;&#160; ] per share of common stock, which
was the closing price of our common stock on The Nasdaq Capital Market on July [&#160;&#160;&#160; ], 2022. [We are also offering to certain purchasers
whose purchase of shares of common stock in this offering would otherwise result in the purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock immediately
following the consummation of this offering, the opportunity to purchase, if any such purchaser so chooses, pre-funded warrants, in lieu
of shares of common stock that would otherwise result in such purchaser&#8217;s beneficial ownership exceeding 4.99% (or, at the election
of the purchaser, 9.99%) of our outstanding common stock. The purchase price of each pre-funded warrant will be equal to the price at
which a share of common stock is sold to the public in this offering, minus $0.001, and the exercise price of each pre-funded warrant
will be $0.001 per share.&#160;The pre-funded warrants will be immediately exercisable and may be exercised at any time until all of the
pre-funded warrants are exercised in full. For each pre-funded warrant we sell, the number of shares of common stock we are offering will
be decreased on a one-for-one basis. The shares of common stock and pre-funded warrants can only be purchased together in this offering
but will be issued separately and will be immediately separable upon issuance.&#160;]</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no minimum number of securities or minimum
aggregate amount of proceeds for this offering to close. The offering of the securities will terminate on the first date that we enter
into securities purchase agreements to sell the securities offered hereby.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is listed on The Nasdaq
Capital Market under the symbol &#8220;ADTX&#8221;. On July [ ], 2022, the closing price as reported on The Nasdaq Capital Market was
$[ ] per share. The public offering price per share of common stock and any pre-funded warrant will be determined at the time of pricing,
and may be at a discount to the then current market price. The recent market price used throughout this prospectus may not be indicative
of the final offering price. The final public offering price will be determined through negotiation between us and investors based upon
a number of factors, including our history and our prospects, the industry in which we operate, our past and present operating results,
the previous experience of our executive officers and the general condition of the securities markets at the time of this offering. There
is no established public trading market for the pre-funded warrants and the placement agent&#8217;s warrants and we do not expect a market
to develop. Without an active trading market, the liquidity of the warrants will be limited. In addition, we do not intend to list the
pre- funded warrants or the placement agent&#8217;s warrants on The Nasdaq Capital Market, any other national securities exchange or any
other trading system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investing in our common stock involves a high
degree of risk. See &#8220;Risk Factors&#8221; beginning on page 4 of this prospectus.</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per Share</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" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</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="padding-left: 0pt; width: 64%">Offering price</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 9%">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 9%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 9%">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left; width: 1%">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 0pt">Placement agent fees (1)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0pt">Proceeds to us, before expenses (2)</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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to reimburse H.C. Wainwright &amp; Co., LLC (the &#8220;Placement Agent&#8221;) for certain of its offering-related expenses,
including a management fee of [&#160;&#160;]% of the gross proceeds raised in this offering. In addition, we have agreed to issue to
the Placement Agent warrants to purchase up to a number of shares of our common stock equal to [&#160;&#160;]% of the number of shares
of common stock and pre-funded warrants being offered at an exercise price equal to [&#160;&#160;&#160;&#160;]% of the public offering
price of the shares common stock. See &#8220;Plan of Distribution&#8221; for additional information and a description of the compensation
payable to the Placement Agent.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate the total expenses of this offering payable by us, excluding the placement agent fee, will be approximately $[&#160;&#160;&#160;&#160;&#160;].</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that delivery of the securities
against payment will be made on or about&#160;[&#160;&#160;&#160;], 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>











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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>H.C. WAINWRIGHT &amp; CO.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus dated&#160;&#160;&#160;&#160; , 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>




</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 90%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">1</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">3</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">4</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">28</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">28</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">30</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">31</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships and Related Transactions and Director Independence</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">46</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">48</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of our Common and Preferred Stock</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">49</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">51</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">51</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">51</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation of Documents by Reference</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: bottom">52</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>We and the placement agent have not authorized
anyone to provide any information or to make any representations other than those contained in or incorporated by reference in this prospectus
or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and
can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell
only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained
in or incorporated by reference in this prospectus is accurate only as of its date regardless of the time of delivery of this prospectus
or of any sale of common stock</b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent there is a conflict between the
information contained in this prospectus, on the one hand, and the information contained in any document incorporated by reference filed
with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) before the date of this prospectus, on the other hand, you should
rely on the information in this prospectus. If any statement in a document incorporated by reference is inconsistent with a statement
in another document incorporated by reference having a later date, the statement in the document having the later date modifies or supersedes
the earlier statement.&#160;&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither we nor the placement agent have done anything
that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is
required, other than in the United States. Persons who come into possession of this prospectus and any free writing prospectus in jurisdictions
outside the United States are required to inform themselves about and to observe any restrictions as to this offering and the distribution
of this prospectus and any free writing prospectus applicable to that jurisdiction.</p><div>

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




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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and the documents incorporated
by reference in this prospectus contain market data and industry statistics and forecasts that are based on independent industry publications
and other publicly available information. Although we believe that these sources are reliable, we do not guarantee the accuracy or completeness
of this information and we have not independently verified this information. Although we are not aware of any misstatements regarding
the market and industry data presented or incorporated by reference in this prospectus, these estimates involve risks and uncertainties
and are subject to change based on various factors, including those discussed under the heading &#8220;Risk Factors&#8221; and any related
free writing prospectus. Accordingly, investors should not place undue reliance on this information.</p><div>



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

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

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</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<a id="a_001"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS SUMMARY</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>This summary
highlights certain information about us, this offering and selected information contained elsewhere in this prospectus and in the
documents incorporated by reference. This summary is not complete and does not contain all of the information that you should
consider before deciding whether to invest in our securities. For a more complete understanding of our company and this offering, we
encourage you to read and consider carefully the more detailed information contained in or incorporated by reference in this
prospectus, including the information contained under the heading &#8220;Risk Factors&#8221; beginning on page 4 of this prospectus,
and the information included in any free writing prospectus that we have authorized for use in connection with this
offering.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Throughout this prospectus, the terms &#8220;we,&#8221;
&#8220;us,&#8221; &#8220;our,&#8221; and &#8220;our company&#8221; refer to Aditxt, Inc. a Delaware corporation, unless the context requires
otherwise.</i></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a biotech innovation company with a mission
of prolonging life and enhancing its quality by improving the health of the immune system.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are developing biotechnologies specifically
focused on improving the health of the immune system through immune mapping and reprogramming. Our immune mapping technologies are designed
to provide a personalized comprehensive profile of the immune system and we plan to utilize them in our upcoming reprogramming clinical
trials to monitor subjects&#8217; immune response before, during and after drug administration. Our immune reprogramming technologies
are designed to retrain the immune system to induce tolerance with the objectives of addressing rejection of transplanted organs as well
as ameliorate autoimmune diseases and allergies. These programs are currently in the pre-clinical stage with one product candidate slated
for GMP manufacturing (clinical grade material) and toxicology studies in preparation for clinical trials.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Immune Reprogramming &#8211; Immune Modulation</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The discovery of immunosuppressive (anti-rejection
and monoclonal) drugs over 40 years ago has made possible life-saving organ transplantation procedures and blocking of unwanted immune
responses in autoimmune diseases. However, immune suppression leads to significant undesirable side effects, such as increased susceptibility
to life-threatening infections and cancers, because it indiscriminately and broadly suppresses immune function throughout the body. While
the use of these drugs has been justifiable because they prevent or delay organ rejection, their use for treatment of autoimmune diseases
and allergies may not be acceptable because of the above-mentioned side effects. Furthermore, transplanted organs often ultimately fail
despite the use of immune suppression, and about 40% of transplanted organs survive no more than five years.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New, focused therapeutic approaches are needed
that modulate only the small portion of immune cells that are involved in rejection of the transplanted organ, as this approach can be
safer for patients than indiscriminate immune suppression.&#160;Such approaches are referred to as immune tolerance, and when therapeutically
induced, may be safer for patients and also potentially allow long-term survival of transplanted tissues and organs.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the late 1990s, academic research on these
approaches was conducted at the Transplant Center at Loma Linda University in connection with a project that secured initial grant funding
from the U.S. Department of Defense.&#160;The focus of that project was for skin grafting for burn victims.&#160;Twenty years of research
at LLU and an affiliated incubator led to a series of discoveries that have been translated into a large patent portfolio of therapeutic
approaches that may be applied to the modulation of the immune system in order to induce tolerance to self and transplanted organs.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have an exclusive worldwide license from LLU
for commercializing this nucleic acid-based technology (which is currently at the pre-clinical stage), called Apoptotic DNA Immunotherapy&#8482;
(ADI&#8482;), which utilizes a novel approach that mimics the way our bodies naturally induce tolerance to our own tissues (&#8220;therapeutically
induced immune tolerance&#8221;). While immune suppression requires continuous administration to prevent rejection of a transplanted organ,
induction of tolerance has the potential to retrain the immune system to accept the organ for longer periods of time. Thus, ADI&#8482;
may allow patients to live with transplanted organs with significantly reduced immune suppression. ADI&#8482; is a technology platform,
which we believe can be engineered to address a wide variety of indications.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are developing ADI&#8482; product candidates
for organ transplantation including skin grafting, autoimmune diseases including psoriasis and type 1 diabetes (T1D), and allergies, with
an initial focus on psoriasis, T1D, and skin allografting., To submit a Biologics License Application (&#8220;BLA&#8221;) for a biopharmaceutical
product, clinical safety and efficacy must be demonstrated in a series of clinical studies conducted with human subjects. For products
in our class of drugs, the first-in-human trials will be a combination of Phase I (safety/tolerability) and Phase II (efficacy) in affected
subjects. To obtain approval to initiate the Phase I/II studies, an Investigational New Drug (IND) Application will be submitted compiling
non-clinical efficacy data as well as manufacturing and pre-clinical or clinical toxicology data. To date, we have conducted non-clinical
studies in a stringent model of skin transplantation using genetically mismatched donor and recipient animals demonstrating a 3-fold increase
in the survival of the skin graft in animals that were tolerized with ADI&#8482; compared to animals that receive immune suppression alone.
Prolongation of graft life was observed despite discontinuation of immune suppression after the first 5 weeks. Additionally, in an induced
non-clinical model for psoriasis, ADI&#8482; treatment resulted in a 69% reduction in skin thickness and a 38% decrease in skin flaking
(two clinical parameters for assessment of psoriasis skin lesions). The Phase I/II studies in psoriasis will evaluate the safety/tolerability
of ADI&#8482; in patients diagnosed with psoriasis. Since the drug will be administered in subjects diagnosed with psoriasis, effectiveness
of the drug to improve psoriatic lesions will also be evaluated. In another Phase I/II study, patients requiring skin allografts will
receive weekly intra-dermal injections of ADI&#8482; in combination with standard immune suppression to assess safety/tolerability and
possibility of reducing levels of immunosuppressive drugs as well as prolongation of graft life.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated as a Delaware corporation
on September 28, 2017. Our principal executive offices are located at 737 N. Fifth Street, Suite 200 Richmond, VA 23219, and our telephone
number is (650) 870-1200.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock trades on The Nasdaq Capital
Market under the symbol &#8220;ADTX.&#8221;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal Internet address is www.adtixt.com.&#160;&#160;We
make available free of charge on www.aditxt.com our annual, quarterly and current reports, and amendments to those reports, as soon as
reasonably practicable after we electronically file such material with, or furnish it to, the SEC. You may also read and copy any materials
we file with the SEC at the SEC&#8217;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports,
proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.<b>&#160;</b></p>

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

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<div style="padding: 6pt; border: Black 1.5pt solid; width: 98%">

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

<a id="a_002"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE OFFERING</b></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 73%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares.</span></td></tr>
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    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td></tr>
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    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td></tr>
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    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares, assuming no sale of pre-funded warrants, which, if sold, would reduce the number of shares of common stock that we are offering on a one-for-one basis, and exercise of the warrants issued to the placement agent (the &#8220;Placement Agent Warrants&#8221;). </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
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    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are also offering to certain purchasers whose purchase of shares of common stock in this offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock immediately following the closing of this offering, the opportunity to purchase, if such purchasers so choose, pre-funded warrants to purchase shares of common stock, in lieu of shares of common stock that would otherwise result in any such purchaser&#8217;s beneficial ownership exceeding 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock. Each pre-funded warrant will be exercisable for one share of our common stock. The purchase price of each pre-funded warrant and accompanying common warrant (as described below) will be equal to the price at which a share of common stock and accompanying common warrant is being sold to the public in this offering, minus $0.001, and the exercise price of each pre-funded warrant will be $0.001 per share. The pre-funded warrants will be exercisable immediately and may be exercised at any time until all of the pre-funded warrants are exercised in full. This offering also relates to the shares of common stock issuable upon exercise of any pre-funded warrants sold in this offering. For each pre-funded warrant we sell, the number of shares of common stock we are offering will be decreased on a one-for-one basis.] </span></td></tr>
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    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
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    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We estimate that our net proceeds from this offering will be approximately $10 million. This is based on an assumed public offering price of $[&#160;&#160;] per share, which is the last reported trading price of our common stock on The Nasdaq Capital Market on July [ ], 2022, after deducting the estimated placement agent fees and commissions and estimated offering expenses payable by us. </span></td></tr>
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    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
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    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
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    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk factors</b></span></td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    &#8220;Risk Factors&#8221; beginning on page 4 of this prospectus, as well as other information included in this prospectus, for a
    discussion of factors you should read and consider carefully before investing in our securities.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nasdaq Capital Markets symbol</b></span></td>
    <td style="text-align: justify; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common stock is listed on The Nasdaq Capital Markets under the symbol &#8220;ADTX&#8221;.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares of our common stock to be
outstanding after this offering as shown above is based on <span>55,368,553 </span>shares outstanding
as of July 7, 2022 and excludes as of that date:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,964,942
shares of our common stock issuable upon exercise of warrants, subject to vesting having a weighted average exercise price of $1.24 per
share;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p>



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,235,466
shares of our common stock issuable upon exercise of outstanding options under our 2017 Equity Incentive Plan or the 2017 Plan, subject
to vesting; and</span></td>
</tr></table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">891,125
shares of our common stock subject to outstanding Restricted Stock Units under our 2021 Omnibus Equity Incentive Plan, or the 2021 Plan,
are subject to vesting.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated herein, all information
in this prospectus assumes no sale of pre-funded warrants, which, if sold, would reduce the number of shares of common stock that we are
offering on a one-for-one basis, and no exercise of options issued under our Plan or of warrants described above, including the Placement
Agent Warrants.</p>

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

</div></div><div>






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

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; "><b>RISK FACTORS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An investment in our
securities involves a high degree of risk. This prospectus contains a discussion of the risks applicable to an investment in our securities.
Prior to making a decision about investing in our securities, you should carefully consider the specific factors discussed within this
prospectus. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently
known to us or that we currently deem immaterial may also affect our operations. The occurrence of any of these known or unknown risks
might cause you to lose all or part of your investment in the offered securities.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>We have generated no significant revenue from commercial
sales to date and our future profitability is uncertain.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated in September 2017 and have a limited operating
history and our business is subject to all of the risks inherent in the establishment of a new business enterprise. Our likelihood of
success must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection
with development and expansion of a new business enterprise. Since inception, we have incurred losses and expect to continue to operate
at a net loss for at least the next several years as we commence our research and development efforts, conduct clinical trials and develop
manufacturing, sales, marketing and distribution capabilities. Our net loss for the years ended December 31, 2021 and 2020 was $46,371,364
and $9,149,227, respectively, and our accumulated deficit as of December 31, 2021 was $67,352,809. Our net loss for the three months ended
March 31, 2022 and 2021 was $6,059,141 and $6,379,667, respectively, and our accumulated deficit as of March 31, 2022 was $73,411,950.
There can be no assurance that the products under development by us will be approved for sale in the U.S. or elsewhere. Furthermore, there
can be no assurance that if such products are approved, they will be successfully commercialized, and the extent of our future losses
and the timing of our profitability are highly uncertain. If we are unable to achieve profitability, we may be unable to continue our
operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>If we fail to obtain the capital necessary to fund our
operations, we will be unable to continue or complete our product development and you will likely lose your entire investment.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will need to continue to seek capital from time to time to
continue development of our lead drug candidate beyond our initial combined Phase I/IIa clinical trial and to acquire and develop other
product candidates. Once approved for commercialization, we cannot provide any assurances that any revenues it may generate in the future
will be sufficient to fund our ongoing operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business or operations may change in a manner that would
consume available funds more rapidly than anticipated and substantial additional funding may be required to maintain operations, fund
expansion, develop new or enhance products, acquire complementary products, business or technologies or otherwise respond to competitive
pressures and opportunities, such as a change in the regulatory environment or a change in preferred treatment modalities. In addition,
we may need to accelerate the growth of our sales capabilities and distribution beyond what is currently envisioned, and this would require
additional capital. However, we may not be able to secure funding when we need it or on favorable terms. We may not be able to raise sufficient
funds to commercialize the product candidates we intend to develop.</p><div>

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



</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we cannot raise adequate funds to satisfy our capital requirements,
we will have to delay, scale back or eliminate our research and development activities, clinical studies or future operations. We may
also be required to obtain funds through arrangements with collaborators, which arrangements may require us to relinquish rights to certain
technologies or products that we otherwise would not consider relinquishing, including rights to future product candidates or certain
major geographic markets. This could result in sharing revenues which we might otherwise retain for ourselves. Any of these actions may
harm our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of capital we may need depends on many factors, including
the progress, timing and scope of our product development programs; the progress, timing and scope of our preclinical studies and clinical
trials; the time and cost necessary to obtain regulatory approvals; the time and cost necessary to further develop manufacturing processes
and arrange for contract manufacturing; our ability to enter into and maintain collaborative, licensing and other commercial relationships;
and our partners&#8217; commitment of time and resources to the development and commercialization of our products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Our financial situation creates doubt whether we will continue
as a going concern.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company was incorporated on September 28, 2017 and through
the date of this report has generated no significant revenues. For the years ended December 31, 2021 and 2020, the Company had a net loss
of $46,371,364 and $9,149,227, respectively. For the three months ended March 31, 2022 and 2021, the Company had a net loss of $6,059,141
and $6,379,667, respectively. There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient
cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support
our working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing
are insufficient, we will have to raise additional working capital. No assurance can be given that additional financing will be available,
or if available, will be on acceptable terms. These conditions raise substantial doubt about our ability to continue as a going concern.
If adequate working capital is not available, we may be forced to discontinue operations, which would cause investors to lose their entire
investment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>We may need to raise additional funding, which may not
be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate
our product development efforts or other operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not expect that our current cash position will be sufficient
to fund our current operations for the next 12 months. Our operating plan may change as a result of many factors currently unknown to
us, and we may need to seek additional funds sooner than planned, through public or private equity or debt financings, government or other
third-party funding, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements
or a combination of these approaches. In any event, we will require additional capital to obtain regulatory approval for, and to commercialize,
our product candidates. Raising funds in the current economic environment may present additional challenges. Even if we believe we have
sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we
have specific strategic considerations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any additional fundraising efforts may divert our management
from their day-to-day activities, which may adversely affect our ability to develop and commercialize our product candidates. In addition,
we cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to us, if at all. Moreover, the
terms of any financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities,
whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our shares to decline. The sale of additional
equity or convertible securities may dilute our existing stockholders. The incurrence of indebtedness would result in increased fixed
payment obligations and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional
debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could
adversely impact our ability to conduct our business. We could also be required to seek funds through arrangements with collaborative
partners or otherwise at an earlier stage than otherwise would be desirable and we may be required to relinquish rights to some of our
technologies or product candidates or otherwise agree to terms unfavorable to us, any of which may have a material adverse effect on our
business, operating results and prospects.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to obtain funding on a timely basis, we may
be required to significantly curtail, delay or discontinue one or more of our research or development programs or the commercialization
of any product candidate or be unable to expand our operations or otherwise capitalize on our business opportunities, as desired, which
could materially affect our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Even if we can raise additional funding, we may be required
to do so on terms that are dilutive to you.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The capital markets have been unpredictable in the past for unprofitable
companies such as ours. In addition, it is generally difficult for development stage companies to raise capital under current market conditions.
The amount of capital that a company such as ours is able to raise often depends on variables that are beyond our control. As a result,
we may not be able to secure financing on terms attractive to us, or at all. If we are able to consummate a financing arrangement, the
amount raised may not be sufficient to meet our future needs. If adequate funds are not available on acceptable terms, or at all, our
business, including our results of operations, financial condition and our continued viability will be materially adversely affected.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>The regulatory approval process is expensive, time-consuming
and uncertain and may prevent us from obtaining approvals for the commercialization of our future product candidates, if any.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not be permitted to market our product candidates in
the United States until we receive approval from the FDA, or in any foreign countries until we receive the requisite approval from corresponding
agencies in such countries. The testing, manufacturing, labeling, approval, selling, marketing and distribution of health and life science-related
products are subject to extensive regulation, which regulations differ from country to country.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Successfully completing our clinical program and obtaining approval
of a Biologics License Application (&#8220;BLA&#8221;) is a complex, lengthy, expensive and uncertain process, and the FDA or other applicable
foreign regulator may delay, limit or deny approval of our product candidates for many reasons, including, among others, because:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

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

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

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

</div><!-- Field: Page; Sequence: 9; Value: 1 --><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>We may encounter substantial delays in completing our clinical
studies which in turn will require additional costs, or we may fail to demonstrate adequate safety and efficacy to the satisfaction of
applicable regulatory authorities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is difficult to predict if or when any of our product candidates,
will prove safe or effective in humans or&#160;will&#160;receive regulatory approval. Before obtaining marketing approval from regulatory
authorities for the sale of our product candidates, we must conduct extensive clinical studies to demonstrate the safety and efficacy
of the product candidates in humans. Clinical testing is expensive, time-consuming and uncertain as to outcome. We cannot guarantee that
any clinical studies will be conducted as planned or completed on schedule, if at all. A failure of one or more clinical studies can occur
at any stage of testing. Events that may prevent successful or timely completion of clinical development include:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 10; Value: 1 --><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We could also encounter delays if a clinical trial is suspended or
terminated by us, by the IRBs or ECs of the institutions in which such trials are being conducted, by an independent Safety Review Board
(&#8220;SRB&#8221;) for such trial or by the FDA, European Medicines Agency (&#8220;EMA&#8221;), or other regulatory authorities. Such
authorities&#160;may&#160;suspend or terminate a clinical trial due to a number of factors, including failure to conduct the clinical
trial in accordance with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or trial site
by the FDA, EMA, or other regulatory authorities resulting in the imposition of a clinical hold, unforeseen safety issues or adverse side
effects, failure to demonstrate a benefit from using a drug, changes in governmental regulations or administrative actions or lack of
adequate funding to continue the clinical trial.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any inability to successfully complete preclinical and clinical development
could result in additional costs to us or impair our ability to generate revenues from product sales, regulatory and commercialization
milestones and royalties. In addition, if we make manufacturing or formulation changes to our product candidates, we may need to conduct
additional studies to bridge our modified product candidates to earlier versions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clinical study delays could also shorten any periods during which
we may have the exclusive right to commercialize our product candidates or allow our competitors to bring products to market before we
do, which could impair our ability to successfully commercialize our product candidates.&#160;In addition, any delays in completing our
clinical trials will increase our costs, slow down&#160;our&#160;product candidate development and approval process and jeopardize our
ability to commence product sales and generate revenues. Any of these occurrences may significantly harm our business, financial condition
and prospects. In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may
also ultimately lead to the denial of regulatory approval of our product candidates.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The outcome of preclinical studies and early clinical trials
may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final
results. Further, preclinical and clinical data are often susceptible to various interpretations and analyses, and many companies that
have believed their product candidates performed satisfactorily in preclinical studies and clinical trials have, nonetheless, failed to
obtain marketing approval.&#160;If the results of our clinical studies are inconclusive or if there are safety concerns or adverse events
associated with our other product candidates, we may:</p><div>

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

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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</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">&#9679;</span></td>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have regulatory authorities withdraw their approval of a product or impose restrictions on its distribution in the form of a modified risk evaluation and mitigation strategy;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 12; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we, ours collaborators, or our contract manufacturing
organizations (&#8220;CMOs&#8221;) fail to comply with applicable regulatory requirements at any stage during the regulatory process, such
noncompliance could result in, among other things delays in the approval of applications or supplements to approved applications; refusal
of a regulatory authority, including the FDA, to review pending market approval applications or supplements to approved applications;
warning letters; fines; import and/or export restrictions; product recalls or seizures; injunctions; total or partial suspension of production;
civil penalties; withdrawals of previously approved marketing applications or licenses; recommendations by the FDA or other regulatory
authorities against governmental contracts; and/or criminal prosecutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, our product candidates could potentially cause
other adverse events that have not yet been predicted. The inclusion of ill patients in our clinical studies may result in deaths or other
adverse medical events due to other therapies or medications that such patients may be using. As described above, any of these events
could prevent us from achieving or maintaining market acceptance of our product candidates and impair our ability to commercialize our
products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 6pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to meet
requirements for the chemistry, manufacturing and control of our drug product candidates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to receive approval
of our products by the FDA and comparable foreign regulatory authorities, we must show that we and our contract manufacturing partners
are able to characterize, control and manufacture our drug products safely and in accordance with regulatory requirements. This includes
synthesizing the active ingredient, developing an acceptable formulation, performing tests to adequately characterize the formulated product,
documenting a repeatable manufacturing process, and demonstrating that our drug products meet stability requirements. Meeting these chemistry,
manufacturing and control (&#8220;CMC&#8221;) requirements is a complex task that requires specialized expertise. If we are not able to
meet the CMC requirements, we may not be successful in getting our products approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Enrollment and retention of patients
in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors
outside our control.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may encounter delays
or difficulties in enrolling, or be unable to enroll, a sufficient number of patients to complete any of our clinical trials on its current
timelines, or at all, and even once enrolled we may be unable to retain a sufficient number of patients to complete any of our trials.
Enrollment in our clinical trials may be slower than we anticipate, leading to delays in our development timelines. For example, we may
face difficulty enrolling or maintaining a sufficient number of patients in our clinical trials due to the existing alternative treatments
approved for any of our targeted indications as patients may decline to enroll or decide to withdraw from our clinical trials due to the
risk of receiving placebo. Patient enrollment and retention in clinical trials depends on many factors, including the size of the patient
population, the nature of the trial protocol, our ability to recruit clinical trial investigators with the appropriate competencies and
experience, the existing body of safety and efficacy data with respect to the study drug, the number and nature of competing treatments
and ongoing clinical trials of competing drugs for the same indication, the proximity of patients to clinical sites, the eligibility criteria
for the trial and the proportion of patients screened that meets those criteria, our ability to obtain and maintain patient consents,
and our ability to successfully complete prerequisite studies before enrolling certain patient populations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, any negative
results or new safety signals we may report in clinical trials of our product candidates may make it difficult or impossible to recruit
and retain patients in other clinical trials. Similarly, negative results reported by our competitors about their drug candidates may
negatively affect patient recruitment in our clinical trials. Also, marketing authorization of competitors in this same class of drugs
may impair our ability to enroll patients into our clinical trials, delaying or potentially preventing it from completing recruitment
of one or more of our trials.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Delays or failures in
planned patient enrollment or retention may result in increased costs, program delays or both, which could have a harmful effect on our
ability to develop our product candidates or could render further development impossible. In addition, we expect to rely on CROs and clinical
trial sites to ensure proper and timely conduct of our future clinical trials, and, while we intend to enter into agreements governing
their services, we will be limited in our ability to compel their actual performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>If our future pre-clinical development or future clinical Phase
I/II studies are unsuccessful, we may be unable to obtain regulatory approval of, or commercialize, our product candidates on a timely
basis or at all.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The successful completion of pre-clinical development and multiple
clinical trials is critical to the success of our future products. If the pre-clinical development and clinical trials are unsuccessful
or produce inconsistent results or unanticipated adverse side effects, or if we are unable to collect reliable data, regulatory approval
of our products could be delayed or not given and as a result we may be unable to commercialize our products. Generally, we expect to
engage third parties such as consultants, universities or other collaboration partners to conduct clinical trials on our behalf. Incompatible
practices or misapplication of our products by these third parties could impair the success of our clinical trials.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Even if we receive regulatory approval for any of our product
candidates, we may not be able to successfully commercialize the product and the revenue that we generate from their sales, if any, may
be limited.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If approved for marketing, the commercial success of our product
candidates will depend upon each product&#8217;s acceptance by the medical community, including physicians, patients and health care payors.
The degree of market acceptance for any of our product candidates will depend on a number of factors, including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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</div><p style="margin: 0pt"></p><div>

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    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the effectiveness of our own or any future collaborators&#8217; sales and marketing strategies;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations or warnings contained in approved labeling from regulatory authorities;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to obtain and maintain sufficient third-party coverage or reimbursement from government health care programs, including Medicare and Medicaid, private health insurers and other third-party payors or to receive the necessary pricing approvals from government bodies regulating the pricing and usage of therapeutics; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the willingness of patients to pay out-of-pocket in the absence of third-party coverage or reimbursement or government pricing approvals.</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of our product candidates are approved, but do not achieve an
adequate level of acceptance by physicians, health care payors, and patients, we may not generate sufficient revenues and we may not be
able to achieve or sustain profitability. Our efforts to educate the medical community and third-party payors on the benefits of our product
candidates may require significant resources and may never be successful.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, even if we obtain regulatory approvals, the timing
or scope of any approvals may prohibit or reduce our ability to commercialize our product candidates successfully. For example, if the
approval process takes too long, we may miss market opportunities and give other companies the ability to develop competing products or
establish market dominance. Any regulatory approval we ultimately obtain may be limited or subject to restrictions or post-approval commitments
that render our product candidates not commercially viable. For example, regulatory authorities may approve any of our product candidates
for fewer or more limited indications than we request, may grant approval contingent on the performance of costly post-marketing clinical
trials, or may approve any of our product candidates with a label that does not include the labeling claims necessary or desirable for
the successful commercialization for that indication. Further, the FDA or comparable foreign regulatory authorities may place conditions
on approvals or require risk management plans or a Risk Evaluation and Mitigation Strategy (&#8220;REMS&#8221;) to assure the safe use
of the drug. If the FDA or applicable foreign regulatory agency concludes a REMS is needed, the sponsor of the BLA must submit a proposed
REMS; the regulatory agencies will not approve the BLA without an approved REMS, if required. A REMS could include medication guides,
physician communication plans, or elements to assure safe use, such as restricted distribution methods, patient registries and other risk
minimization tools. The regulatory agencies may also require a REMS for an approved product when new safety information emerges. Any of
these limitations on approval or marketing could restrict the commercial promotion, distribution, prescription or dispensing of our product
candidates. Moreover, product approvals may be withdrawn for non-compliance with regulatory standards or if problems occur following the
initial marketing of the product. Any of the foregoing scenarios could materially harm the commercial success of our product candidates.</p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i>Adverse events involving our products may lead the FDA
or applicable foreign regulatory agency to delay or deny clearance for our products or result in product recalls that could harm our reputation,
business and financial results.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once a product receives regulatory clearance or approval, the
agency has the authority to require the recall of commercialized products in the event of adverse side effects, material deficiencies
or defects in design or manufacture. The authority to require a recall must be based on a regulatory finding that there is a reasonable
probability that the product would cause serious injury or death. Manufacturers may, under their own initiative, recall a product if any
material deficiency in a product is found. A government-mandated or voluntary recall by us or one of our distributors could occur as a
result of adverse side effects, impurities or other product contamination, manufacturing errors, design or labeling defects or other deficiencies
and issues. Recalls of any of our products would divert managerial and financial resources and have an adverse effect on our financial
condition and results of operations. The regulatory agencies require that certain classifications of recalls be reported to them within
ten (10) working days after the recall is initiated. Companies are required to maintain certain records of recalls, even if they are not
reportable to the regulatory agency. We may initiate voluntary recalls involving our products in the future that we determine do not require
notification of the regulatory agencies. If the regulatory agency disagrees with our determinations, they could require us to report those
actions as recalls. A future recall announcement could harm our reputation with customers and negatively affect our sales. In addition,
the regulatory agency could take enforcement action for failing to report the recalls when they were conducted.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i>The in-licensing of technologies and the successful testing
and early development of technologies in the laboratory may not be indicative of future results and may not result in commercially viable
technologies or products. Further, our future products may have to be modified from their originally conceived versions in order to reach
or be successful in the market.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Positive results from laboratory testing and early developmental
successes, may not be predictive of future successful development, commercialization and sales results and should not be relied upon as
evidence that products developed from our technologies will become commercially viable and successful. Further, the products we plan to
develop in the future may have to be significantly modified from their originally conceived versions in order for us to control costs,
compete with similar products, receive market acceptance, meet specific development and commercialization timeframes, avoid potential
infringement of the proprietary rights of others, or otherwise succeed in developing our business and earning ongoing revenues. This can
be a costly and resource draining activity. What appear to be promising technologies when we license them may not lead to viable technologies
or products, or to commercial success.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i>Complying with numerous regulations pertaining to our business
is an expensive and time-consuming process, and any failure to comply could result in substantial penalties.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the Clinical Laboratory Improvement Amendment
of 1988, or CLIA, which is a federal law regulating clinical laboratories that perform testing on specimens derived from humans for the
purpose of providing information for the diagnosis, prevention or treatment of disease. Our clinical laboratory is located in Richmond,
Virginia and must be certified under CLIA in order for us to perform testing on human specimens. CLIA is intended to ensure the quality
and reliability of clinical laboratories in the United States by mandating specific standards in the areas of personnel qualifications,
administration, and participation in proficiency testing, patient test management, quality control, quality assurance and inspections.
We currently hold a CLIA certificate to perform high-complexity testing. Laboratories performing high complexity testing are required
to meet more stringent requirements than laboratories performing less complex tests. CLIA regulations require clinical laboratories like
ours to comply with various operational, personnel, facilities administration, quality, and proficiency testing requirements intended
to ensure that testing services are accurate, reliable and timely. CLIA certification is a prerequisite for reimbursement eligibility
for services provided to state and federal health care program beneficiaries. CLIA is user-fee funded. Therefore, all costs of administering
the program must be covered by the regulated facilities, including certification and survey costs. To renew this certificate, we are subject
to survey and inspection every two years. Moreover, CLIA inspectors may make periodic inspections of our clinical laboratory outside of
the renewal process. The failure to comply with CLIA requirements can result in enforcement actions, including the revocation, suspension,
or limitation of our CLIA certificate of compliance, as well as a directed plan of correction, state on-site monitoring, civil money penalties,
civil injunctive suit and/or criminal penalties. We must maintain CLIA compliance and certification to be eligible to bill for assays
provided to Medicare beneficiaries. If we were to be found out of compliance with CLIA program requirements and subjected to sanctions,
our business and reputation could be harmed. Even if it were possible for us to bring our laboratory back into compliance, we could incur
significant expenses and potentially lose revenue in doing so.&#160;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, certain states require laboratory licenses in order
to test specimens from patients in those states or received from ordering physicians in those states. We may also be subject to regulation
in foreign jurisdictions if we seek to expand international distribution of our assays outside the United States.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we were to lose our CLIA certification or state laboratory
licenses, whether as a result of a revocation, suspension or limitation, we would no longer be able to offer our assays (including our
AditxtScore&#8482; platform), which would limit our revenues and harm our business. If we were to lose, or fail to obtain, a license in
any other state where we are required to hold a license, we would not be able to test specimens from those states.&#160;</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Risks Related to the Company and our Business</b></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i>Our technology is subject to licenses from LLU and Stanford,
each of which are revocable in certain circumstances, including in the event we do not achieve certain payments and milestone deadlines.
Without these licenses, we may not be able to continue to develop our product candidates.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The LLU License Agreement may be terminated by LLU in the event
of a breach by us of any non-payment provision (including the provision that requires us to meet certain deadlines for milestone events
(each, a &#8220;Milestone Deadline&#8221;)) not cured within 90 days after delivery of written notice by LLU. Additional Milestone Deadlines
include: (i) the requirement to have regulatory approval of an IND application to initiate first-in-human clinical trials on or before
March 31, 2022, (ii) the completion of first-in-human (phase I/II) clinical trials by March 31, 2024, (iii) the completion of Phase III
clinical trials by March 31, 2026 and (iv) biologic licensing approval (BLA) by the FDA by March 31, 2027. If the LLU License Agreement
were to be terminated by LLU, we would lose our most significant asset and may no longer be able to develop our product candidates, which
would have a material adverse effect on our operations.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The February 2020 License Agreement with Stanford may be terminated
by Stanford if we (i) are delinquent on any report or payments; (ii) are not diligently developing and commercializing Licensed Product
(as defined in the February 2020 License Agreement); (iii) miss a milestone described in the agreement; (iv) are in breach of any other
provision of the agreement; or (v) if we provide a false report to Stanford. The Termination discussed above will take effect only upon
30 days written notice by Stanford unless we remedy the breach within a 30-day cure period. If the February 2020 License Agreement were
to be terminated by Stanford, we would lose a significant asset and may no longer be able to develop our product candidates, which would
have a material adverse effect on our operations.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i>Our results of operations will be affected by the level
of royalty and milestone payments that we are required to pay to third parties.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The LLU License Agreement and February 2020 License Agreement
with Stanford each require us to remit royalty payments and meet certain performance milestones related to in-licensed intellectual property.
Any failure on our part to pay royalties owed or meet milestones could lead to us losing rights under our licenses and could thereby adversely
affect our business. As our product sales increase, we may, from time-to-time, disagree with our third-party collaborators as to the appropriate
royalties owed and the resolution of such disputes may be costly and may consume management&#8217;s time. Furthermore, we may enter into
additional license agreements in the future, which may also include royalty payments.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The development and commercialization of drugs is highly competitive.
We compete with a variety of multinational pharmaceutical companies and specialized biotechnology companies, as well as products and processes
being developed at universities and other research institutions. Our competitors have developed, are developing or will develop product
candidates and processes competitive with our product candidates. Competitive therapeutic treatments include those that have already been
approved and accepted by the medical community and any new treatments that may enter the market. We believe that a significant number
of products are currently available, under development, and may become commercially available in the future, for the treatment of indications
for which we may try to develop product candidates.&#160;</p><div>

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

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

</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">More established companies may have a competitive advantage over
us due to their greater size, cash flows and institutional experience. Compared to us, many of our competitors may have significantly
greater financial, technical and human resources. As a result of these factors, our competitors may have an advantage in marketing their
approved products and may obtain regulatory approval of their product candidates before we are able to, which may limit our ability to
develop or commercialize our product candidates. Our competitors may also develop drugs that are safer, more effective, more widely used
and less expensive than ours, and may also be more successful than us in manufacturing and marketing their products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mergers and acquisitions in the pharmaceutical and biotechnology
industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller and other early-stage
companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies.
These companies compete with us in recruiting and retaining qualified scientific, management and commercial personnel, establishing clinical
trial sites and subject registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our
programs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Our technologies and products under development, and our
business, may fail if we are not able to successfully commercialize them and ultimately generate significant revenues as a result.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Successful development of technologies and our product candidates
will require significant additional investment, including costs associated with additional development, completing trials and obtaining
regulatory approval, as well as the ability to manufacture or have others manufacture our products in sufficient quantities at acceptable
costs while also preserving product quality. Difficulties often encountered in scaling up production include problems involving production
yields, quality control and assurance, shortage of qualified personnel, production costs and process controls. In addition, we are subject
to inherent risks associated with new technologies and products. These risks include the possibility that any of our technologies or future
products may:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">
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</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">fail to be developed and accepted by the market prior to the
successful marketing of alternative products by competitors;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">be difficult to market because of infringement on the proprietary
rights of third parties; or</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">be too expensive for commercial use.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin: 0pt 0">Furthermore, we may be faced with lengthy market partner or distributor
evaluation and approval processes. Consequently, we may incur substantial expenses and devote significant management effort in order to
customize products for market partner or distributor acceptance, though there can be no assurance of such acceptance. As a result, we
cannot accurately predict the volume or timing of any future sales.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Customers may not adopt our products quickly, or at all.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Customers in the sector in which we operate can be generally
cautious in their adoption of new products and technologies. In addition, given the relative novelty of our future planned products (including
our AditxtScore&#8482; platform), customers of those products may require education regarding their utility and use, which may delay their
adoption. There can be no assurance that customers will adopt our products quickly, or at all.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The significant level of competition in the markets for
our products developed in the future may result in pricing pressure, reduced margins or the inability of our future products to achieve
market acceptance.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The markets for our future products are intensely competitive
and rapidly changing. We may be unable to compete successfully, which may result in price reductions, reduced margins and the inability
to achieve market acceptance for our products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Our competitors may have longer operating histories, significantly
greater resources, greater brand recognition and large customer bases than we do. As a result, they may be able to devote greater resources
to the manufacture, promotion or sale of their products, receive greater resources and support from market partners and independent distributors,
initiate or withstand substantial price competition or more readily take advantage of acquisition or other opportunities.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We rely on third parties for the distribution of our current
and future products, including our AditxtScore&#8482; platform.&#160;If these parties do not distribute our products in a satisfactory
or timely manner, in sufficient quantities or at an acceptable cost, our sales and development efforts could be delayed or otherwise negatively
affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We rely on third parties for the distribution of our current
and future products, including our AditxtScore&#8482; platform. Our reliance on third parties to distribute products may present significant
risks to us, including the risk that should any of these third parties fail to adequately distribute our products and services to end
consumers and other market participants, our business may be materially harmed. Additionally, if we need to enter into agreements for
the distribution of our future products with other third parties, there can be no assurance we will be able to do so on favorable terms,
if at all.</p><div>

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

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

</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may rely on third parties for the production of our
future products.&#160;If these parties do not produce our products at a satisfactory quality, in a timely manner, in sufficient quantities
or at an acceptable cost, our sales and development efforts could be delayed or otherwise negatively affected.</i></b></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We may rely on third parties for the manufacture of our future
products. Our reliance on third parties to manufacture our future products may present significant risks to us, including the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">reduced control over delivery schedules, yields and product
reliability;</td>
</tr></table><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing
deviations from internal and regulatory specifications;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
failure of a key manufacturer to perform as we require for technical, market or other reasons;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
in establishing additional manufacturer relationships if we are presented with the need to transfer our manufacturing process technologies
to them;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">misappropriation
of our intellectual property; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
risks in potentially meeting our product development schedule or satisfying the requirements of our market partners, distributors, direct
customers and end users.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If we need to enter into agreements for the manufacturing of our future
products, there can be no assurance we will be able to do so on favorable terms, if at all.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we are unable to establish successful relations with
third-party market partners or distributors, or these market partners or distributors do not focus adequate resources on selling our products
or are otherwise unsuccessful in selling them, sales of our products may not develop.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We anticipate relying on independent market partners and distributors
to distribute and assist us with the marketing and sale of our products. Our future revenue generation and growth will depend in large
part on our success in establishing and maintaining this sales and distribution channel. If our market partners and distributors are unable
to sell our products, or receive negative feedback from end users, they may not continue to purchase or market our products. In addition,
there can be no assurance that our market partners and distributors will focus adequate resources on selling our products to end users
or will be successful in selling them. Many of our potential market partners and distributors are in the business of distributing and
sometimes manufacturing other, possibly competing, products.&#160;As a result, these market partners and distributors may perceive our
products as a threat to various product lines currently being distributed or manufactured by them. In addition, these market partners
and distributors may earn higher margins by selling competing products or combinations of competing products. If we are unable to establish
successful relationships with independent market partners and distributors, we will need to further develop our own sales and distribution
capabilities, which would be expensive and time-consuming and might not be successful.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we are not able to attract and retain highly skilled
employees and contractors, we may not be able to implement our business model successfully.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We will rely upon employees and third-party consultant/contractors
to effectively establish, manage and grow our business. Consequently, we believe that our future viability will depend largely on our
ability to attract and retain highly skilled personnel.&#160;In order to do so, we may need to pay higher compensation, fees, and/or other
incentives to our employees or consultants than we currently expect, and such higher compensation payments would have a negative effect
on our operating results. Competition for experienced, high-quality employees, consultants and contractors is intense and we cannot assure
that we will be able to recruit and retain such personnel. We may not be able to hire or retain the necessary personnel to implement our
business strategy. Our failure to hire and retain such personnel could impair our ability to develop new products and manage our business
effectively.</p><div>

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

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

</div><!-- Field: Page; Sequence: 19; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The loss of our management team or other key personnel
would have an adverse impact on our future development and impair our ability to succeed.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In the early stages of development, our business will be significantly
dependent on the Company&#8217;s management team and other key personnel. Our success will be particularly dependent upon Mr. Amro Albanna
and Dr. Shahrokh Shabahang. The loss of any one of these individuals or any other future key personnel could have a material adverse effect
on the Company and our ability to further execute our intended business.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The use of our products may be limited by regulations, and we
may be exposed to product liability and remediation claims.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The use of our planned products may be regulated by various local,
state, federal and foreign regulators.&#160;Even if we are able to comply with all such regulations and obtain all necessary registrations,
we cannot provide assurance that our future products will not cause injury to the environment, people, or animals and/or otherwise have
unintended adverse consequences, under all circumstances. For example, our products may be improperly combined with other chemicals or,
even when properly combined, our products may be blamed for damage caused by those other chemicals. The costs of remediation or products
liability could materially adversely affect our results, financial condition and operations.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be held liable for, or incur costs to settle, liability
and remediation claims if any products we develop, or any products that use or incorporate any of our technologies, cause injury or are
found unsuitable during product testing, manufacturing, marketing, sale or use. These risks exist even with respect to products that have
received, or may in the future receive, regulatory approval, registration or clearance for commercial use. We cannot guarantee that we
will be able to avoid product liability exposure.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">At the stage customary to do so, we expect to maintain product
liability insurance at levels we believe are sufficient and consistent with industry standards for like companies and products. However,
we cannot guarantee that our product liability insurance will be sufficient to help us avoid product liability-related losses. In the
future, it is possible that meaningful insurance coverage may not be available on commercially reasonable terms or at all. In addition,
a product liability claim could result in liability to us greater than our assets or insurance coverage. Moreover, even if we have adequate
insurance coverage, product liability claims or recalls could result in negative publicity or force us to devote significant time and
attention to these matters, which could harm our business.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>There may be limitations on the effectiveness of our internal
controls, and a failure of our control systems to prevent error or fraud may materially harm our Company.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We do not expect that internal control over financial accounting and
disclosure, even if timely and well established, will prevent all error and all fraud. A control system, no matter how well designed and
operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s objectives will be met. Further, the design
of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative
to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that
all control issues and instances of fraud, if any, have been detected. Failure of our control systems to prevent error or fraud could
materially adversely affect our business.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>COVID-19 may impact our operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On January 30, 2020, the World Health Organization declared the COVID-19
coronavirus outbreak a &#8220;Public Health Emergency of International Concern&#8221; and on March 10, 2020, declared it to be a pandemic.
Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain
areas, and forced closures for certain types of public places and businesses. The COVID-19 coronavirus and actions taken to mitigate it
have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the
geographical area in which the Company operates. While it is unknown how long these conditions will last and what the complete financial
effect will be to the Company, capital raise efforts and additional development of our technologies may be negatively affected.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Intellectual Property Rights</b></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The failure to obtain or maintain patents, licensing agreements
and other intellectual property could materially impact our ability to compete effectively.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In order for our business to be viable and to compete effectively,
we need to develop and maintain, and we will heavily rely on, a proprietary position with respect to our technologies and intellectual
property. However, there are significant risks associated with our actual or proposed intellectual property. The risks and uncertainties
that we face with respect to our rights principally include the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pending
patent applications we have filed or will file may not result in issued patents or may take longer than we expect to result in issued
patents;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
may be subject to interference proceedings;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
may be subject to reexamination proceedings;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
may be subject to post grant review proceedings;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
may be subject to&#160;<i>inter partes&#160;</i>review proceedings;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
may be subject to derivation proceedings;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
may be subject to opposition proceedings in the U.S. or in foreign countries;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
patents that are issued to us may not provide meaningful protection;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
may not be able to develop additional proprietary technologies that are patentable;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
companies may challenge patents licensed or issued to us;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
companies may have independently developed and patented (or may in the future independently develop and patent) similar or alternative
technologies, or duplicate our technologies;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
companies may design around technologies we have licensed or developed;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enforcement
of patents is complex, uncertain and very expensive and we may not be able to secure,&#160;enforce and defend our patents; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the event that we were to ever seek to enforce our patents in ligation, there is some risk that they could be deemed invalid, not infringed,
or unenforceable.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We cannot be certain that any patents will be issued as a result of
any pending or future applications, or that any patents, once issued, will provide us with adequate protection from competing products.
For example, issued patents may be circumvented or challenged, declared invalid or unenforceable, or narrowed in scope. In addition, since
publication of discoveries in scientific or patent literature often lags behind actual discoveries, we cannot be certain that we or our
licensors were the first to invent or to file patent applications covering them.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;It is also possible that others may have or may obtain issued
patents that could prevent us from commercializing our products or require us to obtain licenses requiring the payment of significant
fees or royalties in order to enable us to conduct our business. There is no guarantee that such licenses will be available based on commercially
reasonable terms. As to those patents that we have licensed, our rights depend on maintaining our obligations to the licensor under the
applicable license agreement, and we may be unable to do so.</p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we are unable to obtain and maintain patent protection
for our products, or if the scope of the patent protection obtained is not sufficiently broad, competitors could develop and commercialize
products similar or identical to ours, and our ability to successfully commercialize our products could be impaired.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The patent prosecution process is expensive and time-consuming,
and we may not be able to file and prosecute all necessary or desirable patent applications at a reasonable cost, in a timely manner,
or in all jurisdictions. It is also possible that we will fail to identify patentable aspects of our development output before it is too
late to obtain patent protection.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The patent position of life science companies generally is highly
uncertain, involves complex legal and factual questions and has in past years been the subject of much litigation. In addition, the laws
of foreign countries may not protect our rights to the same extent as the laws of the United States and we may fail to seek or obtain
patent protection in all major markets. For example, unlike the U.S., European patent law restricts the patentability of methods of treatment
of the human body. Our pending and future patent applications may not result in patents being issued which protect our technology or products,
in whole or in part, or which effectively prevent others from commercializing competitive technologies and products. Changes in either
the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value of our patents or
narrow the scope of our patent protection, even post-grant.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Recent patent reform legislation has increased the uncertainties
and costs surrounding the prosecution of patent applications and the enforcement or defense of issued patents. On September 16, 2011,
the Leahy-Smith America Invents Act, or the Leahy-Smith Act, was signed into law. The Leahy-Smith Act includes a number of significant
changes to United States patent law. These include provisions that affect the way patent applications are prosecuted and may also affect
patent litigation. The U.S. Patent and Trademark Office, or USPTO, recently developed new regulations and procedures to govern administration
of the Leahy-Smith Act, and many of the substantive changes to patent law associated with the Leahy-Smith Act, and in particular, the
first to file provisions, only became effective on March 16, 2013. Accordingly, it is not clear what, if any, impact the Leahy-Smith Act
will have on the operation of our business. However, the Leahy-Smith Act and its implementation could increase the uncertainties and costs
surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents, all of which could have a
material adverse effect on our business and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Moreover, we may be subject to a third-party pre-issuance submission
of prior art to the USPTO, or become involved in opposition, derivation, reexamination,&#160;<i>inter partes&#160;</i>review, post-grant
review or interference proceedings challenging our patent rights (whether licensed or otherwise held) or the patent rights of others.
An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate, our patent rights
(whether licensed or otherwise held), allow third parties to commercialize our technology or products and compete directly with us, without
payment to us, or result in our inability to manufacture or commercialize products without infringing third-party patent rights. In addition,
if the breadth or strength of protection provided by our patents and patent applications (whether licensed or otherwise held) is threatened,
it could dissuade companies from collaborating with us to license, develop or commercialize current or future product candidates.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Even if our patent applications (whether licensed or otherwise
held) result in the issuance of patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors
from competing with us or otherwise provide us with any competitive advantage. Our competitors may be able to circumvent our owned or
licensed patents by developing similar or alternative technologies or products in a non-infringing manner.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The issuance of a patent is not conclusive as to its inventorship,
scope, validity or enforceability, and our licensed or owned patents may be challenged in the courts or patent offices in the United States
and abroad. Such challenges may result in loss of exclusivity or freedom to operate or in patent claims being narrowed, invalidated or
held unenforceable, in whole or in part, which could limit our ability to stop others from using or commercializing similar or identical
products, or limit the duration of the patent protection of our products. Given the amount of time required for the development, testing
and regulatory review of new life science product candidates, patents protecting such candidates might expire before or shortly after
such candidates are commercialized. As a result, our intellectual property rights portfolio may not provide us with sufficient rights
to exclude others from commercializing products similar or identical to ours.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may become involved in lawsuits to protect or enforce
our intellectual property rights, which could be expensive, time-consuming and ultimately unsuccessful.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Competitors may infringe our intellectual property. To counter
infringement or unauthorized use, we may be required to file infringement claims, which can be expensive and time-consuming. Any claims
we assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their
intellectual property or that our intellectual property is invalid or unenforceable. In addition, in a patent infringement proceeding,
a court may decide that a licensed or owned patent of ours is invalid or unenforceable, in whole or in part, construe the patent&#8217;s
claims narrowly or refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover that
technology. Moreover, lawsuits to protect or enforce our intellectual property rights could be expensive, time-consuming and ultimately
unsuccessful.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Third parties may initiate legal proceedings alleging that
we are infringing their intellectual property rights, the outcome of which would be uncertain.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Our commercial success depends upon our ability to develop, manufacture,
market and sell our product candidates without infringing the proprietary rights of third parties. There is considerable intellectual
property litigation in the life sciences industry. We cannot guarantee that our product candidates will not infringe third-party patents
or other proprietary rights. We may become party to, or threatened with, future adversarial proceedings or litigation regarding intellectual
property rights with respect to our products and technology, including&#160;<i>inter partes&#160;</i>review, interference, or derivation
proceedings before the USPTO and similar bodies in other countries. Third parties may assert infringement claims against us based on existing
intellectual property rights and intellectual property rights that may be granted in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If we are found to infringe a third party&#8217;s intellectual
property rights, we could be required to obtain a license from such third party to continue developing and marketing our products. However,
we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we were able to obtain a license,
it could be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. We could be forced, including
by court order, to cease commercializing the infringing technology or product. In addition, we could be found liable for monetary damages,
including treble damages and attorneys&#8217; fees if we are found to have willfully infringed a patent. A finding of infringement could
prevent us from commercializing our product candidates or force us to cease some of our business operations, which could materially harm
our business. Claims that we have misappropriated the confidential information or trade secrets of third parties could have a similar
negative impact on our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Obtaining and maintaining our patent protection depends on compliance
with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our own
patent protection could be reduced or eliminated for noncompliance with these requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Periodic maintenance fees and annuities on any issued patent
are due to be paid to the USPTO and foreign patent agencies in several stages over the lifetime of the patent. The USPTO and various foreign
governmental patent agencies require compliance with a number of procedural, documentary, fee payment and other similar provisions during
the patent application process. While an inadvertent lapse can in many cases be cured by payment of a late fee or by other means in accordance
with the applicable rules, there are situations in which noncompliance can result in abandonment or lapse of the patent or patent application,
resulting in partial or complete loss of patent rights in the relevant jurisdiction. Noncompliance events that could result in abandonment
or lapse of a patent or patent application include, but are not limited to, failure to respond to official actions within prescribed time
limits, non-payment of fees and failure to properly legalize and submit formal documents. In such an event, our competitors might be able
to enter our markets, which could have a material adverse effect on our business.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be subject to claims by third parties asserting
that our employees or we have misappropriated their intellectual property or claiming ownership of what we regard as our own intellectual
property.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Certain employees and contractors were previously employed at universities
or other companies, including potential competitors. Although we try to ensure that our employees and contractors do not use the proprietary
information or know-how of others in their work for us, we may be subject to claims that these employees or we have used or disclosed
intellectual property, including trade secrets or other proprietary information, of any such employee&#8217;s former employer. Litigation
may be necessary to defend against these claims, and any such litigation could have an unfavorable outcome.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In addition, while it is our policy to require our employees and contractors
who may be involved in the development of intellectual property to execute agreements assigning such intellectual property to us, we may
be unsuccessful in executing such an agreement with each party who in fact develops intellectual property that we regard as our own. Our
and their assignment agreements may not be self-executing or may be breached, and we may be forced to bring claims against third parties,
or defend claims they may bring against us, to determine the ownership of what we regard as our intellectual property.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If we fail in prosecuting or defending any such claims, in addition
to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in prosecuting or
defending against such claims, litigation could result in substantial costs and adverse results, and be a distraction to management.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Some intellectual property which we own or have licensed
may have been discovered through government funded programs such as, for example, the government funded programs referenced in intellectual
property licensed under the LLU License Agreement, and thus may be subject to federal regulations such as &#8220;march-in&#8221; rights,
certain reporting requirements, and a preference for United States industry. Compliance with such regulations may limit our exclusive
rights, subject us to expenditure of resources with respect to reporting requirements, and limit our ability to contract with non-U.S.
manufacturers.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Some of the intellectual property rights we own or have licensed
have been generated through the use of United States government funding and may therefore be subject to certain federal regulations. As
a result, the United States government may have certain rights to intellectual property embodied in our current or future products and
product candidates pursuant to the Bayh-Dole Act of 1980. These United States government rights in certain inventions developed under
a government-funded program include a non-exclusive, non-transferable, irrevocable worldwide license to use inventions for any governmental
purpose. In addition, the United States government has the right to require us to grant exclusive, partially exclusive, or non-exclusive
licenses to any of these inventions to a third party if it determines that: (i)&#160;adequate steps have not been taken to commercialize
the invention; (ii)&#160;government action is necessary to meet public health or safety needs; or (iii)&#160;government action is necessary
to meet requirements for public use under federal regulations (also referred to as &#8220;march-in rights&#8221;). The United States government
also has the right to take title to these inventions if we fail to disclose the invention to the government and fail to file an application
to register the intellectual property within specified time limits. In addition, the United States government may acquire title to these
inventions in any country in which a patent application is not filed within specified time limits. Intellectual property generated under
a government funded program is also subject to certain reporting requirements, compliance with which may require us to expend substantial
resources. In addition, the United States government requires that any products embodying the subject invention or produced through the
use of the subject invention be manufactured substantially in the United States. The manufacturing preference requirement can be waived
if the owner of the intellectual property can show that reasonable but unsuccessful efforts have been made to grant licenses on similar
terms to potential licensees that would be likely to manufacture substantially in the United States or that under the circumstances domestic
manufacture is not commercially feasible. This preference for United States manufacturers may limit our ability to contract with non-U.S.
product manufacturers for products covered by such intellectual property. Any exercise by the government of any of the foregoing rights
could harm our competitive position, business, financial condition, results of operations and prospects.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Intellectual property litigation could cause us to spend
substantial resources and distract our personnel from their normal responsibilities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Even if resolved in our favor, litigation or other legal proceedings
relating to intellectual property claims may cause us to incur significant expenses and could distract our technical and management personnel
from their normal responsibilities. In addition, there could be public announcements of the results of hearings, motions or other interim
proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have an adverse effect
on the price of our common stock. Such litigation or proceedings could increase our operating losses and reduce the resources available
for development activities or any future sales, marketing or distribution activities. We may not have sufficient financial or other resources
to conduct such litigation or proceedings adequately. Some of our competitors may be able to sustain the costs of such litigation or proceedings
more effectively than we can because of their greater financial resources. Uncertainties resulting from the initiation and continuation
of patent litigation or other proceedings could compromise our ability to compete in the marketplace.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may spend considerable resources developing and maintaining
patents, licensing agreements and other intellectual property that may later be abandoned or may otherwise never result in products brought
to market.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Not all technologies and candidate products that initially show
potential as the basis for future products ultimately meet the rigors of our development process and as a result may be abandoned and/or
never otherwise result in products brought to market.&#160;In some cases, prior to abandonment we may be required to incur significant
costs developing and maintaining intellectual property and/or maintaining license agreements and our business could be harmed by such
costs.</p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We rely on information technology, and if we are unable
to protect against service interruptions, data corruption, cyber-based attacks or network security breaches, our operations could be disrupted,
and our business could be negatively affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We rely on information technology networks and systems to process,
transmit and store electronic and financial information; to coordinate our business; and to communicate within our Company and with customers,
suppliers, partners and other third-parties. These information technology systems may be susceptible to damage, disruptions or shutdowns,
hardware or software failures, power outages, computer viruses, cyber-attacks, telecommunication failures, user errors or catastrophic
events. If our information technology systems suffer severe damage, disruption or shutdown, and our business continuity plans do not effectively
resolve the issues in a timely manner, our operations could be disrupted, and our business could be negatively affected. In addition,
cyber-attacks could lead to potential unauthorized access and disclosure of confidential information, and data loss and corruption. There
is no assurance that we will not experience these service interruptions or cyber-attacks in the future.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Common Stock</b></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We received a written notice from Nasdaq that we have failed
to comply with certain listing requirements of the Nasdaq Stock Market, which could result in our Common Stock being delisted from the
Nasdaq Stock Market.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On January 18, 2022, we received a notification from Nasdaq related
to our failure to maintain a minimum bid price of $1 per share. Based upon the closing bid price for the last 30 consecutive business
days, we no longer meet this requirement. However, the Nasdaq Listing Rules also provide us a compliance period of 180 calendar days in
which to regain compliance. Accordingly, if at any time from the date of this notice until July 18, 2022, the closing bid price our common
stock is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide us with written confirmation of compliance and
the matter will be closed. If we do not regain compliance with the minimum bid price requirement by July 18, 2022, we may be afforded
a second 180 calendar day period to regain compliance. To qualify, we would be required to meet all other initial listing standards, except
for the minimum bid price requirement. In addition, we would be required to notify Nasdaq of our intent to cure the deficiency during
the second compliance period. If we do not regain compliance with the minimum bid price requirement by the end of the compliance period
(or the second compliance period, if applicable), our common stock will become subject to delisting. If we are delisted from Nasdaq, our
common stock may be eligible for trading on an over-the-counter market. If we are not able to obtain a listing on another stock exchange
or quotation service for our common stock, it may be extremely difficult or impossible for stockholders to sell their shares. We intend
to monitor the closing bid price of our common stock and may be required to seek approval from our stockholders to affect a reverse stock
split of the issued and outstanding shares of our common stock. However, there can be no assurance that the reverse stock split would
be approved by our stockholders. Further, there can be no assurance that the market price per new share of our common stock after the
reverse stock split will remain unchanged or increase in proportion to the reduction in the number of old shares of our common stock outstanding
before the reverse stock split. Even if the reverse stock split is approved by our stockholders, there can be no assurance that we will
be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing rules.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If we are delisted from Nasdaq, but obtain a substitute listing
for our common stock, it will likely be on a market with less liquidity, and therefore experience potentially more price volatility than
experienced on Nasdaq. Stockholders may not be able to sell their shares of common stock on any such substitute market in the quantities,
at the times, or at the prices that could potentially be available on a more liquid trading market. As a result of these factors, if our
common stock is delisted from Nasdaq, the value and liquidity of our common stock, warrants and pre-funded warrants would likely be significantly
adversely affected. A delisting of our common stock from Nasdaq could also adversely affect our ability to obtain financing for our operations
and/or result in a loss of confidence by investors, employees and/or business partners.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We do not expect to pay dividends in the foreseeable future.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We do not intend to declare dividends for the foreseeable future,
as we anticipate that we will reinvest any and all future earnings in the development and growth of our business. Therefore, investors
will not receive any funds unless they sell their securities, and holders may be unable to sell their securities on favorable terms or
at all. We cannot assure you of a positive return on your investment or that you will not lose the entire amount of your investment.</p><div>

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

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Future sales or issuances of substantial amounts of our
common stock, including, potentially, as a result of the acquisition transaction with Cellvera Global f/k/a AiPharma Global, could result
in significant dilution.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On December 28, 2021, we entered into a Share Exchange Agreement
with Cellvera Global f/k/a AiPharma Global, pursuant to which we&#160;(i) will acquire 9.5% of the issued and outstanding equity interests
in Cellvera Global in exchange for the issuance of 4,816,193 shares of our common stock of Aditxt and a cash payment of $250,000, at an
initial closing upon the satisfaction or waiver of certain conditions to closing; and (ii) acquire the remaining 90.5% of the issued and
outstanding equity interests in Cellvera Global in exchange for the issuance of 39,927,974 shares of our common stock and a cash payment
of $250,000 at a secondary closing upon the satisfaction or waiver of certain conditions to closing.&#160;Additionally, we may elect to
raise additional capital due to market conditions or strategic considerations. If additional shares are issued in connection with the
proposed acquisition transaction or additional capital is raised through the sale of equity or convertible debt securities, the issuance
of those securities could result in further dilution to our stockholders.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>While we have entered into a Share Exchange Agreement with&#160;Cellvera
Global, we cannot assure you that the transactions contemplated by the Share Exchange Agreement will be consummated or, that if such
transactions are consummated, they will be accretive to stockholder value.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The initial closing under the Share Exchange Agreement was expected
to occur on or before January 31, 2022. The initial closing has not occurred and we can provide no assurance that the conditions to the
initial closing will be satisfied.&#160;Further, even if we are able to complete the initial closing following the satisfaction of such
conditions, there is no guarantee that the conditions to the secondary closing, including but not limited to, the approval of the transaction
by our stockholders, will be completed in the time frame or in the manner currently anticipated, or that we will recognize the anticipated
benefits of the transaction.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>In connection with the contemplated acquisition of Cellvera
Global, we have provided secured loans to Cellvera Global in the aggregate principal amount of $14.5 million, which amounts came due on
January 31, 2022. Although, we have agreed to forbear from exercising our rights and remedies against Cellvera Global while we continue
to work towards an initial closing under the Share Exchange Agreement, if we are unable to complete the transactions contemplated by the
Share Exchange Agreement, we cannot provide any assurance that we will be able to timely collect such amounts from Cellvera Global, if
at all.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In connection with the contemplated acquisition with Cellvera Global,&#160;we
entered into a secured credit agreement dated August 27, 2021 (the &#8220;Credit Agreement&#8221;) with Cellvera Global and certain affiliated
entities (collectively, the &#8220;Borrower&#8221;), pursuant to which we made a secured loan to Cellvera Global in the principal amount
of $6.5&#160;million (the &#8220;Loan&#8221;). The Loan was funded on August 31, 2021, following the closing of the Company&#8217;s August
2021 Offering. The Loan bears interest at a rate of&#160;8% per annum and matured on November 30, 2021. The Loan is secured by certain
accounts receivable and other assets of Cellvera Global and certain of its affiliates. The Credit Agreement also contains certain covenants
that prohibit Cellvera Global from incurring additional indebtedness, incurring liens or making any dispositions of its property.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On October 18, 2021,&#160;the Company entered into the first amendment
to the Credit Agreement with Cellvera Global and certain affiliated entities (the &#8220;Credit Agreement Amendment&#8221;), pursuant
to which the Company agreed to increase the amount which Cellvera Global was permitted to borrow under the Credit Agreement by $8.5 million
to an aggregate of $15.0 million, of which $6.5 million was outstanding prior to entering the Credit Agreement Amendment. The Company
agreed to fund such additional borrowings, as requested by Cellvera Global, by advancing 70% of any amounts received by the Company from
the exercise of existing warrants or any other capital raises, including the October Offering.&#160;As of December 31, 2021 an additional
$8.0&#160;million was advanced under the Credit Agreement for a total of $14.5&#160;million.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Credit Agreement was amended on multiple occasions, for which the
final amendment was signed on December 31, 2021, extending the Loan&#8217;s maturity date to January 31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company determined that Cellvera Global may not have the ability
to repay the note receivable. Accordingly, the Company recognized a full impairment of $14.5&#160;million as of December 31, 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On January 31, 2022, the Company&#8217;s $14.5&#160;million loan to
Cellvera Global became fully due and payable under the Credit Agreement. On February 14, 2022, the Company entered into a Forbearance
Agreement and Seventh Amendment to Credit Agreement (the &#8220;Forbearance Agreement&#8221;) with Cellvera Global.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Pursuant to the Forbearance Agreement, the Company agreed to forbear
from exercising its rights and remedies against Cellvera Global and certain affiliated guarantor parties until the earlier of (i) June
30, 2022 or (ii) the date of occurrence of any event of default under the Forbearance Agreement (the &#8220;Forbearance Period&#8221;).
Given that the parties continue to conduct due diligence in connection with the Share Exchange Agreement the Company and Cellvera Global
also agreed that should the initial closing occur under the Share Exchange Agreement, the existing event of default will be waived. Under
the Forbearance Agreement, the Company and Cellvera Global also agreed to certain amendments to the Credit Agreement, including, but not
limited to: (i) the delivery by the Borrower of certain financial statements and forecasts, and (ii) certain regularly scheduled payments
to be made by Cellvera Global to the Company during the Forbearance Period. As of the date these financial statements were available to
be issued; the regularly scheduled payments under the Forbearance Agreement were not made, and the note receivable remains fully impaired.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On April 4, 2022, the Company and the Cellvera Global entered into
a Forbearance Agreement and Eighth Amendment to the Credit Agreement (the &#8220;April Forbearance Agreement&#8221;) pursuant to which
among other things (i) the Company agreed to extend the forbearance period until the earlier of March 31, 2023 or the date of occurrence
of any event of default under the April Forbearance Agreement, (ii) Cellvera Global shall be permitted to factor certain receivables,
and (iii) certain conforming changes were made relating to the Revenue Sharing Agreement (as defined below). In connection with the Forbearance
Agreement, the Company entered into a series of security agreements with Cellvera Global (the &#8220;Security Agreements&#8221;) and certain
affiliated entities pursuant to which Cellvera Global enhanced the Company&#8217;s security interest in connection with the Credit Agreement.
In addition, and as a condition to entering into the April Forbearance Agreement, the Company required that Cellvera Global enter into
a Revenue Sharing Agreement (the &#8220;Revenue Sharing Agreement&#8221;), pursuant to which, among other things, Cellvera Global agreed
to pay the Company a certain portion of its revenues up to the aggregate amount of $30 million.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Concurrently with the execution of the April Forbearance Agreement
and the Revenue Sharing Agreement, the Company and AiPharma Group, Ltd. entered into an Amendment to the Share Exchange Agreement (the
&#8220;Share Exchange Amendment&#8221;) which amended the Share Exchange Agreement to, among other things: (i) modify the financial statements
required to be delivered by AiPharma Group, Ltd. at the initial closing to include the unaudited financial statements for the three months
ended March 31, 2022 and 2021, (ii) permit the Company to amend its Certificate of Incorporation without the consent of AiPharma Group,
Ltd. in order to effect a reverse stock split of the Company&#8217;s common stock, if necessary, in order to maintain its listing on the
Nasdaq Capital Market, and (iii) make certain other conforming changes related to the March Forbearance Agreement and Revenue Sharing
Agreement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Global was deemed impaired and written down to zero at December 31,
2021.</p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may engage in future acquisitions or strategic transactions,
including the transaction with Cellvera Global, which may require us to seek additional financing or financial commitments, increase
our expenses and/or present significant distractions to our management.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As described herein, we entered into a Share Exchange Agreement
with Cellvera Global in December 2021. We also entered into a non-binding letter of intent to acquire a point-of care diagnostic technology
development company in December 2021. We may need to acquire additional financing to fund our obligations under the Share Exchange Agreement,
the letter of intent or to fund other potential acquisitions or strategic transactions (particularly, if the acquired entity is not cash
flow positive or does not have significant cash on hand). Obtaining financing through the issuance or sale of additional equity and/or
debt securities, if possible, may not be at favorable terms and may result in additional dilution to our current stockholders. Additionally,
any such transaction may require us to incur non-recurring or other charges, may increase our near and long-term expenditures and may
pose significant integration challenges or disrupt our management or business, which could adversely affect our operations and financial
results. For example, an acquisition or strategic transaction may entail numerous operational and financial risks, including the risks
outlined above and additionally:</p><div>

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

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  <tr style="vertical-align: top">
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    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruption of our business and diversion of our management&#8217;s time and attention in order to develop acquired products or technologies;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased amortization expenses;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty and cost in combining the operations and personnel of any acquired businesses with our operations and personnel;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impairment of relationships with key suppliers or customers of any acquired businesses due to changes in management and ownership; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Accordingly, although there can be no assurance that we will undertake
or successfully complete any transactions of the nature described above, and any transactions that we do complete could have a material
adverse effect on our business, results of operations, financial condition and prospects.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Upon dissolution of our Company, you may not recoup all
or any portion of your investment.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In the event of a liquidation, dissolution or winding-up of our
Company, whether voluntary or involuntary, our assets would be used to pay all of our debts and liabilities, and only thereafter would
any remaining assets be distributed to our stockholders, subject to rights of the holders of the Preferred Stock, if any, on a&#160;<i>pro
rata&#160;</i>basis. There can be no assurance that we will have assets available from which to pay any amounts to our stockholders upon
such a liquidation, dissolution or winding-up. In such an event, you would lose all of your investment.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Limitation of Liability and Indemnification of Management.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Delaware General Corporation Law and the Company&#8217;s
Amended and Restated Certificate of Incorporation provide for the limitation of the liability of directors for monetary damages. Such
provisions may discourage shareholders from bringing a lawsuit against directors for breaches of fiduciary duty and may also have the
effect of reducing the likelihood of derivative litigation against directors and officers even though such action, if successful, might
otherwise be a benefit to the Company&#8217;s shareholders.&#160;In addition, a shareholder&#8217;s investment in the Company may be adversely
affected to the extent that costs of settlement and damage awards against the Company&#8217;s officers or directors are paid by the Company
pursuant to such provisions. Additionally, in accordance with Delaware law and the Company&#8217;s Amended and Restated Certificate of
Incorporation, the Company shall indemnify, hold harmless and provide advancement of expenses, to the fullest extent permitted by applicable
law, directors, officers, employees, and agents that are made a party or threatened to be made a party to legal proceedings by reason
of the fact that such parties were working at the request of the Company.&#160;We direct you to the Company&#8217;s Amended and Restated
Certificate of Incorporation for more information.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Anti-takeover provisions under Delaware law could discourage,
delay or prevent a change in control of our Company and could affect the trading price of our securities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We are a Delaware corporation and the anti-takeover provisions
of the Delaware General Corporation Law may discourage, delay or prevent a change in control by prohibiting us from engaging in a business
combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change
in control would be beneficial to our existing stockholders.</p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our management team is required to devote substantial time to
public company compliance initiatives.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As a publicly reporting company, we incur significant legal,
accounting and other expenses. Our management and other personnel devote a substantial amount of time to comply with our reporting obligations.
Moreover, these reporting obligations increase our legal and financial compliance costs and make some activities more time-consuming and
costly.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure to develop our internal controls over financial
reporting as we grow could have an adverse impact on us.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As our Company matures, we will need to develop our current internal
control systems and procedures to manage our growth. We are required to establish and maintain appropriate internal controls over financial
reporting. Failure to establish appropriate controls, or any failure of those controls once established, could adversely impact our public
disclosures regarding our business, financial condition or results of operations. In addition, management&#8217;s assessment of internal
controls over financial reporting may identify weaknesses and conditions that need to be addressed in our internal controls over financial
reporting or other matters that may raise concerns for investors. Any actual or perceived weaknesses and conditions that need to be addressed
in our internal control over financial reporting, disclosure of management&#8217;s assessment of our internal controls over financial
reporting or disclosure of our public accounting firm&#8217;s attestation to or report on management&#8217;s assessment of our internal
controls over financial reporting may have an adverse impact on the price of our common stock.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We could issue &#8220;blank check&#8221;&#160;preferred
stock&#160;without stockholder approval with the effect of diluting interests of then-current stockholders and impairing their voting
rights, and provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Our Amended and Restated Certificate of Incorporation provides
for the authorization to issue up to 3,000,000 shares of &#8220;blank check&#8221;&#160;preferred stock&#160;with designations, rights
and preferences as may be determined from time to time by our board of directors. Our board of directors is empowered, without stockholder
approval, to issue one or more series of preferred stock with dividend, liquidation, conversion, voting or other rights which could dilute
the interest of, or impair the voting power of, our common stockholders. The issuance of a series of preferred stock could be used as
a method of discouraging, delaying or preventing a change in control. For example, it would be possible for our board of directors to
issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of our
company. In addition, advanced notice is required prior to stockholder proposals, which might further delay a change of control.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our Amended and Restated Certificate of Incorporation provides
that the Court of Chancery of the State of Delaware will be the sole and exclusive forum&#160;for substantially all disputes between the
Company and its stockholders, which could limit stockholders&#8217; ability to obtain a favorable judicial forum for disputes with the
Company or its directors, officers or employees.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Our Amended and Restated Certificate of Incorporation provides
that unless the Company consents in writing to the selection of an alternative forum, the State of Delaware is the&#160;sole and exclusive
forum for: (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a
fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company&#8217;s stockholders, (iii)
any action asserting a claim against the Company, its directors, officers or employees arising pursuant to any provision of the&#160;Delaware
General Corporation Law&#160;(the &#8220;DGCL&#8221;) or our Amended and Restated Certificate of Incorporation or the Company&#8217;s
Amended and Restated Bylaws, or (iv) any action asserting a claim against the Company, its directors, officers, employees or agents governed
by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines
that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent
to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested in the exclusive
jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction.
This exclusive forum provision would not apply to suits brought to enforce any liability or duty created by the Securities Act or the
Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. To the extent that any such claims may be based
upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty
or liability created by the Exchange Act or the rules and regulations thereunder.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Section 22 of the Securities Act creates concurrent jurisdiction
for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder. However, our Amended and Restated Bylaws contain a federal forum provision which provides that unless the Company consents
in writing to the selection of an alternative forum, the federal district courts of the United States of America will be the exclusive
forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Any person or entity purchasing
or otherwise acquiring any interest in shares of capital stock of the Corporation are deemed to have notice of and consented to this provision.
The Supreme Court of Delaware has held that this type of exclusive federal forum provision is enforceable. There may be uncertainty, however,
as to whether courts of other jurisdictions would enforce such a provision, if applicable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">These choice of forum provisions may limit a stockholder&#8217;s
ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or its directors, officers or other
employees, which may discourage such lawsuits against us and our directors, officers and other employees. Alternatively, if a court were
to find our choice of forum provisions contained in either our Amended and Restated Certificate of Incorporation or Amended and Restated
Bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other
jurisdictions, which could harm our business, results of operations, and financial condition.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are an &#8220;emerging growth company&#8221; and will
be able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies, which could make our common stock
less attractive to investors.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We are an &#8220;emerging growth company,&#8221; as defined in
the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and we intend to take advantage of certain exemptions from
various reporting requirements that are applicable to other public companies that are not &#8220;emerging growth companies&#8221; including
not being required to comply with the auditor attestation requirements of Section&#160;404(b) of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
In addition, pursuant to Section&#160;107 of the JOBS Act, as an &#8220;emerging growth company&#8221; we intend to take advantage of
the extended transition period provided in Section&#160;7(a)(2)(B) of the Securities Act, for complying with new or revised accounting
standards. In other words, an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. As a result, our financial statements may not be comparable to those of companies
that comply with public company effective dates for complying with new or revised accounting standards.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We cannot predict if investors will find our common stock less attractive
because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active
trading market for our common stock and our stock price may be more volatile. We may take advantage of these reporting exemptions until
we are no longer an &#8220;emerging growth company.&#8221; We will remain an &#8220;emerging growth company&#8221; until the earliest
of (i)&#160;the last day of the fiscal year in which we have total annual gross revenues of $1.07&#160;billion or more; (ii)&#160;the
last day of our fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (iii)&#160;the
date on which we have issued more than $1&#160;billion in nonconvertible debt during the previous three years; or (iv)&#160;the date on
which we are deemed to be a large accelerated filer under the rules of the SEC.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">This prospectus contains forward-looking statements,
which reflect the views of our management with respect to future events and financial performance. These forward-looking statements are
subject to a number of uncertainties and other factors that could cause actual results to differ materially from such statements. Forward-looking
statements are identified by words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221;
&#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;targets,&#8221; and similar expressions. Such forward-looking
statements may be contained in the sections &#8220;Risk Factors,&#8221; and &#8220;Business,&#8221; among other places in this prospectus.
Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on the information available to
management at this time and which speak only as of this date. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. For a discussion of some of the factors that may cause actual results
to differ materially from those suggested by the forward-looking statements, please read carefully the information under &#8220;Risk Factors.&#8221;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The identification in this document of factors
that may affect future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive.
All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You may rely only on the information
contained in this prospectus.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We have not authorized anyone to provide information
different from that contained in this prospectus. Neither the delivery of this prospectus nor the sale of our common stock means that
information contained in this prospectus is correct after the date of this prospectus. This prospectus is not an offer to sell or solicitation
of an offer to buy these securities in any circumstances under which the offer or solicitation is unlawful.</p><div>

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

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>DILUTION</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If you purchase shares of our common stock in
this offering, you will experience dilution to the extent of the difference between the price per share you pay in this offering and the
net tangible book value per share of our common stock immediately after this offering. The net tangible book value of our common stock
on March 31, 2022 was approximately $[ &#160;] million, or approximately $[&#160; ] per share. Net tangible book value per share is equal to the amount
of our total tangible assets, less total liabilities, divided by the aggregate number of shares of our common stock outstanding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">After giving effect to the assumed sale by us
of shares of our common stock in this offering at an assumed public offering price of $[ &#160;] per share of common stock, based on
the last reported sale price of our common stock on The Nasdaq Capital Market on July [&#160; ], 2022, after deducting the placement
agent&#8217;s fees and estimated offering expenses payable by us, our as adjusted net tangible book value as of&#160;March 31, 2022 would
have been approximately $[&#160; ] million, or approximately $[ &#160;]&#160;per share of common stock. This represents an immediate
increase in net tangible book value of approximately $[ &#160;]&#160;per share to existing stockholders and an immediate dilution of
approximately $[ &#160;]&#160;per share to new investors purchasing shares of our common stock in this offering. The following table
illustrates this per share dilution:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; padding-left: 0.25pt">Assumed combined public offering price per share</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 13.7pt">Net tangible book value per share as of March 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 13.7pt">Increase per share attributable to new investors in this offering</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25pt">As adjusted net tangible book value per share as of March 31, 2022 after giving effect to this offering</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25pt">&#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-left: 0.25pt">Dilution per share to investors participating in this offering</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  </table><div>


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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Each $0.25&#160;increase (decrease) in the assumed
public offering price of $[ &#160;]&#160;per share would increase (decrease) our as adjusted net tangible book value after this offering by
$[&#160; ] million, or $[ &#160;] per share, and the dilution per share to new investors by $[&#160; ]&#160;per share, assuming that the number of shares
of common stock offered by us, as set forth above, remains the same and after deducting the placement agent&#8217;s fees and estimated
offering expenses payable by us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We may also increase or decrease the number of
shares of common stock we are offering from the assumed number of shares of common stock set forth above. An increase of&#160;1,000,000&#160;shares
of common stock would increase our as adjusted net tangible book value after this offering by $[ &#160;] million, or $[ &#160;] per share, and the
dilution per share to new investors by $[ &#160;]&#160;per share, assuming that the combined public offering price remains the same and after
deducting the placement agent&#8217;s fees and estimated offering expenses payable by us. A decrease of 1,000,000 shares in the number
of shares offered by us would decrease the as adjusted net tangible book value per share after this offering by $[&#160; ] million, or $[ &#160;]
per share, and the dilution per share to new investors by $[&#160; ], assuming no change in the assumed public offering price and after deducting
the estimated placement agent&#8217;s fees and commissions and estimated offering expenses payable by us. The information discussed above
is illustrative only and will adjust based on the actual public offering price, the actual number of shares that we offer in this offering,
and other terms of this offering determined at pricing.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The foregoing discussion and table does not take
into account further dilution to investors in this offering that could occur upon the exercise of outstanding options and warrants having
a per share exercise price less than the public offering price per share in this offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The number of shares of our common stock to be
outstanding after this offering as shown above is based on <span>55,368,553 </span>shares outstanding
as of July 7, 2022 and excludes as of that date:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,964,942
shares of our common stock issuable upon exercise of warrants, subject to vesting having a weighted average exercise price of $1.24 per
share;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,235,466
shares of our common stock issuable upon exercise of outstanding options under our 2017 Plan, subject to vesting; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">891,125 shares of our common stock subject to outstanding
Restricted Stock Units under our 2021 Omnibus Equity Incentive Plan, or the 2021 Plan, are subject to vesting.</td>
</tr></table><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>USE OF PROCEEDS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We estimate that our net proceeds from this offering
will be approximately $10 million based on an assumed offering price of $[&#160; ], the last reported sale price of our common stock on The
Nasdaq Capital Markets on&#160;July [ &#160;], 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">An $0.25 increase (decrease) in the assumed public
offering price of $[&#160; ] per share of our common stock would increase (decrease) the expected net cash proceeds of the offering to us by
approximately $[ &#160;] million. An increase (decrease) of&#160;1,000,000&#160;shares in the assumed number of shares sold in this offering
would increase (decrease) the expected net cash proceeds of the offering to us by approximately $[&#160; ] million, assuming a public offering
price of $[ &#160;] per share.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We intend to use the net proceeds of this offering
for continuing operating expenses and working capital.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We may also use a portion of the net proceeds
of this offering to invest in or acquire complementary businesses, products, or technologies, or to obtain the right to use such complementary
technologies. We have no commitments with respect to any acquisition or investment and we are not currently involved in any negotiations
with respect to any such transactions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As of the date of this prospectus, we cannot specify with certainty
all of the particular uses for the net proceeds to be received upon the completion of this offering. The amounts and timing of our actual
expenditures will depend on numerous factors, including the status of our product development efforts, sales and marketing activities,
technological advances, amount of cash generated or used in operations, and competition. Accordingly, our management will have broad discretion
in the application of the net proceeds and investors will be relying on the judgment of our management regarding the application of the
proceeds of this offering.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BUSINESS</b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We are a biotech innovation
company with a mission of prolonging life and enhancing its quality by improving the health of the immune system.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We are developing biotechnologies
specifically focused on improving the health of the immune system through immune mapping and reprogramming. Our immune mapping technologies
are designed to provide a personalized comprehensive profile of the immune system and we plan to utilize them in our upcoming reprogramming
clinical trials to monitor subjects&#8217; immune response before, during and after drug administration. Our immune reprogramming technologies
are designed to retrain the immune system to induce tolerance with the objectives of addressing rejection of transplanted organs as well
as ameliorate autoimmune diseases and allergies. These programs are currently in the pre-clinical stage with one product candidate slated
for GMP manufacturing (clinical grade material) and toxicology studies in preparation for clinical trials.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The discovery of immunosuppressive
(anti-rejection and monoclonal) drugs over 40 years ago has made possible life-saving organ transplantation procedures and blocking of
unwanted immune responses in autoimmune diseases. However, immune suppression leads to significant undesirable side effects, such as increased
susceptibility to life-threatening infections and cancers, because it indiscriminately and broadly suppresses immune function throughout
the body. While the use of these drugs has been justifiable because they prevent or delay organ rejection, their use for treatment of
autoimmune diseases and allergies may not be acceptable because of the above-mentioned side effects. Furthermore, transplanted organs
often ultimately fail despite the use of immune suppression, and about 40% of transplanted organs survive no more than 5 years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">New, focused therapeutic approaches
are needed that modulate only the small portion of immune cells that are involved in rejection of the transplanted organ, as this approach
can be safer for patients than indiscriminate immune suppression. Such approaches are referred to as immune tolerance, and when therapeutically
induced, may be safer for patients and also potentially allow long-term survival of transplanted tissues and organs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In the late 1990s, academic
research on these approaches was conducted at the Transplant Center at Loma Linda University in connection with a project that secured
initial grant funding from the U.S. Department of Defense. The focus of that project was for skin grafting for burn victims. Twenty years
of research at LLU and an affiliated incubator led to a series of discoveries that have been translated into a large patent portfolio
of therapeutic approaches that may be applied to the modulation of the immune system in order to induce tolerance to self and transplanted
organs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We have an exclusive worldwide
license from LLU for commercializing this nucleic acid-based technology (which is currently at the pre-clinical stage), called Apoptotic
DNA Immunotherapy&#8482; (ADI&#8482;), which utilizes a novel approach that mimics the way our bodies naturally induce tolerance to our
own tissues (&#8220;therapeutically induced immune tolerance&#8221;). While immune suppression requires continuous administration to prevent
rejection of a transplanted organ, induction of tolerance has the potential to retrain the immune system to accept the organ for longer
periods of time. Thus, ADI&#8482; may allow patients to live with transplanted organs with significantly reduced immune suppression. ADI&#8482;
is a technology platform, which we believe can be engineered to address a wide variety of indications.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We are developing ADI&#8482;
product candidates for organ transplantation including skin grafting, autoimmune diseases including psoriasis and type 1 diabetes (T1D),
and allergies, with an initial focus on psoriasis, T1D, and skin allografting., To submit a Biologics License Application (&#8220;BLA&#8221;)
for a biopharmaceutical product, clinical safety and efficacy must be demonstrated in a series of clinical studies conducted with human
subjects. For products in our class of drugs, the first-in-human trials will be a combination of Phase I (safety/tolerability) and Phase
II (efficacy) in affected subjects. To obtain approval to initiate the Phase I/II studies, an Investigational New Drug (IND) Application
will be submitted compiling non-clinical efficacy data as well as manufacturing and pre-clinical or clinical toxicology data. To date,
we have conducted non-clinical studies in a stringent model of skin transplantation using genetically mismatched donor and recipient animals
demonstrating a 3-fold increase in the survival of the skin graft in animals that were tolerized with ADI&#8482; compared to animals that
receive immune suppression alone. Prolongation of graft life was observed despite discontinuation of immune suppression after the first
5 weeks. Additionally, in an induced non-clinical model for psoriasis, ADI&#8482; treatment resulted in a 69% reduction in skin thickness
and a 38% decrease in skin flaking (two clinical parameters for assessment of psoriasis skin lesions). The Phase I/II studies in psoriasis
will evaluate the safety/tolerability of ADI&#8482; in patients diagnosed with psoriasis. Since the drug will be administered in subjects
diagnosed with psoriasis, effectiveness of the drug to improve psoriatic lesions will also be evaluated. In another Phase I/II study,
patients requiring skin allografts will receive weekly intra-dermal injections of ADI&#8482; in combination with standard immune suppression
to assess safety/tolerability and possibility of reducing levels of immunosuppressive drugs as well as prolongation of graft life.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>ADI&#8482; Advantages</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">ADI&#8482; is a nucleic acid-based
technology (<i>e.g.</i>, DNA-based) which we believe selectively suppresses only those immune cells involved in the rejection of tissues
and transplanted organs. It does so by tapping into the body&#8217;s natural process of cell death (apoptosis) to reprogram the immune
system to stop unwanted attacks on self or transplanted tissues. Apoptosis is a natural process used by the body to clear dying cells
and to allow recognition and tolerance to self-tissues. ADI&#8482; triggers this process enabling the cells of the immune system to recognize
the targeted tissues as &#8220;self&#8221;. Conceptually, it is designed to retrain the immune system to become accepting of the organ
similar to how natural apoptosis reminds our immune system to be tolerant to our own &#8220;self&#8221; tissues.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">While efforts have been made
by various groups to promote tolerance through cell therapies and <i>ex vivo</i> manipulation of patient cells (takes place outside the
body typically requiring hospitalization), to our knowledge, we will be unique in our approach of using in-body induction of apoptosis
to promote tolerance to specific tissues. In addition, ADI&#8482; treatment itself will not require additional hospitalization, only an
injection of minute amounts of the therapeutic drug into the skin.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Reduce Chronic Rejection</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">While immunosuppressants control
acute rejection during the early time-period after receiving an organ, chronic rejection of the organ that occurs one or more years after
the transplant procedure continues to pose a major challenge for organ recipients.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Chronic rejection has been
likened to autoimmunity (a misdirected immune response that occurs when the immune system goes awry), where specific tissues in the transplanted
organ are attacked by the immune system. In other words, chronic rejection may not be caused just by differences between the donor and
the recipient, but rather by an immune response by the recipient to specific tissues in the organ. Our pre-clinical studies suggest that
ADI&#8482; has the ability to tolerize to specific tissues in a transplanted organ, and conceivably, reducing incidences of chronic rejection.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Moreover, preclinical studies
have demonstrated that ADI&#8482; treatment significantly and substantially prolongs graft survival, in addition to successfully &#8220;reversing&#8221;
other established immune-mediated inflammatory processes.</p><div>

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

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

</div><!-- Field: Page; Sequence: 35; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Reduce immune suppression</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Studies in animal models have
shown that conditioning/desensitizing the animals to receive the transplant, prolongs the survival of the transplanted tissue or organ.
These studies have used repeated exposure to low doses of protein components in specific organs to reduce immunologic recognition and
attack on the transplanted organ.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Based on some of our data,
we believe that with ADI&#8482; treatment, recipients can be conditioned/desensitized ahead of transplantation, thereby retraining the
immune system to more readily accept the organ and also reduce the levels of immunosuppressive drugs needed post-transplantation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Preformed Antibodies</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Studies have shown that presence
of preformed antibodies prior to transplantation procedures increases the rate of organ rejection. Preformed antibodies can develop in
previously transplanted patients, patients who have given birth, and patients who have previously received blood transfusions. With more
than 113,000 patients on transplant waiting lists in the U.S. alone, patients with pre-existing antibodies have much lower chances at
qualifying to receive organs due to their increased risk of rejection - even with immune suppression.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Sadly, transplanted patients
have a probability of needing re-transplantation at some point due to eventual chronic rejection of their transplanted organ, with the
possible exception of some newborn recipients. With increased incidence of preformed antibodies, these patients may never have the opportunity
to receive another organ. Based on experimental data, we believe that ADI&#8482; may have the potential to address this issue providing
these individuals better opportunities at receiving an organ transplantation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>ADI&#8482; Key Differentiators</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Ease of Delivery</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Therapeutic products are typically
administered systemically (i.e., by mouth in pill form or injected intramuscularly/intravenously). This requires repeated large doses
of the drug to allow sufficient concentrations to reach the affected sites. ADI&#8482; is a DNA-based product that can be injected directly
into the skin where the target cells of the immune system reside, thereby significantly simplifying the delivery of the product and reducing
the amount of product needed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Repeat Dosing</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">DNA-based products are less
likely to result in formation of neutralizing antibodies, which lend themselves to repeat dosing as may be required by ADI&#8482; products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Cost of Goods Advantage</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">ADI&#8482; products are DNA-based
and cost-effective to manufacture. Furthermore, DNA-based products are very stable and do not require adherence to cold chain (temperature-controlled)
protocols for shipping. This also makes the product ideal for global distribution.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Simplified Therapy Delivery System</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We believe that tolerance induction
using ADI&#8482; may potentially obviate the need for hospitalization because it can simply be injected into the skin. This approach reduces
treatment costs and complexities in treatment delivery. The anticipated administration of ADI&#8482; will include an initial priming regimen
that will require injections administered once a week for several weeks. Thereafter, booster or maintenance doses will be provided on
an individual basis as determined by immune and inflammation testing. ADI&#8482; treatments will be significantly more convenient and
comfortable for patients because they do not require removal of patient cells for <i>ex vivo</i> manipulation.</p><div>

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

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

</div><!-- Field: Page; Sequence: 36; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>ADI&#8482; Technology Platform</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">ADI&#8482; utilizes a novel
approach that mimics the way our bodies naturally induce tolerance to our own tissues. It is a technology platform which we believe can
be engineered to address a wide variety of indications. ADI&#8482; includes two DNA molecules which are designed to deliver signals to
induce tolerance. The first DNA molecule encodes a pro-apoptotic protein, which induces &#8216;programmed&#8217; cell death. This is a
core component of the technology because it is intended to greatly increase the recruitment of dendritic cells, which are implicated in
regulating the immune system. The second DNA molecule encodes the protein of interest (guiding antigen), which is modified to promote
a path of tolerance. The guiding antigen is intended to result in tolerance induction specific to the tissue where the protein is found.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">ADI&#8482; has shown efficacy
in several preclinical models (skin grafting, psoriasis, type 1 diabetes, alopecia areata and multiple sclerosis) and its efficacy can
be attributed to multiple factors:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADI&#8482; does not rely on a single mechanistic approach. It has multiple components (interchangeable target antigen, apoptosis, methylated plasmid DNA) that affect different arms of the immune system, which can be manipulated.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADI&#8482; activates key immune cells known to maintain tolerance in test animals and humans.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADI&#8482; has been successfully applied to a stringent transplantation model.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADI&#8482; lends itself to repeat dosing, which may be required to achieve its full potential therapeutic effect.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 37; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Proof of Concept: Skin Grafting</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Results shown are 5 weeks
post-transplantation</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The proof-of-concept experiment
performed in transplantation was a skin allograft transplantation procedure in which the donor skin was obtained from white BALB/c mice
and transplanted to black C57BL/6 mice. The experiment was designed to address a more challenging scenario where the donor tissue was
obtained from a donor which is genetically mismatched with the recipient. This is unlike clinical scenarios where the donor and recipient
are genetically matched as much as possible. While these experiments were repeated in several separate experiments, the results shown
here were obtained from a study conducted with 14 mice in the ADI&#8482; treatment group and 7 mice in the control group. Prior to submission
of an Investigational New Drug Application, additional non-clinical studies will be conducted in a pig model to establish the precise
protocol (e.g. timing of vaccine administration, dosing, and appropriate immunosuppressive agents that will be used in combination with
ADI&#8482;) that will be used in the clinical trials. In addition, IND-enabling safety/toxicology studies will be conducted by a GLP lab
to ensure product safety for clinical testing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_003.jpg"/>&#160;</p><div>

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

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

</div><!-- Field: Page; Sequence: 38; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<img alt="" src="image_004.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Proof of Concept: Psoriasis</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><img alt="" src="image_005.jpg"/></span>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Psoriasis causes increased skin thickness and scaling in an established 10-day psoriasis model</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADI&#8482; treatment resulted in a 69% reduction in skin thickening and 38% reduction in scaling over the 10-day study period</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 39; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Proof of Concept: Type 1 Diabetes</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><img alt="" src="image_006.jpg"/></span>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">90% of female NOD mice developed
spontaneous autoimmune diabetes. Disease progression may be different for individual animals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_007.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADI&#8482; was administered
once a week for 8 weeks after each animal developed hyperglycemia. All animals responded with 80% showing durable response for the entire
40-week study period.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type 1 or autoimmune diabetes is a condition where the body&#8217;s immune system mistakenly attacks cells in the pancreas resulting in diminished production of insulin</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 40; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>License Agreement with Loma Linda University</i></b> -</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 8, 2018, we entered
into an Assignment Agreement (the &#8220;Assignment Agreement&#8221;) with Sekris Biomedical, Inc. (&#8220;Sekris&#8221;). Sekris was
a party to a License Agreement with Loma Linda University (&#8220;LLU&#8221;), entered into and made effective on May 25, 2011, and amended
on June 24, 2011, July 16, 2012 and December 27, 2012 (the &#8220;Original Agreement,&#8221; and together with the Assignment Agreement,
the &#8220;Sekris Agreements&#8221;). Pursuant to the Assignment Agreement, Sekris transferred and assigned all of its rights and obligations
in and to liabilities under the Original Agreement, of whatever kind or nature, to us. In exchange, on March 8, 2018, we issued a warrant
to Sekris to purchase up to 500,000 shares of our common stock (the &#8220;Sekris Warrant&#8221;). The warrant was immediately exercisable
and has an exercise price of $4.00 per share. The expiration date of the warrant is March 8, 2023. On March 15, 2018, as amended on July
1, 2020, we entered into a LLU License Agreement directly with Loma Linda University, which amends and restates the Sekris Agreements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the LLU License
Agreement, we obtained the exclusive royalty-bearing worldwide license in and to all intellectual property, including patents, technical
information, trade secrets, proprietary rights, technology, know-how, data, formulas, drawings, and specifications, owned or controlled
by LLU and/or any of its affiliates (the &#8220;LLU Patent and Technology Rights&#8221;) and related to therapy for immune-mediated inflammatory
diseases (the ADI&#8482; technology). In consideration for the LLU License Agreement, we issued 25,000 shares of common stock to LLU.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the LLU License
Agreement, we are required to pay an annual license fee to LLU. Also, we paid LLU $455,000 in July 2020 for outstanding milestone payments
and license fees. We are also required to pay to LLU milestone payments in connection with certain development milestones. Specifically,
we are required to make the following milestone payments: $175,000 on March 31, 2022; $100,000 on March 31, 2024; $500,000 on March 31,
2026; and $500,000 on March 31, 2027. Additionally, as consideration for prior expenses incurred by LLU to prosecute, maintain and defend
the LLU Patent and Technology Rights, we made the following payments to LLU: $70,000 due at the end of December 2018, and a final payment
of $60,000 due at the end of March 2019. We are required to defend the LLU Patent and Technology Rights during the term of the LLU License
Agreement. Additionally, we will owe royalty payments of (i) 1.5% of Net Product Sales and Net Service Sales on any Licensed Products
(defined as any finished pharmaceutical products which utilizes the LLU Patent and Technology Rights in its development, manufacture or
supply), and (ii) 0.75% of Net Product Sales and Net Service Sales for Licensed Products and Licensed Services not covered by a valid
patent claim for technology rights and know-how for a three (3) year period beyond the expiration of all valid patent claims. We also
are required to produce a written progress report to LLU, discussing our development and commercialization efforts, within 45 days following
the end of each year. All intellectual property rights in and to LLU Patent and Technology Rights shall remain with LLU (other than improvements
developed by or on our behalf).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The LLU License Agreement
shall terminate on the last day that a patent granted to us by LLU is valid and enforceable or the day that the last patent application
licensed to us is abandoned. The LLU License Agreement may be terminated by mutual agreement or by us upon 90 days written notice to LLU.
LLU may terminate the LLU License Agreement in the event of (i) non-payments or late payments of royalty, milestone and license maintenance
fees not cured within 90 days after delivery of written notice by LLU, (ii) a breach of any non-payment provision (including the provision
that requires us to meet certain deadlines for milestone events (each, a &#8220;Milestone Deadline&#8221;)) not cured within 90 days after
delivery of written notice by LLU and (iii) LLU delivers notice to us of three or more actual breaches of the LLU License Agreement by
us in any 12-month period. Additional Milestone Deadlines include: (i) submission of an IND/clinical trial application to initiate first-in-human
clinical trials on or before March 31, 2022, (ii) the completion of first-in-human (phase I/II) clinical trials by March 31, 2024, (iii)
the completion of Phase III clinical trials by March 31, 2026 and (iv) biologic licensing approval by the FDA by March 31, 2027.</p><div>

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

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

</div><!-- Field: Page; Sequence: 41; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Pre-clinical and Clinical Plans</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The resources and efforts
used for the IND-enabling work summarized below supports both the psoriasis and TID clinical programs</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">High-level objectives for
psoriasis clinical program:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion of IND-enabling work. Aditxt has initiated GMP manufacturing of clinical grade material that will be used for the first-in-human studies in subjects with psoriatic lesions. Included in the manufacturing program is stability studies; the regulatory agency requires one month of stability data for the GMP material for submission of the clinical trial application (CTA). Stability data will continue to be gathered while the clinical trials are ongoing and up to 24 months. Aditxt has also completed the in-life portion of the toxicology studies. Safety data have been recorded and Aditxt is now awaiting immunotoxicology data, which are forthcoming.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon completion of GMP manufacturing and toxicology studies, a CTA will be submitted in Q4 2022 to initiate the Phase I/II FIH clinical trials.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FIH clinical studies will
combine Phase I (designed to test clinical safety) and Phase IIa (designed to obtain proof of effectiveness in human subjects), in subjects
with psoriatic skin lesions. We have selected this indication for several reasons, including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our existing preclinical data have shown promising results in reducing scaling and skin thickness in the mouse model;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The relative ease of visualization of healing of psoriatic lesions; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have identified a contract
research organization with capabilities to conduct a multi-center study and ability to recruit the needed number of subjects to complete
the clinical trials. Upon approval by the regulatory agency clinical trials will be initiated.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">High-level objectives for
type 1 diabetes (T1D) clinical program:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion of IND-enabling work. Aditxt has initiated GMP manufacturing of clinical grade material that will be used for the first-in-human studies in subjects with psoriatic lesions. Included in the manufacturing program is stability studies; the regulatory agency requires one month of stability data for the GMP material for submission of the clinical trial application (CTA). Stability data will continue to be gathered while the clinical trials are ongoing and up to 24 months. Aditxt has also completed the in-life portion of the toxicology studies. Safety data have been recorded and Aditxt is now awaiting immunotoxicology data, which are forthcoming.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</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">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical Phase I/II Study to demonstrate safety and clinical proof-of-concept in T1D</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our clinical studies will
combine Phase I (designed to test clinical safety) and Phase II (designed to obtain proof of effectiveness in human subjects), in T1D
patients. We have selected this indication for several reasons, including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our existing preclinical data have shown promising results using ADI&#8482; to reverse hyperglycemia in the mouse model; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</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">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is currently no treatment for T1D and the only option for patients suffering from T1D is insulin replacement therapy.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be identifying clinical
trial centers with adequate patients. Upon approval by the FDA and/or the applicable regulatory agency clinical trials will be initiated.</p><div>

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

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

</div><!-- Field: Page; Sequence: 42; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">High-level objectives for
skin allograft clinical program:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion of preclinical studies to identify the appropriate protocol for dosing and combination of ADI&#8482; with immune suppression protocols.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion of IND-enabling work including GMP manufacturing and toxicology studies.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</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">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical Phase I/II Study to demonstrate safety and clinical proof-of-concept in patients requiring skin allografts.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our clinical studies will
combine Phase I (designed to test clinical safety) and Phase II (designed to obtain proof of effectiveness in human subjects), in patients
requiring skin allografts. We have selected this indication for several reasons, including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be identifying clinical
trial centers with adequate patients. Upon approval by the FDA and/or the applicable regulatory agency clinical trials will be initiated.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are developing our immune
monitoring platforms with the objective of utilizing them as clinical assays in pre-clinical and clinical studies. The multiplex technologies
could potentially allow evaluation of more analytes with less tissue samples.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the United States, FDA
approval is required before any new drugs can be introduced to the market. We currently have a product candidate for our first-in-human
studies, but as of the date of report, we have not submitted an application to the regulatory agencies for approval.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are working with a contract
manufacturer who has the know-how, product ingredients including plasmid DNA molecules, and our patent-pending bacterial strain. Several
batch runs have been successfully completed to demonstrate our ability to produce the DNA plasmids in a GMP facility. Based on validation
studies, we are reasonably confident in our ability to produce clinical grade product candidates at larger scales. The contract manufacturer
has provided a proposal for manufacturing of our clinical grade material, which will be signed and accepted once we are ready to initiate
GMP manufacturing. We are not currently party to an agreement with this contract manufacturer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The product candidate selected
for clinical trials must be subjected to pre-clinical safety/toxicology studies by an independent GLP (Good Laboratory Practice) laboratory
to demonstrate its suitability for clinical testing in human patients. Upon completion of manufacturing and safety/toxicology testing,
an Investigational New Drug (IND) application will be prepared for submission to the regulatory agencies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon receipt of clearance
to initiate clinical testing, the ADI&#8482; product can be tested in human patients. Our product will be tested in clinical trials, one
in patients with psoriasis and one in patients who require skin allografting. Therefore, our first-in-human studies will be combined Phase
I/Phase II studies in which safety and efficacy data will be obtained. We plan to start with in skin indications (psoriasis and skin allografting)
because we believe these indications will be most efficient in providing safety and efficacy data in clinical trials. In parallel, we
will continue to develop additional product formulations for other indications.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are developing our immune
monitoring platforms with the objective of utilizing them as clinical assays in pre-clinical and clinical studies. The multiplex technologies
could potentially allow evaluation of more analytes with less tissue samples. In the U.S., FDA approval is required before any In Vitro
Diagnostic (&#8220;IVD&#8221;) device can be introduced to the market for clinical use (excluding research purposes). This process does
not require clinical trials, but it does require validation data demonstrating accuracy of the device.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Psoriasis affects close to
100 million people worldwide and presents a large market estimated at over $20 billion annually. Treatments range include topical and
systemic therapeutics including vitamin D analogs, steroids, retinoids, immunosuppressants and biologics (i.e. monoclonal antibodies).
While in more recent years, several classes of biologics have entered the market, most are primarily used for patients suffering from
moderate to severe psoriasis because of their impairment of systemic immune responsiveness to infections and cancers. Aditxt believes
that products based on the ADI&#8482; platform will not be associated with similar side effects and can be targeted for use in mild to
moderate cases.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">T1D is one of the most common
chronic disorders in children and affects nearly 2 million Americans, and has an incidence and prevalence increasing at alarming rates
in industrialized countries. Current treatment consists of daily delivery of insulin as replacement therapy, but administration of the
hormone can induce life-threatening hypoglycemia and does not completely prevent morbidity and mortality associated with the disease.
Aditxt is leveraging the ADI&#8482; technology to develop a new class of immunotherapy designed to arrest the autoimmune destruction of
the insulin producing beta cells of the pancreas. This will be the first therapy to accomplish that long sought after goal, thus increasing
life span and quality of life for up to 40,000 of US citizens and about 300,000 people around the world who develop T1D each year, with
a 3-5% increase in yearly incidence.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the U.S. alone, there are
over 36,000 patients who receive organ transplantations each year, with more than 113,000 on transplant waiting lists.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The field of organ transplantation
has been made possible and continues to rely on broad-acting immunosuppressive drugs, high levels of which can result in a compromised
immune system that renders organ recipients susceptible to cancer and potentially life-threatening infections including re-activation
of latent viruses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, immunosuppressants
control acute rejection during the early time-period after receiving an organ but chronic rejection of the organ remains an unmet challenge
for surgeons and transplant recipients.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While efforts have been made
by various groups to promote tolerance through cell therapies and <i>ex vivo</i> manipulation of patient cells, these procedures take
place outside the body and typically require hospitalization.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, transplanted patients
will need re-transplantation at some point, with the possible exception of some newborn recipients. With increased incidence of preformed
antibodies, these patients may never have the opportunity to receive another organ. Preformed antibodies can develop in previously transplanted
patients, patients who have given birth, and patients who have previously received blood transfusions. These patients have much lower
chances at qualifying to receive organs due to their increased risk of rejection - even with immune suppression. The potential to reduce
formation of preformed antibodies in these patients will provide better opportunities for them to receive another transplanted organ.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are gaps between current
approaches and what the market needs. We believe that ADI&#8482; addresses these gaps. ADI&#8482; is easy to administer (does not require
<i>ex-vivo </i>treatment of patient cells), it does not appear to suppress the immune system, it may allow patients to live with transplanted
organs with significantly reduced immune suppression, it may provide for long-term survival of transplanted tissues and organs, may be
more effective because it does not rely on a single immune pathway/mechanism, and potentially provides patients with pre-existing antibodies
a chance to qualify to receive organs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While these advantages present
opportunities for unmet medical needs in the field of organ transplantation, the industry in which we operate is highly competitive. A
small company such as us will meet significant challenges including regulatory requirements for approval of a new class of therapeutic
agents, challenges in large scale manufacturing and marketing, cost of developing a novel therapeutic agent, which may require co-development
partners who may or may not be willing to work with us, and the willingness of transplant surgeons to adopt our therapeutic vaccines in
their existing immune suppression protocols. These challenges pose risks that we may not be able to overcome.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that understanding
the dynamic status of an individual&#8217;s immune system is key to developing and administering precision immunotherapies such as ADI&#8482;.
We have secured an exclusive worldwide license for commercializing a technology platform which provides a personalized comprehensive profile
of the immune system. It is intended to be informative for individual immune responses to viruses, bacterial antigens, peptides, drugs,
bone marrow and solid organ transplants, and cancer. It has broad applicability to many other agents of clinical interest impacting the
immune system, including those not yet identified such as future infectious agents. We plan to brand this technology, and other future
licensed and/or in-house developed monitoring technologies collectively as AditxtScore&#8482;.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AditxtScore&#8482; is being
designed to allow individuals to understand, manage and monitor their immune profiles in order to be informed about attacks on or by their
immune system. We believe AditxtScore&#8482; can also assist the medical community in anticipating possible immune responses and reactions
to viruses, bacteria, allergens and transplanted organs. It can be useful in anticipating attacks on the body by having the ability to
determine its potential response and for developing a plan to deal with an undesirable reaction by the immune system. Its advantages include
the ability to provide a simple, rapid, accurate, high throughput, single platform assay that can be multiplexed to determine the immune
status with respect to several factors simultaneously, in 3-16 hours, as well as detect antigen and antibody in a single test (i.e. infectious,
recovered, immune). In addition, it can determine and differentiate between various types of cellular and humoral immune responses (T
and B cells). It also provides for simultaneous monitoring of cell activation and levels of cytokine release (i.e., cytokine storms).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to utilize AditxtScore&#8482;
in our upcoming clinical trials to monitor subjects&#8217; immune response before, during and after ADI&#8482; drug administration. We
are working with regulatory consultants with the objective to obtain FDA approval for AditxtScore&#8482; as a clinical assay. We are currently
securing marketing and distribution partnerships for application of AditxtScore&#8482; in the infectious diseases market. To obtain FDA
approval to use AditxtScore&#8482; as a clinical assay, we are performing validation studies to demonstrate AditxtScore&#8482;&#8217;s
utility to evaluate various components of the immune system reproducibly. We believe that these data will show AditxtScore&#8482;&#8217;s
ability to measure various components of the immune system (e.g. humoral and cell-mediated immune responses) to provide a broader view
of the immune system and its status in health and disease. Our plan is to submit a 510(K) application to the FDA after compilation of
these data. Beyond infectious diseases, we plan to develop AditxtScore&#8482; for applications in additional markets such as organ rejection,
allergies, drug/vaccine response, and disease susceptibility. The following are further descriptions of the applications of AditxtScore<sup>TM</sup>:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(1) <span style="text-decoration:underline">Organ Rejection</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Typically, by the time a transplanted
or a native organ shows signs of failure, the damage is already done, and reversal of the tissue injury becomes challenging. Access to
early warning signs of damage would be invaluable to reverse or even prevent the damage. There are currently no practical, efficient assays
available to measure cellular immune responses and available tools do not provide timely information for patients. AditxtScore&#8482;
can be used to provide a sensitive and rapid tool to determine T cell response and to differentiate between various types of cellular
immune responses. It can be multiplexed providing information about the number of cells responding as well as quantifying the amounts
of various cytokines released by the cells in a single assay. Determination of cellular response has valuable applications for prediction,
monitoring, early detection, and treatment of disease, including organ failure/rejection, as well as treatment efficacy. It can also reveal
dysfunction of the immune system potentially contributing to more severe disease.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(2) <span style="text-decoration:underline">Allergies</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our immune system protects
us by acting as a barrier against foreign substances and by eliminating them when they penetrate our bodies. Once the initial exposure
has occurred, memory cells develop to prepare the body against a future exposure. This process is called immunity. In certain situations,
however, instead of immunity, the immune system develops memory cells that result in a more severe reaction during a future exposure to
the same substance. This type of response is called a hypersensitivity response, commonly known as an allergic response. AditxtScore&#8482;
can be used to develop multiplex assays each designed to test and monitor immune response to allergens. Based on the ability of this technology
to run multiple tests in a single assay, 100 or more substances can potentially be tested for simultaneously.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(3) <span style="text-decoration:underline">Drug/Vaccine Response</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently no effective
assays to predict and easily assess responses to vaccination. To determine whether an individual has responded to a particular vaccine,
antibody titers are measured. This process may take several days. Furthermore, for vaccines that require a series of injections, titers
are not measured between injections and may not be known for months. AditxtScore&#8482; can be used to determine whether a patient is
a responder or non-responder. It can provide an effective and rapid tool for potentially determining beneficial responses to a vaccine
and can be used to monitor titer development post vaccination. It can allow evaluation of multiple vaccines in a single test (for memory
B cell detection). This application can be useful for vaccines, cancer therapeutics anti-rejection drugs, anti-viral drugs, among others.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(4) <span style="text-decoration:underline">Disease Susceptibility</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Disease susceptibility can
vary from one individual to another, and it can be a function of various factors, including genetic variability and differences in human
leukocyte antigens (HLA) encoded by major histocompatibility complex (MHC) and responsible for regulation of the immune system in humans.
People with certain HLA types may have higher or lower susceptibility to diseases. AditxtScore&#8482; can be used to develop assays to
evaluate differences in HLA types in individuals to help elucidate the relationship between certain HLA types and susceptibility to various
diseases.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(5) <span style="text-decoration:underline">Infectious Diseases</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Infectious diseases can cause
a major predicament for scientific and medical professionals, epidemiologists, and infectious disease specialists, among others, who need
to determine how to treat patients in real time while efficacious therapies are still being developed. Proper decision making requires
understanding why some affected individuals show minor or no symptoms, some recover, and others die. This is fundamental to creating effective
targeted therapeutics which may differ depending on the underlying profile of the individual at risk for, or with, disease. The immune
system plays a major role in how any given individual responds to the infectious agent. This response can be inadequate or too robust
or appropriately effective. Regardless, the kinetics of the response by the cellular and humoral (antibody) immune systems to the infectious
agent are often unknown. A basic critical question, then, is what do the dynamics of the immune response look like from exposure to and
through the disease period and during convalescence for those who survive and those who don&#8217;t; and how might vaccines and therapies
alter these profiles such that predictions of vaccine/drug efficacy could be inferred prior to vaccination/treatment and/or disease severity
or progression be prognosticated. AditxtScore&#8482; can be used to help address these questions with multiplex assays each designed to
test and monitor the immune response to infectious agents. Based on the ability to run multiple tests in a single assay, 100 or more agents
can potentially be tested for simultaneously.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>License Agreement with Leland Stanford Junior
University (&#8220;Stanford&#8221;)</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 3, 2020, we entered
into an exclusive license agreement (the &#8220;February 2020 License Agreement&#8221;) with Stanford with regard to a patent concerning
a method for detection and measurement of specific cellular responses. Pursuant to the February 2020 License Agreement, other than as
described below, we received an exclusive worldwide license to Stanford&#8217;s patent with regard to use, import, offer, and sale of
Licensed Products (as defined in the agreement). The license to the patented technology is exclusive, including the right to sublicense,
beginning on the effective date of the agreement and ending when the patent expires. Under the exclusivity agreement, we acknowledged
that Stanford had already granted a non-exclusive license in the Nonexclusive Field of Use, under the Licensed Patents in the Licensed
Field of Use in the Licensed Territory (as those terms are defined in the February 2020 License Agreement&#8221;). However, Stanford agreed
to not grant further licenses under the Licensed Patents in the Licensed Field of Use in the Licensed Territory. On December 29, 2021,
we entered into an amendment to the February 2020 License Agreement which extended our exclusive right to license the technology deployed
in AditxtScore<sup>TM </sup>and securing worldwide exclusivity in all fields of use of the licensed technology.&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were obligated to pay and
paid a fee of $25,000 to Stanford within 60 days of February 3, 2020. We also issued 18,750 shares of the Company&#8217;s common stock
to Stanford. An annual licensing maintenance fee is payable by us on the first anniversary of the February 2020 License Agreement in the
amount of $40,000 for 2021 through 2024 and $60,000 starting in 2025 until the license expires upon the expiration of the patent. The
Company is required to pay and has paid $25,000 for the issuances of certain patents. The Company will pay milestone fees of $50,000 on
the first commercial sales of a licensed product and $25,000 at the beginning of any clinical study for regulatory clearance of an in
vitro diagnostic product developed and a potential licensed product. We are also required to: (i) provide a listing of the management
team or a schedule for the recruitment of key management positions by March 31, 2020 (which has been completed), (ii) provide a business
plan covering projected product development, markets and sales forecasts, manufacturing and operations, and financial forecasts until
at least $10,000,000 in revenue by June 30, 2020 (which has been completed), (iii) conduct validation studies by September 30, 2020 (which
has been completed), (iv) hold a pre-submission meeting with the FDA by September 30, 2020 (which has been completed), (v) submit a 510(k)
application to the FDA, Emergency Use Authorization (&#8220;EUA&#8221;), or a Laboratory Developed Test (&#8220;LDT&#8221;) by March 31,
2021, (which has been completed), (vi) develop a prototype assay for human profiling by December 31, 2021 (which has been completed),
(vii) execute at least one partnership for use of the technology for transplant, autoimmunity, or infectious disease purposes by March
31, 2022, and (viii) will provide further development and commercialization milestones for specific fields of use in writing by December
31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the annual
license maintenance fees outlined above, we will pay Stanford royalties on Net Sales (as such term is defined in the February 2020 License
Agreement) during the of the term of the agreement as follows: 4% when Net Sales are below or equal to $5 million annually or 6% when
Net Sales are above $5 million annually. The February 2020 License Agreement may be terminated upon our election on at least 30 days advance
notice to Stanford, or by Stanford if we: (i) are delinquent on any report or payment; (ii) are not diligently developing and commercializing
Licensed Product; (iii) miss certain performance milestones; (iv) are in breach of any provision of the February 2020 License Agreement;
or (v) provide any false report to Stanford. Should any events in the preceding sentence occur, we have a thirty (30) day cure period
to remedy such violation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Plan of Operations - Immune Monitoring</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously announced on
August 6, 2020, the initial application of the platform will be AditxtScore&#8482; for COVID-19 which has been designed to provide a more
complete assessment of an individual&#8217;s infection and immunity status with respect to the SARS-CoV-2 virus. Infection status will
be determined by evaluating the presence or absence of the virus, and immunity status by measuring levels of antibodies against viral
antigens and their ability to neutralize the virus. We will soon be expanding the panel to measure other components of the immune response
such as cellular immunity.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, we filed for
an Emergency Use Authorization (EUA) with the FDA with the ultimate objective of filing a 510(K) application. On January 14, 2022, we
submitted requests to obtain two EUAs for our antibody and neutralizing tests following an on November 15, 2021 by the Department of Health
and Human Services that COVID-19 related tests will require FDA review and FDA&#8217;s position that COVID-19 tests that have been in
use prior to the announcement must submit applications for EUAs but can continue to operate unless informed otherwise. In the meantime,
we are providing AditxtScore&#8482; as a service as a Laboratory Developed Test (LDT) to assess immunity status to COVID-19.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In early 2021, we established
our AditxtScore&#8482; Immune Monitoring Center in Richmond, Virginia (the &#8220;Center&#8221;). The Center operates as a Clinical Laboratory
Improvement Amendments (CLIA) certified facility for the processing of our AditxtScore&#8482; for COVID-19 Lab Developed Test (LDT) for
our prospective channel partners, including labs and hospitals.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Intellectual Property (IP)</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We strive to protect and enhance
the proprietary technology, inventions, and improvements that are commercially important to our business, including seeking, maintaining
and defending patent rights, whether developed internally or licensed from third parties. Our policy is to seek to protect our proprietary
position by, among other methods, filing patent applications in the United States and in jurisdictions outside of the United States, to
protect our proprietary technology, inventions, improvements and product candidates that are important to the development and implementation
of our business. We also rely on trade secrets and know-how relating to our proprietary technology and product candidates, continuing
innovation, and in-licensing opportunities to develop, strengthen and maintain our proprietary position in the field of immuno-therapy.
We also plan to rely on data exclusivity, market exclusivity, and patent term extensions when available. Our commercial success will depend
in part on our ability to obtain and maintain patent and other proprietary protection for our technology, inventions, and improvements;
to preserve the confidentiality of our trade secrets; to obtain and maintain licenses to use intellectual property owned by third parties;
to defend and enforce our proprietary rights, including any patents that we may own in the future; and to operate without infringing on
the valid and enforceable patents and other proprietary rights of third parties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ADi&#8482; technology
falls in two main categories, the AditxtReprogramming&#8482; therapeutic program (which includes Apoptotic DNA Immunotherapy&#8482; also
known as ADi&#8482;) and the AditxtScore&#8482; diagnostic technology. Both categories are protected by multiple families of patents and
patent applications, including several issued U.S. and non-U.S. patents.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The projected expiration dates
for the AditxtReprogramming&#8482; patents and patents issuing from pending applications extend until 2043 for some patents. As of the
date of this report, our patent portfolio for AditxtReprogramming&#8482; includes both patents and patent applications licensed from LLU
or Stanford and patent applications owned solely by Aditxt, including 7 U.S. patents, 6 U.S. applications, 88 foreign patents, and 13
foreign applications. These patents and patent applications cover three different technical aspects of AditxtReprogramming&#8482;, treatment
of autoimmune diseases and type 1 diabetes, treatment of organ transplantation, and development of a new class of immunotherapeutics for
various indications. The patents and patent applications cover both methods of treatment for these indications as well as a compositions
of matter including plasmids that are able to induce tolerance of antigens or immune attack on antigens, depending on the indication,
along with methods of producing such plasmids.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The AditxtScore&#8482; technology
is also protected by protected by multiple families of patents and patent applications, including several issued U.S. and non-U.S. patents.
The projected expiration dates for these AditxtScore&#8482; patents and patents issuing from pending applications ranges from 2037 to
2043. As of the date of this report, our patent portfolio for AditxtScore&#8482; includes both patents and patent applications licensed
from Stanford and patent applications owned solely by Aditxt, including 2 U.S. patents, 4 U.S. applications, and 2 foreign applications.
These patents and patent applications encompass methods, systems and kits for detection and measurement of specific immune responses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also possess and/or in-license
substantial know-how and trade secrets relating to the development and commercialization of our product candidates, including related
manufacturing processes and technology. We plan to continue expanding and strengthening our IP portfolio with additional patent applications
in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2021, Aditxt signed
an agreement with a regulatory consultant based in Munich, Germany, which will play a central role in navigating the first AditxtReprogramming&#8482;
therapeutic program through the clinical trial and regulatory process. The firm will work with the Aditxt&#8217;s AditxtReprogramming&#8482;
team to submit a clinical trial application to the regulatory agency in Germany. Psoriasis is the first indication being targeted for
clinical trial in the AditxtReprogramming&#8482; therapeutics pipeline. Other candidates that are advancing toward clinical trials include
ADi&#8482; for type 1 diabetes and skin allografting.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have sixty-eight (68) full time employees. We consider the relations
with our employees to be good.</p><div>

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


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
AND DIRECTOR INDEPENDENCE</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described below
and except for employment arrangements which are described under &#8220;executive compensation,&#8221; since January 1, 2018, there has
not been, nor is there currently proposed, any transaction in which we are or were a participant, the amount involved exceeds the lesser
of $120,000 or 1% of the average of the total assets at December 31, 2021 and 2020, and any of our directors, executive officers, holders
of more than 5% of our common stock or any immediate family member of any of the foregoing had or will have a direct or indirect material
interest.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the years ended December
31, 2019 and 2018, Rowena Albanna, the wife of Amro Albanna, our Chief Executive Officer, provided the Company with operations consulting
services. In July 2020, Ms. Albanna joined the Company as its Chief Operating Officer. As of December 31, 2018, $112,000 was accrued as
compensation. An additional $180,000 was expensed as compensation during the year ended December 31, 2019, and $17,000 was paid on the
accrued balance. As of December 31, 2019, $275,000 remained accrued and outstanding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 22, 2018, the Company
issued an unsecured promissory note to Sekris for $40,000 that accrued interest of 4% annually. The note was due on the earlier of July
22, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 12, 2018, the
Company issued an unsecured promissory note to Sekris for $50,000 that accrued interest of 4% annually. The note was due on the earlier
of August 12, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 2, 2018, the Company
issued an unsecured promissory note to Sekris for $10,000 that accrued interest of 4% annually. The note was due on the earlier of September
2, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 8, 2018, we entered
into an Assignment Agreement (the &#8220;Assignment Agreement&#8221;) with Sekris. See &#8220;Summary&#8212;Overview&#8212;License Agreement
with Loma Linda University.&#8221; Dr. Shabahang, our Chief Innovative Officer, was the Chief Executive Officer of Sekris. Sekris was
subsequently dissolved in 2019.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 8, 2018, we issued
a warrant to purchase up to 500,000 shares of our common stock to Sekris. On March 2, 2018, we issued a 4% unsecured promissory note to
Sekris in the principal amount of $10,000. Principal and interest was due on September 2, 2018 or immediately upon an event of default.
On February 12, 2018, we issued a 4% unsecured promissory note to Sekris in the principal amount of $50,000. Principal and interest was
due on August 12, 2018 or immediately upon an event of default. On January 22, 2018, we issued a 4% unsecured promissory note to Sekris
in the principal amount of $40,000. Principal and interest was due on July 22, 2018 or immediately upon an event of default.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 18, 2018, the Company
issued an unsecured promissory note to Sekris for $17,502 that accrued interest of 4% annually. The note was due on the earlier of December
18, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 1, 2019, we entered
into a consulting agreement with Rowena Albanna, the wife of Amro Albanna, our Chief Executive Officer, to perform operations consulting
services. As part of this agreement, we pay Ms. Albanna $15,000 per month for her services. This agreement terminated on June 30, 2020.
In July 2020, Ms. Albanna joined the Company as its Chief Operating Officer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 21, 2019, we issued
a promissory note to Dr. Shabahang, our Chief Innovative Officer. The note has a principal amount of $10,000, was due on September 21,
2019, and bears an interest rate of 4% per year. This note remains outstanding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2019, we assumed an aggregate of $189,625 of liabilities from Sekris in exchange for the return of 94,813 shares of our common stock.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 20, 2020, we issued
a promissory note to Brian Brady, a member of our board of directors. The note has a principal amount of $50,000, was due on the earlier
of April 19, 2020 or within 10 days of the closing of our initial public offering. This note carried an original issue discount of $25,000.
The note was amended on April 23, 2020 to extend the maturity date to the earlier of June 30, 2020 or within 10 days of the closing of
our initial public offering. This note was repaid in July 2020.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2020, we issued units
of securities to the related parties listed below in conversion of their outstanding accrued compensation through March 31, 2020. The
units were the same type and form of the units offered in the IPO.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38,055 units to Amro Albanna, our Chairman and Chief Executive Officer, in conversion of $342,500 in accrued compensation through March 31, 2020;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47,222 units to Shahrokh Shabahang, D.D.S., MS, Ph.D., our Chief Innovation Officer and Director, in conversion of $425,000 in accrued compensation through March 31, 2020; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,555 units to Rowena Albanna, the wife of our Chief Executive Officer and an independent contractor providing services to the Company, in conversion of $320,000 in accrued compensation through March 31, 2020. In July 2020, Ms. Albanna joined the Company as its Chief Operating Officer.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Review, Approval and Ratification of Related
Party Transactions</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given our small size and limited
financial resources, we have not adopted formal policies and procedures for the review, approval or ratification of transactions, such
as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to establish formal policies
and procedures in the future, once we have sufficient resources and have appointed additional Directors, so that such transactions will
be subject to the review, approval or ratification of our Board of Directors, or an appropriate committee thereof. On a moving forward
basis, our Directors will continue to approve any related party transaction.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
certain information regarding beneficial ownership of shares of our common stock as of July 7, 2022, based on &#8239;55,368,553 &#8239;shares
issued and outstanding by (i) each person known to beneficially own more than 5% of our outstanding common stock, (ii) each of our directors,
(iii) our executive officers and (iv) all directors and executive officers as a group. Shares are beneficially owned when an individual
has voting and/or investment power over the shares or could obtain voting and/or investment power over the shares within 60 days of the
Record Date. Except as otherwise indicated, the persons named in the table have sole voting and investment power with respect to all shares
beneficially owned, subject to community property laws, where applicable. Unless otherwise indicated, the address of each beneficial owner
listed below is c/o Aditxt, Inc., 737 N. Fifth Street, Suite 200, Richmond, VA 23219.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of <br/> shares of <br/> Common&#160;Stock <br/> Beneficially <br/> Owned</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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Directors and Officers:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>





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

</div><!-- Field: Page; Sequence: 51; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PLAN OF DISTRIBUTION</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to an engagement agreement, dated as
of July [ ], 2022, we have engaged H.C. Wainwright &amp; Co., LLC, or the placement agent, to act as our exclusive placement agent to
solicit offers to purchase the securities offered pursuant to this prospectus on a reasonable best efforts basis. The engagement agreement
does not give rise to any commitment by the placement agent to purchase any of our securities, and the placement agent will have no authority
to bind us by virtue of the engagement agreement. The placement agent is not purchasing or selling any of the securities offered by us
under this prospectus, nor is it required to arrange for the purchase or sale of any specific number or dollar amount of securities. The
placement agent does not guarantee that it will be able to raise new capital in any prospective offering. The placement agent may engage
sub-agents or selected dealers to assist with the offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will enter into a securities purchase agreement
directly with certain institutional investors, at such investor&#8217;s option, which purchase our securities in this offering. Investors
that do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the purchase of our securities
in this offering. There is no minimum number of securities or amount of proceeds that is a condition to closing of this offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to deliver the securities being offered
pursuant to this prospectus on or about&#160;[&#160;&#160; ], 2022.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows the per share and per
pre-funded and total placement agent fees we will pay in connection with the sale of the securities in this offering.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per Share</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; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 6.85pt">Placement Agent Fees</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; padding-left: 0.25pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to pay the placement agent a cash
fee equal to 7% of the gross proceeds raised in this offering and a management fee equal to 0.5% of the gross proceeds raised in this
offering. In addition, we have agreed to pay the placement agent for its non-accountable expenses in the amount of $25,000, its legal
fees and expenses and other out-of-pocket expenses in an amount up to $40,000 and its clearing expenses in the amount of $15,950. We estimate
the total offering expenses of this offering that will be payable by us, excluding the placement agent fees and expenses, will be approximately
$[ ].</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we have agreed to issue to the placement
agent or its designees warrants to purchase up to [	] shares of common stock (which represents 6% of the aggregate number of shares
of common stock issued in this offering and issuable upon the exercise of the pre-funded warrants issued in this offering) with an exercise
price of $[ ] per share (representing 125% of the public offering price per share) and exercisable for five years from the date of the
effectiveness of this offering. The placement agent warrants are registered on the registration statement of which this prospectus is
a part. The form of the placement agent warrant has been included as an exhibit to this registration statement of which this prospectus
forms a part. Pursuant to FINRA Rule 5110(g), the placement agent warrants and any shares of common stock issued upon exercise of the
placement agent warrants shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale,
derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period
of 180 days immediately following the date of effectiveness or commencement of sales of this offering, except the transfer of any security:
(i)&#160;by operation of law or by reason of our reorganization; (ii) to any FINRA member firm participating in the offering and the officers
or partners thereof, if all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the
time period; (iii) if the aggregate amount of our securities held by the placement agent or related persons does not exceed[ ]% of the
securities being offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that
no participating member manages or otherwise directs investments by the fund and the participating members in the aggregate do not own
more than [ ]% of the equity in the fund; or (v) the exercise or conversion of any security, if all securities remain subject to the lock-up
restriction set forth above for the remainder of the time period.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have granted the placement agent, subject to
certain exceptions, a right of first refusal for a period of 9 months following the closing of this offering to act as exclusive financial
advisor, sole book-running manager, sole underwriter, sole placement agent or sole agent for each and every future debt financing or refinancing
and public or private equity offering or acquisition or disposition by us or any of our successors or subsidiaries.</p><div>

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


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

</div><!-- Field: Page; Sequence: 52; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also agreed to pay the placement agent&#160;a
tail fee equal to the cash and warrant compensation in this offering, if any investor, who was contacted or introduced to us by the placement
agent during the term of its engagement, provides us with capital in any public or private offering or other financing or capital raising
transaction during the 9-month period following expiration or termination of our engagement of the placement agent.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and each of our officers and directors have
agreed with the placement agent to be subject to a lock-up period of&#160;&#160;&#160;&#160; days following the date of closing of the
offering pursuant to this prospectus. This means that, during the applicable lock-up period, we and such persons may not offer for sale,
contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge, hypothecate or otherwise dispose of, directly
or indirectly, any of our shares of common stock or any securities convertible into, or exercisable or exchangeable for, shares of common
stock, subject to customary exceptions. The placement agent may waive the terms of these lock-up agreements in its sole discretion and
without notice. In addition, we have agreed to not issue any securities that are subject to a price reset based on the trading prices
of our common stock or upon a specified or contingent event in the future, or enter into any agreement to issue securities at a future
determined price for a period of two years following the closing date of this offering, subject to an exception. The placement agent may
waive this prohibition in its sole discretion and without notice.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The placement agent may be deemed to be an underwriter
within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale
of the securities sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities
Act. As an underwriter, the placement agent would be required to comply with the requirements of the Securities Act and the Exchange Act,
including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the timing of
purchases and sales of our securities by the placement agent acting as principal. Under these rules and regulations, the placement agent
(i) may not engage in any stabilization activity in connection with our securities and (ii) may not bid for or purchase any of our securities
or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed
its participation in the distribution.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify the placement agent
against certain liabilities, including certain liabilities arising under the Securities Act, or to contribute to payments that the placement
agent may be required to make for these liabilities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Determination of Offering Price&#160;and&#160;Warrant
Exercise Price</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The actual offering price of the securities we
are offering has been negotiated between us&#160;and the investors in the offering&#160;based on the trading of our shares of common stock
prior to the offering, among other things. Other factors considered in determining the public offering price of the securities we are
offering include our history and prospects, the stage of development of our business, our business plans for the future and the extent
to which they have been implemented, an assessment of our management, the general conditions of the securities markets at the time of
the offering and such other factors as were deemed relevant.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Electronic Offer, Sale and Distribution of
Securities</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A prospectus in electronic format may be made
available on the websites maintained by the placement agent, if any, participating in this offering and the placement agent may distribute
prospectuses electronically. Other than the prospectus in electronic format, the information on these websites is not part of this prospectus
or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the placement agent, and
should not be relied upon by investors.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the placement agent or its
affiliates have in the past or may in the future provide in the future, various advisory, investment and commercial banking and other
services to us in the ordinary course of business, for which they have received and may continue to receive customary fees and commissions.
However, except as disclosed in this prospectus, we have no present arrangements with the placement agent for any further services.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our shares of common stock are listed on The Nasdaq
Capital Market under the symbol &#8220;ADTX.&#8221;</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LEGAL MATTERS&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sheppard, Mullin, Richter &amp; Hampton LLP, New York, New York, will
pass upon the validity of the shares of our common stock offered hereby. Certain legal matters in connection with this offer will be passed
upon for the placement agents by Ellenoff Grossman &amp; Schole LLP.&#160;</p><div>

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

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPERTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;dbb<i>mckennon</i>, an independent registered
public accounting firm, has audited our financial statements included in our Annual Report on Form 10-K for the year ended December 31,
2021, as set forth in their report, which includes an explanatory paragraph as to our ability to continue as a going concern, dated March
31, 2022, which is incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements
are incorporated by reference in reliance on dbb<i>mckennon</i> report, given on the authority of such firm as experts in accounting and
auditing.</p><div>

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

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WHERE YOU CAN FIND MORE INFORMATION&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC a registration statement
on Form S-1 under the Securities Act with respect to the securities offered by this prospectus. This prospectus, which constitutes a part
of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained
in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to
us and our securities, we refer you to the registration statement, including the exhibits filed as a part of the registration statement.
Statements contained in this prospectus concerning the contents of any contract or any other document is not necessarily complete. If
a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that
has been filed. Each statement is this prospectus relating to a contract or document filed as an exhibit is qualified in all respects
by the filed exhibit. We are subject to the informational requirements of the Exchange Act and in accordance therewith file annual, quarterly
and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet website that contains reports,
proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that website is&#160;www.sec.gov<i>.&#160;</i>The
registration statement and the documents referred to below under &#8220;Incorporation of Documents By Reference&#8221; are also available
on our website,&#160;www.astrotechcorp.com. We have not incorporated by reference into this prospectus the information on our website,
and you should not consider it to be a part of this prospectus.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_014"></a></div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><b>INCORPORATION OF DOCUMENTS BY REFERENCE</b></p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">This prospectus is part of the registration statement
but the registration statement includes and incorporates by reference additional information and exhibits. The SEC permits us to &#8220;incorporate
by reference&#8221; the information contained in documents we file with the SEC, which means that we can disclose important information
to you by referring you to those documents rather than by including them in this prospectus. Information that is incorporated by reference
is considered to be part of this prospectus and you should read it with the same care that you read this prospectus. Information that
we file later with the SEC will automatically update and supersede the information that is either contained, or incorporated by reference,
in this prospectus, and will be considered to be a part of this prospectus from the date those documents are filed. We have filed with
the SEC, and incorporate by reference in this prospectus:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
Reports on Form 8-K, filed with the SEC on&#160;<a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021004257/ea133934-8k_aditxtherapeut.htm">January 26, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021012193/ea136652-8k_aditxtherap.htm">February 26, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021017550/ea138357-8k_aditxtherp.htm">March 24, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021025416/ea140542-8k_aditxtherap.htm">May 10, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021033346/ea142958-8k_aditxtherap.htm">June 21, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021036167/ea143935-8k_aditxt.htm">July 8, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021045481/ea146635-8k_aditxtinc.htm">August 30, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021046652/ea146954-8k_aditxt.htm">September 3, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021050761/ea148186-8k_aditxtinc.htm">September 30, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021052106/ea148612-8k_aditxtinc.htm">October 8, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021053799/ea149187-8k_aditxtinc.htm">October 20, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021061795/ea151351-8k_aditxtinc.htm">November 24, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021063388/ea151700-8k_aditxt.htm">December 3, 2021</a>,
<a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021063775/ea151838-8k_aditxtinc.htm">December 7, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021064427/ea152075-8k_aditxtinc.htm">December 9, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021065013/ea152258-8k_aditxtinc.htm">December 13, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021066168/ea152665-8k425_aditxtinc.htm">December 20, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021067321/ea152996-8k_aditxtinc.htm">December 23, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021067652/ea153046-8k425_aditxtinc.htm">December 28, 2021</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022003076/ea154276-8k_aditxtinc.htm">January 21, 2022</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022005278/ea154928-8k_aditxt.htm">February 3, 2022</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022007647/ea155682-8k_aditxt.htm">February 14, 2022</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022018217/ea157996-8k425_aditxt.htm">April 5, 2022</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022031169/ea161091-8k425_aditxt.htm">June 3, 2022</a>, <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022032926/ea161620-8k_aditxt.htm">June 15, 2022</a>,  <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022033320/ea161694-8k425_aditxt.htm">June 16, 2022</a>, and <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022038247/ea162633-8k_aditxtinc.htm">July 8, 2022</a>;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 0.5in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="white-space: nowrap; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual Report on Form 10-K for the year ended December 31, 2021 originally filed with the SEC on <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021_aditxtinc.htm">March 31, 2022</a> and amended on <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022020113/f10k2021a1_aditxtinc.htm">April 15, 2022</a>;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy
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    filed on May 10, 2022; and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 0.5in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&#160;</td>
    <td style="white-space: nowrap; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of our common stock and our preferred stock contained in our Registration Statement on <a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020015155/ea123129-8a12b_aditxtherap.htm">Form&#160;8-A12B/A</a> filed with the Commission on June 17, 2020, and any amendments or reports filed updating such description.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">In addition, all documents subsequently filed
by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the termination of the
offering (excluding any information furnished rather than filed) shall be deemed to be incorporated by reference into this prospectus.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Notwithstanding the statements in the preceding
paragraphs, no document, report or exhibit (or portion of any of the foregoing) or any other information that we have &#8220;furnished&#8221;
to the SEC pursuant to the Securities Exchange Act of 1934, as amended shall be incorporated by reference into this prospectus.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">We will furnish without charge to you, on written
or oral request, a copy of any or all of the documents incorporated by reference in this prospectus, including exhibits to these documents.
You should direct any requests for documents to:</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">737 N. Fifth Street, Suite 200</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Richmond, VA 23219</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Phone: (650) 870-1200</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">You also may access these filings on our website
at http://www.aditxt.com. We do not incorporate the information on our website into this prospectus or any supplement to this prospectus
and you should not consider any information on, or that can be accessed through, our website as part of this prospectus or any supplement
to this prospectus (other than those filings with the SEC that we specifically incorporate by reference into this prospectus or any supplement
to this prospectus).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Any statement contained in a document incorporated
or deemed to be incorporated by reference in this prospectus will be deemed modified, superseded or replaced for purposes of this prospectus
to the extent that a statement contained in this prospectus modifies, supersedes or replaces such statement. Any statement contained herein
or in any document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded for purposes of
the registration statement of which this prospectus forms a part to the extent that a statement contained in any other subsequently filed
document which also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed to constitute a part of the registration statement of which this prospectus forms a part, except as
so modified or superseded.</p><div>

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

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

</div><!-- Field: Page; Sequence: 55; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to $10,000,000 consisting of</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>[
&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] Shares of Common Stock or</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>[Pre-Funded Warrants to Purchase [&#160;&#160;
] Shares of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(or some combination of Shares of Common Stock
and Pre-Funded Warrants)]</b></p><div>

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>H.C. WAINWRIGHT &amp; CO.</b></p><div>

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

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

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

</div><!-- Field: Page; Sequence: 56 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;13. Other Expenses of Issuance and Distribution.&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">We estimate that expenses in connection with the
distribution described in this registration statement (other than brokerage commissions, discounts or other expenses relating to the sale
of the shares in this offering) will be as set forth below. We will pay all of the expenses with respect to the distribution, and such
amounts, with the exception of the SEC registration fee and FINRA fee, are estimates.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">SEC expenses</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">FINRA expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Accounting fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Nasdaq listing and filing fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Miscellaneous expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Total offering expenses (other than placement agent&#8217;s fees)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;14. Indemnification of Directors
and Officers&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Section 102 of Delaware General Corporation Law
(the &#8220;DGCL&#8221;) permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or
its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty,
failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved
a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate
of incorporation provides that no director of Aditxt shall be personally liable to it or its stockholders for monetary damages for any
breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the DGCL
prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Section 145 of the DGCL provides that a corporation
has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of the corporation
for another corporation, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys&#8217;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with an action, suit
or proceeding to which he was or is a party or is threatened to be made a party to any threatened, ending or completed action, suit or
proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect
to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the
extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all
of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery
or such other court shall deem proper.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Our Certificate of Incorporation as amended and
Bylaws provide indemnification for our directors and officers to the fullest extent permitted by the DGCL.</p><div>

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

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

</div><!-- Field: Page; Sequence: 57; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;15. Recent Sales of Unregistered
Securities&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">On January 31, 2022, the Company issued a consultant 3,000 shares
of common stock for services rendered.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">On February 28, 2022, the Company issued a consultant 3,000 shares
of common stock for services rendered.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">On March 31, 2022, the Company issued a consultant 3,000 shares
of common stock for services rendered.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">On June 27, 2022, the Company issued a consultant 1,534,243 shares
of common stock for services rendered.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">The issuances above were made pursuant to Section 4(a)(2) of the Securities
Act.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><span>On June 15, 2022, the Company
entered into a letter agreement (the &#8220;<span style="text-decoration:underline">Letter Agreement</span>&#8221;) with a holder of certain of the Series C Warrants (the &#8220;<span style="text-decoration:underline">Holder</span>&#8221;).
Pursuant to the Letter Agreement, the Holder has agreed to exercise in cash 8,970,947 of its Series C Warrants at a reduced exercise price
of $0.15 per Share (reduced from $1.15 per Share), for gross proceeds to the Company of approximately $1.35 million. As an inducement
to such exercise, the Company has agreed to reduce the exercise price of the Holder&#8217;s remaining Series C Warrants to purchase up
to 2,457,623 Shares from $1.15 to $0.2479 per share (the &#8220;<span style="text-decoration:underline">Amended Series C Warrant</span>&#8221;). The Amended Series C Warrant
will be non-exercisable for a period of six months following the closing date. In addition, the Company shall issue to the Holder a new
warrant (the &#8220;<span style="text-decoration:underline">New Warrant</span>&#8221;) to purchase up to 20,399,517 shares of the Company&#8217;s common stock at an exercise
price of $0.2479 per share. The New Warrant will be non-exercisable for a period of six months following issuance date and have a term
of five and one-half years. The Shares of common stock issuable upon exercise of the Amended Series C Warrants are registered pursuant
to the Company&#8217;s Registration Statement on Form S-3 (Registration No. 333-257645), which was initially filed with the Securities
and Exchange Commission on July 2, 2021, and declared effective on July 13, 2021, and prospectus supplement thereto. The New Warrants
were issued pursuant to Section 4(a)(2) of the Securities Act.</span></p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;16. Exhibits and Financial Statement Schedules.&#160;</b></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 8%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="width: 1%; text-align: justify">&#160;</td>
    <td style="width: 91%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021067652/ea153046ex2-1_aditxtinc.htm">Share Exchange Agreement, dated as of December 28, 2021 by and between AiPharma Group Ltd. and Aditxt, Inc. (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on December 28, 2021)</a></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">3.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex3-1_aditxtherape.htm">Amended and Restated Certificate of Incorporation (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020021942/f10q0620ex3-2_aditxtherape.htm">Certificate of Amendment, dated June 29, 2020 (incorporated by reference to the Registrant&#8217;s Quarterly Report on Form 10-Q, filed with the SEC on August 13, 2020)</a></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">3.3</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex3-3_aditxtherape.htm">Amended and Restated Bylaws (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020024322/ea126150ex3-4_aditxther.htm">Certificate of Designation Series A Preferred Stock (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1 (File No. 333-248491)</a></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">3.5</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021029051/ea141620ex3-1_aditxtherap.htm">Certificate of Amendment, filed with the Secretary of State of the State of Delaware on May 24, 2021 (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on May 25, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021036167/ea143935ex3-1_aditxt.htm">Certificate of Amendment, dated July 6, 2021 (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on July 8, 2021)</a></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">4.1</span></td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex4-1_aditxtherape.htm">Form the Company&#8217;s common stock certificate (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></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"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020024322/ea126150ex4-2_aditxther.htm">Form of Series A-1 Warrant Agent Agreement (including the terms of the Series A-1 Warrant) (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1 (File No. 333-248491)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020024322/ea126150ex4-3_aditxther.htm">Form of Series B-1 Warrant Agent Agreement (including the terms of the Series B-1 Warrant) (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1 (File No. 333-248491)</a></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">4.5</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021045481/ea146635ex4-1_aditxtinc.htm">Form of Warrant (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on August 30, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; ">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Sheppard, Mullin, Richter &amp; Hampton, LLP</span></td></tr>
  <tr style="vertical-align: top; ">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-1_aditxtherape.htm">Form of Promissory Note issued to Sekris Biomedical, Inc. (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-2_aditxtherape.htm">Warrant, dated March 8, 2018, issued to Sekris Biomedical, Inc. (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; ">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-3_aditxtherape.htm">Form of Private Placement Subscription Agreement (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-4_aditxtherape.htm">Patent Licensing Agreement, dated February 3, 2020 (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></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">10.5</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-5_aditxtherape.htm">Patent and Technology License Agreement, dated March 15, 2018 between Loma Linda University and Aditx Therapeutics, Inc. (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020021942/f10q0620ex10-1_aditxtherape.htm">Amendment Agreement to the Patent and Technology License Agreement, dated July 1, 2020 by and between Loma Linda University and Aditx Therapeutics, Inc. (incorporated by reference to the Registrant&#8217;s Quarterly Report on Form 10-Q, filed with the SEC on August 13, 2020)</a></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">10.7</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-6_aditxtherape.htm">2017 Equity Incentive Plan and forms of award agreements thereunder (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-7_aditxtherape.htm">Consulting Agreement, dated March 1, 2018 between Aditx Therapeutics, Inc. and Canyon Ridge Development LLC d/b/a Mission Critical Solutions International (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
</table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="text-align: justify; width: 1%">&#160;</td>
    <td style="text-align: justify; width: 91%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-8_aditxtherape.htm">Form of July 2018 Securities Purchase Agreement (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></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">10.10</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-9_aditxtherape.htm">Form of July 2018 Note (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-10_aditxtherape.htm">Form of April 2018 Promissory Note (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></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">10.12</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-11_aditxtherape.htm">Form of March 2019 Promissory Note (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-12_aditxtherape.htm">Form of October 2019 Securities Purchase Agreement (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></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">10.14</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-13_aditxtherape.htm">Form of October 2019 Note (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-14_aditxtherape.htm">Form of January 2020 Note Purchase Agreement (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></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">10.16</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020012077/ea121627ex10-15_aditxtherape.htm">Form of January 2020 Private Placement Promissory Note (incorporated by reference to the Registrant&#8217;s Registration Statement on Form S-1/A (File No. 333-235933)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390020038611/ea130308ex10-1_aditxtherap.htm">Consulting Agreement by and between the Company and Salveo Diagnostics, Inc., dated November 18, 2020 (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on November 23, 2020)</a></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">10.18</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021004257/ea133934ex4-1_aditxtherap.htm">Form of Senior Secured Convertible Promissory Note (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on January 26, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021004257/ea133934ex4-2_aditxtherap.htm">Form of Warrant (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on January 26, 2021)</a></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">10.20</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021004257/ea133934ex10-1_aditxtherap.htm">Form of Securities Purchase Agreement (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on January 26, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021004257/ea133934ex10-2_aditxtherap.htm">Form of Registration Rights Agreement (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on January 26, 2021)</a></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">10.22</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021012193/ea136652ex10-1_aditxtherap.htm">Employment Agreement, dated as of February 24, 2021, by and between the Company and Amro Albanna (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on February 26, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021012193/ea136652ex10-2_aditxtherap.htm">2021 Omnibus Equity Incentive Plan (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on February 26, 2021)</a></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">10.24</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021025416/ea140542ex10-1_aditxtherap.htm">Lease Agreement, dated as of May 4, 2021, by and between LS Biotech Eight, LLC as Landlord, and Aditxt Therapeutics, Inc., as Tenant (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on May 10, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021045481/ea146635ex10-1_aditxtinc.htm">Form of Securities Purchase Agreement (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on August 30, 2021)</a></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">10.26</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021045481/ea146635ex10-2_aditxtinc.htm">Placement Agency Agreement (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on August 30, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.27</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021045481/ea146635ex10-3_aditxtinc.htm">Form of Placement Agent Warrant (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on August 30, 2021)</a></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">10.28</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021045481/ea146635ex10-4_aditxtinc.htm">Waiver and Defeasance Agreement (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on August 30, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021059330/f10q0921ex10-5_aditxtinc.htm">Secured Credit Agreement, dated as of August 27, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company (incorporated by reference to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on November 15, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; ">
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</table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021059330/f10q0921ex10-12_aditxtinc.htm">Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Amro Albanna, Chief Executive Officer (incorporated by reference to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on November 15, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.39</span></td>
    <td style="text-align: justify">&#160;</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">10.40</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021059330/f10q0921ex10-15_aditxtinc.htm">Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Shahrokh Shabahang, Chief Innovation Officer (incorporated by reference to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on November 15, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.41</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390021059330/f10q0921ex10-16_aditxtinc.htm">Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Rowena Albanna, Chief Operating Officer (incorporated by reference to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on November 15, 2021)</a></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">10.42</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-42_aditxtinc.htm">Form of Warrant Reduction and Release Agreement dated as of November 24, 2021 (incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.43</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-43_aditxtinc.htm">First Amendment to Transaction Agreement dated November 30, 2021, by and between the Company and AiPharma Global Holdings LLC(incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></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">10.44</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-44_aditxtinc.htm">Third Amendment to Secured Credit Agreement dated November 30, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company(incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.45</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-45_aditxtinc.htm">Second Amendment to Transaction Agreement dated December 7, 2021, by and between the Company and AiPharma Global Holdings LLC (incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></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">10.46#</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-46_aditxtinc.htm">Secured Credit Agreement, dated as of December 8, 2021, by and among the Company and the Target Company(incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.47</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-47_aditxtinc.htm">Third Amendment to Transaction Agreement dated December 17, 2021, by and between the Company and AiPharma Global Holdings LLC(incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></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">10.48</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-48_aditxtinc.htm">Fifth Amendment to Secured Credit Agreement dated December 22, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company(incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.49</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-49_aditxtinc.htm">Sixth Amendment to Secured Credit Agreement dated December 28, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company(incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></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">10.50</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-50_aditxtinc.htm">Employment Agreement between Aditxt, Inc. and Matthew Shatzkes, Chief Legal Officer and General Counsel (incorporated by reference to the Registrant&#8217;s Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)</a></span></td></tr>
</table><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.51</span></td>
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    <td style="text-align: justify; width: 91%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022016723/f10k2021ex10-51_aditxtinc.htm">Forbearance Agreement and Seventh Amendment to Secured Credit Agreement dated as of February 14, 2022 by and among the Company, Cellvera Global Holdings LLC, Cellvera Holdings Ltd., Cellvera Asia Limited (incorporated by reference to the Registrant&#8217;s Form 10-K/A for the year ended December 31, 2021 filed on April 15, 2022)</a></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">10.52</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022027113/f10q0322ex10-6_aditxtinc.htm">Revenue Sharing Agreement by and among Aditxt, Inc., Cellvera Global Holdings LLC and Cellvera Asia Limited dated as of March 31, 2022 (incorporated by reference to the Registrant&#8217;s Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022027113/f10q0322ex10-7_aditxtinc.htm">Amendment to Share Exchange Agreement by and between AiPharma Group Ltd. and Aditxt, Inc. dated as of March 31, 2022 (incorporated by reference to the Registrant&#8217;s Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)</a></span></td></tr>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022031169/ea161091ex10-1_aditxt.htm">Form of Agreement for the Purchase and Sale of Future Receipts (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on June 3, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.54</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022032926/ea161620ex10-1_aditxt.htm">Amendment No. 1 to Series C Warrant Agent Agreement dated June 15, 2022 (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</a></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">10.55</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022032926/ea161620ex10-2_aditxt.htm">Inducement Offer to Exercise Series C Common Stock Purchase Warrants (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.56</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022032926/ea161620ex10-3_aditxt.htm">Form of New Warrant (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</a></span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.57</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022032926/ea161620ex10-4_aditxt.htm">Form of Placement Agent Warrant(incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.58</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1726711/000121390022033320/ea161694ex10-1_aditxt.htm">Second Amendment to Share Exchange Agreement by and between AiPharma Group Ltd. and Aditxt, Inc. dated June 10, 2022 (incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on June 16, 2022)</a></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">23.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea162941ex23-1_aditxtinc.htm">Consent of dbb<i>mckennon</i>, independent registered public accounting firm</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Sheppard, Mullin, Richter &amp; Hampton LLP (included in Exhibit 5.1)</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document.</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify">107</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="ea162941ex-fee_aditxtinc.htm">Filing Fee Table</a></td></tr>
  </table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">To be filed by amendment</td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
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</div><p style="margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;17. Undertakings.</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned registrant hereby undertakes:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Include
any prospectus required by Section 10(a)(3) of the Securities Act.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration
Fee&#8221; table in the effective registration statement; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><i>provided, however</i>, that paragraphs (1)(i),
(ii) and (iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to
Rule 424(b) that is part of the registration statement.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 0.25in; padding: 0.25pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td>
    <td style="white-space: nowrap; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as
part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to
section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s
annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</p><div>

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

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

</div><!-- Field: Page; Sequence: 63; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form&#160;S-1 to be signed on
its behalf by the undersigned, thereunto duly authorized in the City of Richmond, State of Virginia, on the 18th day of July, 2022.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aditxt, Inc.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Amro Albanna</span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 4%">&#160;</td>
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="width: 31%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amro Albanna</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Amro Albanna, his or her true and lawful attorney-in-fact and agent with full power
of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities to sign any or
all amendments (including, without limitation, post-effective amendments) to this Registration Statement, any related Registration Statement
filed pursuant to Rule&#160;462(b)&#160;under the Securities Act of 1933, as amended, and any or all pre- or post-effective amendments
thereto, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully for all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming that said attorney-in-fact and agent, or any substitute or substitutes for him, may lawfully do or cause to be
done by virtue hereof.&#160;Pursuant to the requirements of the Securities Act of 1933, as amended, the following persons in the capacities
and on the dates indicated have signed this Registration Statement below.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement on Form&#160;S-1 has been signed by the following persons in the capacities and on
the dates indicated below.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 38%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Signature</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 40%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr>
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As filed with the Securities and Exchange Commission
 July 18, 2022
Registration Statement No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ADITXT, INC.
(Exact name of registrant as specified in its charter)
Delaware
23219
82-3204328
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
737 N. Fifth Street, Suite 200
Richmond, VA 23219
(650) 870-1200
(Address and telephone number of registrant's principal executive offices)
Amro Albanna
Aditxt, Inc.
Chief Executive Officer
737 N. Fifth Street, Suite 200
Richmond, VA 23219
(650) 870-1200
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Richard A. Friedman, Esq.
Robert F.
Charron, Esq.
Sean F. Reid, Esq.
Matthew McCullough, Esq.
Emily A. Mastoloni, Esq.
Ellenoff Grossman & Schole LLP
Sheppard, Mullin, Richter & Hampton LLP
1345 Avenue of the Americas
30 Rockefeller Plaza
New York, NY 10105
New York, NY 10112
Tel: (212) 370-1300
Tel: (212) 653-8700
Fax: (212) 653-8701
Approximate date of commencement of proposed
sale to the public:
As soon as practicable after the effective date of this registration statement becomes effective.
If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box:
☐
If this Form is filed to register
additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided to Section 7(a)(2)(B) of the Securities Act.
☒
The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine
.
The information in
this preliminary prospectus is not complete and may be changed. The selling stockholders may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS
SUBJECT
    TO COMPLETION
DATED      ,
    2022
Aditxt, Inc.
Shares of Common Stock and
Pre-Funded Warrants to Purchase [    ] Shares
of Common Stock and
Placement Agent Warrants to Purchase up to [    ]
Shares of Common Stock
We are offering in a best-efforts offering up
to [    ] shares of our common stock, par value $0.001 per share, at an assumed purchase price of $[    ] per share of common stock, which
was the closing price of our common stock on The Nasdaq Capital Market on July [    ], 2022. [We are also offering to certain purchasers
whose purchase of shares of common stock in this offering would otherwise result in the purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock immediately
following the consummation of this offering, the opportunity to purchase, if any such purchaser so chooses, pre-funded warrants, in lieu
of shares of common stock that would otherwise result in such purchaser's beneficial ownership exceeding 4.99% (or, at the election
of the purchaser, 9.99%) of our outstanding common stock. The purchase price of each pre-funded warrant will be equal to the price at
which a share of common stock is sold to the public in this offering, minus $0.001, and the exercise price of each pre-funded warrant
will be $0.001 per share. The pre-funded warrants will be immediately exercisable and may be exercised at any time until all of the
pre-funded warrants are exercised in full. For each pre-funded warrant we sell, the number of shares of common stock we are offering will
be decreased on a one-for-one basis. The shares of common stock and pre-funded warrants can only be purchased together in this offering
but will be issued separately and will be immediately separable upon issuance. ]
There is no minimum number of securities or minimum
aggregate amount of proceeds for this offering to close. The offering of the securities will terminate on the first date that we enter
into securities purchase agreements to sell the securities offered hereby.
Our common stock is listed on The Nasdaq
Capital Market under the symbol "ADTX". On July [ ], 2022, the closing price as reported on The Nasdaq Capital Market was
$[ ] per share. The public offering price per share of common stock and any pre-funded warrant will be determined at the time of pricing,
and may be at a discount to the then current market price. The recent market price used throughout this prospectus may not be indicative
of the final offering price. The final public offering price will be determined through negotiation between us and investors based upon
a number of factors, including our history and our prospects, the industry in which we operate, our past and present operating results,
the previous experience of our executive officers and the general condition of the securities markets at the time of this offering. There
is no established public trading market for the pre-funded warrants and the placement agent's warrants and we do not expect a market
to develop. Without an active trading market, the liquidity of the warrants will be limited. In addition, we do not intend to list the
pre- funded warrants or the placement agent's warrants on The Nasdaq Capital Market, any other national securities exchange or any
other trading system.
Investing in our common stock involves a high
degree of risk. See "Risk Factors" beginning on page 4 of this prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Per Share
Per Pre-Funded
Warrant
Total
Offering price
Placement agent fees (1)
Proceeds to us, before expenses (2)
1.
We
have agreed to reimburse H.C. Wainwright & Co., LLC (the "Placement Agent") for certain of its offering-related expenses,
including a management fee of [  ]% of the gross proceeds raised in this offering. In addition, we have agreed to issue to
the Placement Agent warrants to purchase up to a number of shares of our common stock equal to [  ]% of the number of shares
of common stock and pre-funded warrants being offered at an exercise price equal to [    ]% of the public offering
price of the shares common stock. See "Plan of Distribution" for additional information and a description of the compensation
payable to the Placement Agent.
2.
We
estimate the total expenses of this offering payable by us, excluding the placement agent fee, will be approximately $[     ].
We anticipate that delivery of the securities
against payment will be made on or about [   ], 2022.
H.C. WAINWRIGHT & CO.
Prospectus dated     , 2022
TABLE OF CONTENTS
Page
Prospectus Summary
1
The Offering
3
Risk Factors
4
Cautionary Statement Regarding Forward-Looking Statements
28
Dilution
28
Use of Proceeds
30
Business
31
Certain Relationships and Related Transactions and Director Independence
46
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
48
Description of our Common and Preferred Stock
Plan of Distribution
49
Legal Matters
51
Experts
51
Where You Can Find More Information
51
Incorporation of Documents by Reference
52
We and the placement agent have not authorized
anyone to provide any information or to make any representations other than those contained in or incorporated by reference in this prospectus
or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and
can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell
only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained
in or incorporated by reference in this prospectus is accurate only as of its date regardless of the time of delivery of this prospectus
or of any sale of common stock
.
To the extent there is a conflict between the
information contained in this prospectus, on the one hand, and the information contained in any document incorporated by reference filed
with the U.S. Securities and Exchange Commission (the "SEC") before the date of this prospectus, on the other hand, you should
rely on the information in this prospectus. If any statement in a document incorporated by reference is inconsistent with a statement
in another document incorporated by reference having a later date, the statement in the document having the later date modifies or supersedes
the earlier statement.
Neither we nor the placement agent have done anything
that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is
required, other than in the United States. Persons who come into possession of this prospectus and any free writing prospectus in jurisdictions
outside the United States are required to inform themselves about and to observe any restrictions as to this offering and the distribution
of this prospectus and any free writing prospectus applicable to that jurisdiction.
This prospectus and the documents incorporated
by reference in this prospectus contain market data and industry statistics and forecasts that are based on independent industry publications
and other publicly available information. Although we believe that these sources are reliable, we do not guarantee the accuracy or completeness
of this information and we have not independently verified this information. Although we are not aware of any misstatements regarding
the market and industry data presented or incorporated by reference in this prospectus, these estimates involve risks and uncertainties
and are subject to change based on various factors, including those discussed under the heading "Risk Factors" and any related
free writing prospectus. Accordingly, investors should not place undue reliance on this information.
i
PROSPECTUS SUMMARY
This summary
highlights certain information about us, this offering and selected information contained elsewhere in this prospectus and in the
documents incorporated by reference. This summary is not complete and does not contain all of the information that you should
consider before deciding whether to invest in our securities. For a more complete understanding of our company and this offering, we
encourage you to read and consider carefully the more detailed information contained in or incorporated by reference in this
prospectus, including the information contained under the heading "Risk Factors" beginning on page 4 of this prospectus,
and the information included in any free writing prospectus that we have authorized for use in connection with this
offering.
Throughout this prospectus, the terms "we,"
"us," "our," and "our company" refer to Aditxt, Inc. a Delaware corporation, unless the context requires
otherwise.
Overview
We are a biotech innovation company with a mission
of prolonging life and enhancing its quality by improving the health of the immune system.
We are developing biotechnologies specifically
focused on improving the health of the immune system through immune mapping and reprogramming. Our immune mapping technologies are designed
to provide a personalized comprehensive profile of the immune system and we plan to utilize them in our upcoming reprogramming clinical
trials to monitor subjects' immune response before, during and after drug administration. Our immune reprogramming technologies
are designed to retrain the immune system to induce tolerance with the objectives of addressing rejection of transplanted organs as well
as ameliorate autoimmune diseases and allergies. These programs are currently in the pre-clinical stage with one product candidate slated
for GMP manufacturing (clinical grade material) and toxicology studies in preparation for clinical trials.
Immune Reprogramming – Immune Modulation
The discovery of immunosuppressive (anti-rejection
and monoclonal) drugs over 40 years ago has made possible life-saving organ transplantation procedures and blocking of unwanted immune
responses in autoimmune diseases. However, immune suppression leads to significant undesirable side effects, such as increased susceptibility
to life-threatening infections and cancers, because it indiscriminately and broadly suppresses immune function throughout the body. While
the use of these drugs has been justifiable because they prevent or delay organ rejection, their use for treatment of autoimmune diseases
and allergies may not be acceptable because of the above-mentioned side effects. Furthermore, transplanted organs often ultimately fail
despite the use of immune suppression, and about 40% of transplanted organs survive no more than five years.
New, focused therapeutic approaches are needed
that modulate only the small portion of immune cells that are involved in rejection of the transplanted organ, as this approach can be
safer for patients than indiscriminate immune suppression. Such approaches are referred to as immune tolerance, and when therapeutically
induced, may be safer for patients and also potentially allow long-term survival of transplanted tissues and organs.
In the late 1990s, academic research on these
approaches was conducted at the Transplant Center at Loma Linda University in connection with a project that secured initial grant funding
from the U.S. Department of Defense. The focus of that project was for skin grafting for burn victims. Twenty years of research
at LLU and an affiliated incubator led to a series of discoveries that have been translated into a large patent portfolio of therapeutic
approaches that may be applied to the modulation of the immune system in order to induce tolerance to self and transplanted organs.
We have an exclusive worldwide license from LLU
for commercializing this nucleic acid-based technology (which is currently at the pre-clinical stage), called Apoptotic DNA Immunotherapy™
(ADI™), which utilizes a novel approach that mimics the way our bodies naturally induce tolerance to our own tissues ("therapeutically
induced immune tolerance"). While immune suppression requires continuous administration to prevent rejection of a transplanted organ,
induction of tolerance has the potential to retrain the immune system to accept the organ for longer periods of time. Thus, ADI™
may allow patients to live with transplanted organs with significantly reduced immune suppression. ADI™ is a technology platform,
which we believe can be engineered to address a wide variety of indications.
1
We are developing ADI™ product candidates
for organ transplantation including skin grafting, autoimmune diseases including psoriasis and type 1 diabetes (T1D), and allergies, with
an initial focus on psoriasis, T1D, and skin allografting., To submit a Biologics License Application ("BLA") for a biopharmaceutical
product, clinical safety and efficacy must be demonstrated in a series of clinical studies conducted with human subjects. For products
in our class of drugs, the first-in-human trials will be a combination of Phase I (safety/tolerability) and Phase II (efficacy) in affected
subjects. To obtain approval to initiate the Phase I/II studies, an Investigational New Drug (IND) Application will be submitted compiling
non-clinical efficacy data as well as manufacturing and pre-clinical or clinical toxicology data. To date, we have conducted non-clinical
studies in a stringent model of skin transplantation using genetically mismatched donor and recipient animals demonstrating a 3-fold increase
in the survival of the skin graft in animals that were tolerized with ADI™ compared to animals that receive immune suppression alone.
Prolongation of graft life was observed despite discontinuation of immune suppression after the first 5 weeks. Additionally, in an induced
non-clinical model for psoriasis, ADI™ treatment resulted in a 69% reduction in skin thickness and a 38% decrease in skin flaking
(two clinical parameters for assessment of psoriasis skin lesions). The Phase I/II studies in psoriasis will evaluate the safety/tolerability
of ADI™ in patients diagnosed with psoriasis. Since the drug will be administered in subjects diagnosed with psoriasis, effectiveness
of the drug to improve psoriatic lesions will also be evaluated. In another Phase I/II study, patients requiring skin allografts will
receive weekly intra-dermal injections of ADI™ in combination with standard immune suppression to assess safety/tolerability and
possibility of reducing levels of immunosuppressive drugs as well as prolongation of graft life.
Corporate Information
We were incorporated as a Delaware corporation
on September 28, 2017. Our principal executive offices are located at 737 N. Fifth Street, Suite 200 Richmond, VA 23219, and our telephone
number is (650) 870-1200.
Our common stock trades on The Nasdaq Capital
Market under the symbol "ADTX."
Available Information
Our principal Internet address is www.adtixt.com.  We
make available free of charge on www.aditxt.com our annual, quarterly and current reports, and amendments to those reports, as soon as
reasonably practicable after we electronically file such material with, or furnish it to, the SEC. You may also read and copy any materials
we file with the SEC at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports,
proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.
2
THE OFFERING
Common stock outstanding prior to this offering
shares.
Common stock offered
shares.
Common stock to be outstanding after this offering
shares, assuming no sale of pre-funded warrants, which, if sold, would reduce the number of shares of common stock that we are offering on a one-for-one basis, and exercise of the warrants issued to the placement agent (the "Placement Agent Warrants").
[Pre-funded warrants offered
We are also offering to certain purchasers whose purchase of shares of common stock in this offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock immediately following the closing of this offering, the opportunity to purchase, if such purchasers so choose, pre-funded warrants to purchase shares of common stock, in lieu of shares of common stock that would otherwise result in any such purchaser's beneficial ownership exceeding 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock. Each pre-funded warrant will be exercisable for one share of our common stock. The purchase price of each pre-funded warrant and accompanying common warrant (as described below) will be equal to the price at which a share of common stock and accompanying common warrant is being sold to the public in this offering, minus $0.001, and the exercise price of each pre-funded warrant will be $0.001 per share. The pre-funded warrants will be exercisable immediately and may be exercised at any time until all of the pre-funded warrants are exercised in full. This offering also relates to the shares of common stock issuable upon exercise of any pre-funded warrants sold in this offering. For each pre-funded warrant we sell, the number of shares of common stock we are offering will be decreased on a one-for-one basis.]
Use of proceeds
We estimate that our net proceeds from this offering will be approximately $10 million. This is based on an assumed public offering price of $[  ] per share, which is the last reported trading price of our common stock on The Nasdaq Capital Market on July [ ], 2022, after deducting the estimated placement agent fees and commissions and estimated offering expenses payable by us.
We intend to use the net proceeds of this offering for continuing operating expenses and working capital.
Risk factors
See
    "Risk Factors" beginning on page 4 of this prospectus, as well as other information included in this prospectus, for a
    discussion of factors you should read and consider carefully before investing in our securities.
Nasdaq Capital Markets symbol
Our common stock is listed on The Nasdaq Capital Markets under the symbol "ADTX".
The number of shares of our common stock to be
outstanding after this offering as shown above is based on
55,368,553
shares outstanding
as of July 7, 2022 and excludes as of that date:
●
45,964,942
shares of our common stock issuable upon exercise of warrants, subject to vesting having a weighted average exercise price of $1.24 per
share;
●
2,235,466
shares of our common stock issuable upon exercise of outstanding options under our 2017 Equity Incentive Plan or the 2017 Plan, subject
to vesting; and
●
891,125
shares of our common stock subject to outstanding Restricted Stock Units under our 2021 Omnibus Equity Incentive Plan, or the 2021 Plan,
are subject to vesting.
Except as otherwise indicated herein, all information
in this prospectus assumes no sale of pre-funded warrants, which, if sold, would reduce the number of shares of common stock that we are
offering on a one-for-one basis, and no exercise of options issued under our Plan or of warrants described above, including the Placement
Agent Warrants.
3
RISK FACTORS
An investment in our
securities involves a high degree of risk. This prospectus contains a discussion of the risks applicable to an investment in our securities.
Prior to making a decision about investing in our securities, you should carefully consider the specific factors discussed within this
prospectus. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently
known to us or that we currently deem immaterial may also affect our operations. The occurrence of any of these known or unknown risks
might cause you to lose all or part of your investment in the offered securities.
Risks Related to Our Financial Position and Need for Capital
We have generated no significant revenue from commercial
sales to date and our future profitability is uncertain.
We were incorporated in September 2017 and have a limited operating
history and our business is subject to all of the risks inherent in the establishment of a new business enterprise. Our likelihood of
success must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection
with development and expansion of a new business enterprise. Since inception, we have incurred losses and expect to continue to operate
at a net loss for at least the next several years as we commence our research and development efforts, conduct clinical trials and develop
manufacturing, sales, marketing and distribution capabilities. Our net loss for the years ended December 31, 2021 and 2020 was $46,371,364
and $9,149,227, respectively, and our accumulated deficit as of December 31, 2021 was $67,352,809. Our net loss for the three months ended
March 31, 2022 and 2021 was $6,059,141 and $6,379,667, respectively, and our accumulated deficit as of March 31, 2022 was $73,411,950.
There can be no assurance that the products under development by us will be approved for sale in the U.S. or elsewhere. Furthermore, there
can be no assurance that if such products are approved, they will be successfully commercialized, and the extent of our future losses
and the timing of our profitability are highly uncertain. If we are unable to achieve profitability, we may be unable to continue our
operations.
If we fail to obtain the capital necessary to fund our
operations, we will be unable to continue or complete our product development and you will likely lose your entire investment.
We will need to continue to seek capital from time to time to
continue development of our lead drug candidate beyond our initial combined Phase I/IIa clinical trial and to acquire and develop other
product candidates. Once approved for commercialization, we cannot provide any assurances that any revenues it may generate in the future
will be sufficient to fund our ongoing operations.
Our business or operations may change in a manner that would
consume available funds more rapidly than anticipated and substantial additional funding may be required to maintain operations, fund
expansion, develop new or enhance products, acquire complementary products, business or technologies or otherwise respond to competitive
pressures and opportunities, such as a change in the regulatory environment or a change in preferred treatment modalities. In addition,
we may need to accelerate the growth of our sales capabilities and distribution beyond what is currently envisioned, and this would require
additional capital. However, we may not be able to secure funding when we need it or on favorable terms. We may not be able to raise sufficient
funds to commercialize the product candidates we intend to develop.
4
If we cannot raise adequate funds to satisfy our capital requirements,
we will have to delay, scale back or eliminate our research and development activities, clinical studies or future operations. We may
also be required to obtain funds through arrangements with collaborators, which arrangements may require us to relinquish rights to certain
technologies or products that we otherwise would not consider relinquishing, including rights to future product candidates or certain
major geographic markets. This could result in sharing revenues which we might otherwise retain for ourselves. Any of these actions may
harm our business, financial condition and results of operations.
The amount of capital we may need depends on many factors, including
the progress, timing and scope of our product development programs; the progress, timing and scope of our preclinical studies and clinical
trials; the time and cost necessary to obtain regulatory approvals; the time and cost necessary to further develop manufacturing processes
and arrange for contract manufacturing; our ability to enter into and maintain collaborative, licensing and other commercial relationships;
and our partners' commitment of time and resources to the development and commercialization of our products.
Our financial situation creates doubt whether we will continue
as a going concern.
The Company was incorporated on September 28, 2017 and through
the date of this report has generated no significant revenues. For the years ended December 31, 2021 and 2020, the Company had a net loss
of $46,371,364 and $9,149,227, respectively. For the three months ended March 31, 2022 and 2021, the Company had a net loss of $6,059,141
and $6,379,667, respectively. There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient
cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support
our working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing
are insufficient, we will have to raise additional working capital. No assurance can be given that additional financing will be available,
or if available, will be on acceptable terms. These conditions raise substantial doubt about our ability to continue as a going concern.
If adequate working capital is not available, we may be forced to discontinue operations, which would cause investors to lose their entire
investment.
We may need to raise additional funding, which may not
be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate
our product development efforts or other operations.
We do not expect that our current cash position will be sufficient
to fund our current operations for the next 12 months. Our operating plan may change as a result of many factors currently unknown to
us, and we may need to seek additional funds sooner than planned, through public or private equity or debt financings, government or other
third-party funding, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements
or a combination of these approaches. In any event, we will require additional capital to obtain regulatory approval for, and to commercialize,
our product candidates. Raising funds in the current economic environment may present additional challenges. Even if we believe we have
sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we
have specific strategic considerations.
Any additional fundraising efforts may divert our management
from their day-to-day activities, which may adversely affect our ability to develop and commercialize our product candidates. In addition,
we cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to us, if at all. Moreover, the
terms of any financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities,
whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our shares to decline. The sale of additional
equity or convertible securities may dilute our existing stockholders. The incurrence of indebtedness would result in increased fixed
payment obligations and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional
debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could
adversely impact our ability to conduct our business. We could also be required to seek funds through arrangements with collaborative
partners or otherwise at an earlier stage than otherwise would be desirable and we may be required to relinquish rights to some of our
technologies or product candidates or otherwise agree to terms unfavorable to us, any of which may have a material adverse effect on our
business, operating results and prospects.
5
If we are unable to obtain funding on a timely basis, we may
be required to significantly curtail, delay or discontinue one or more of our research or development programs or the commercialization
of any product candidate or be unable to expand our operations or otherwise capitalize on our business opportunities, as desired, which
could materially affect our business, financial condition and results of operations.
Even if we can raise additional funding, we may be required
to do so on terms that are dilutive to you.
The capital markets have been unpredictable in the past for unprofitable
companies such as ours. In addition, it is generally difficult for development stage companies to raise capital under current market conditions.
The amount of capital that a company such as ours is able to raise often depends on variables that are beyond our control. As a result,
we may not be able to secure financing on terms attractive to us, or at all. If we are able to consummate a financing arrangement, the
amount raised may not be sufficient to meet our future needs. If adequate funds are not available on acceptable terms, or at all, our
business, including our results of operations, financial condition and our continued viability will be materially adversely affected.
Risks Related to Product Development, Regulatory Approval,
Manufacturing and Commercialization
The regulatory approval process is expensive, time-consuming
and uncertain and may prevent us from obtaining approvals for the commercialization of our future product candidates, if any.
We will not be permitted to market our product candidates in
the United States until we receive approval from the FDA, or in any foreign countries until we receive the requisite approval from corresponding
agencies in such countries. The testing, manufacturing, labeling, approval, selling, marketing and distribution of health and life science-related
products are subject to extensive regulation, which regulations differ from country to country.
Successfully completing our clinical program and obtaining approval
of a Biologics License Application ("BLA") is a complex, lengthy, expensive and uncertain process, and the FDA or other applicable
foreign regulator may delay, limit or deny approval of our product candidates for many reasons, including, among others, because:
●
we may not be able to demonstrate that our product candidates are safe and effective in treating patients to the satisfaction of the FDA or foreign regulator;
●
the results of our clinical trials may not meet the level of statistical or clinical significance required by the FDA or foreign regulator for marketing approval;
●
the FDA or foreign regulator may disagree with the number, design, size, conduct or implementation of our clinical trials;
●
the FDA or foreign regulator may require that we conduct additional clinical trials;
●
the FDA or foreign regulator may not approve the formulation, labeling or specifications of our product candidates;
●
the contract research organizations (CROs) and other contractors that we may retain to conduct our clinical trials may take actions outside of our control that materially adversely impact our clinical trials;
6
●
the FDA or foreign regulator may find the data from preclinical studies and clinical trials insufficient to demonstrate that our product candidate(s) are safe and effective for their proposed indications;
●
the FDA or foreign regulator may disagree with our interpretation of data from our preclinical studies and clinical trials;
●
the FDA or foreign regulator may not accept data generated at our clinical trial sites or may disagree with us over whether to accept efficacy results from clinical trial sites outside the United States or outside the EU, as applicable, where the standard of care is potentially different from that in the United States or in the EU, as applicable;
●
if and when our BLAs or foreign equivalents are submitted to the applicable regulatory authorities, such agencies may have difficulties scheduling the necessary review meetings in a timely manner, may recommend against approval of our application or may recommend or require, as a condition of approval, additional preclinical studies or clinical trials, limitations on approved labeling or distribution and use restrictions;
●
the FDA or foreign regulator may require development of a Risk Evaluation and Mitigation Strategy (REMS), which would use risk minimization strategies to ensure that the benefits of certain prescription drugs outweigh their risks, as a condition of approval or post-approval;
●
the FDA or other applicable foreign regulatory agencies may not approve the manufacturing processes or facilities of third-party manufacturers with which we contract; or
●
the FDA or the other applicable foreign regulatory agencies may change their approval policies or adopt new regulations.
We may encounter substantial delays in completing our clinical
studies which in turn will require additional costs, or we may fail to demonstrate adequate safety and efficacy to the satisfaction of
applicable regulatory authorities.
It is difficult to predict if or when any of our product candidates,
will prove safe or effective in humans or will receive regulatory approval. Before obtaining marketing approval from regulatory
authorities for the sale of our product candidates, we must conduct extensive clinical studies to demonstrate the safety and efficacy
of the product candidates in humans. Clinical testing is expensive, time-consuming and uncertain as to outcome. We cannot guarantee that
any clinical studies will be conducted as planned or completed on schedule, if at all. A failure of one or more clinical studies can occur
at any stage of testing. Events that may prevent successful or timely completion of clinical development include:
●
delays in reaching, or failing to reach, a consensus with regulatory agencies on study design;
7
●
delays in reaching, or failing to reach, agreement on acceptable terms with a sufficient number of prospective contract research organizations ("CROs") and clinical study sites, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs and trial sites;
●
delays in obtaining required Institutional Review Board ("IRB") or Ethics Committee ("EC") approval at each clinical study site;
●
delays in recruiting a
    sufficient number of suitable patients to participate in our clinical studies including, but not limited to, recruitment challenges
    due to COVID-19;;
●
imposition of a clinical hold by regulatory agencies, after an inspection of our clinical study operations or study sites;
●
failure by our CROs, other third parties or us to adhere to the clinical study, regulatory or legal requirements;
●
failure to perform in accordance with the FDA's good clinical practices ("GCP") or applicable regulatory guidelines in other countries;
●
delays in the testing, validation, manufacturing and delivery of sufficient quantities of our product candidates to the clinical sites;
●
delays in having patients' complete participation in a study or return for post-treatment follow-up;
●
clinical study sites or patients dropping out of a study;
●
delay or failure to address any patient safety concerns that arise during the course of a trial;
●
unanticipated costs or increases in costs of clinical trials of our product candidates;
●
occurrence of serious adverse events associated with the product candidates that are viewed to outweigh their potential benefits; or
●
changes in regulatory requirements and guidance that require amending or submitting new clinical protocols.
We could also encounter delays if a clinical trial is suspended or
terminated by us, by the IRBs or ECs of the institutions in which such trials are being conducted, by an independent Safety Review Board
("SRB") for such trial or by the FDA, European Medicines Agency ("EMA"), or other regulatory authorities. Such
authorities may suspend or terminate a clinical trial due to a number of factors, including failure to conduct the clinical
trial in accordance with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or trial site
by the FDA, EMA, or other regulatory authorities resulting in the imposition of a clinical hold, unforeseen safety issues or adverse side
effects, failure to demonstrate a benefit from using a drug, changes in governmental regulations or administrative actions or lack of
adequate funding to continue the clinical trial.
8
Any inability to successfully complete preclinical and clinical development
could result in additional costs to us or impair our ability to generate revenues from product sales, regulatory and commercialization
milestones and royalties. In addition, if we make manufacturing or formulation changes to our product candidates, we may need to conduct
additional studies to bridge our modified product candidates to earlier versions.
Clinical study delays could also shorten any periods during which
we may have the exclusive right to commercialize our product candidates or allow our competitors to bring products to market before we
do, which could impair our ability to successfully commercialize our product candidates. In addition, any delays in completing our
clinical trials will increase our costs, slow down our product candidate development and approval process and jeopardize our
ability to commence product sales and generate revenues. Any of these occurrences may significantly harm our business, financial condition
and prospects. In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may
also ultimately lead to the denial of regulatory approval of our product candidates.
The outcome of preclinical studies and early clinical trials
may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final
results. Further, preclinical and clinical data are often susceptible to various interpretations and analyses, and many companies that
have believed their product candidates performed satisfactorily in preclinical studies and clinical trials have, nonetheless, failed to
obtain marketing approval. If the results of our clinical studies are inconclusive or if there are safety concerns or adverse events
associated with our other product candidates, we may:
●
be delayed in obtaining marketing approval for our product candidates, if approved at all;
●
obtain approval for indications or patient populations that are not as broad as intended or desired;
●
obtain approval with labeling that includes significant use or distribution restrictions or safety warnings;
●
be required to change the way the product is administered;
●
be required to perform additional clinical studies to support approval or be subject to additional post-marketing testing requirements;
●
have regulatory authorities withdraw their approval of a product or impose restrictions on its distribution in the form of a modified risk evaluation and mitigation strategy;
●
be sued; or
●
experience damage to our reputation.
9
If we, ours collaborators, or our contract manufacturing
organizations ("CMOs") fail to comply with applicable regulatory requirements at any stage during the regulatory process, such
noncompliance could result in, among other things delays in the approval of applications or supplements to approved applications; refusal
of a regulatory authority, including the FDA, to review pending market approval applications or supplements to approved applications;
warning letters; fines; import and/or export restrictions; product recalls or seizures; injunctions; total or partial suspension of production;
civil penalties; withdrawals of previously approved marketing applications or licenses; recommendations by the FDA or other regulatory
authorities against governmental contracts; and/or criminal prosecutions.
Additionally, our product candidates could potentially cause
other adverse events that have not yet been predicted. The inclusion of ill patients in our clinical studies may result in deaths or other
adverse medical events due to other therapies or medications that such patients may be using. As described above, any of these events
could prevent us from achieving or maintaining market acceptance of our product candidates and impair our ability to commercialize our
products.
We may not be able to meet
requirements for the chemistry, manufacturing and control of our drug product candidates.
In order to receive approval
of our products by the FDA and comparable foreign regulatory authorities, we must show that we and our contract manufacturing partners
are able to characterize, control and manufacture our drug products safely and in accordance with regulatory requirements. This includes
synthesizing the active ingredient, developing an acceptable formulation, performing tests to adequately characterize the formulated product,
documenting a repeatable manufacturing process, and demonstrating that our drug products meet stability requirements. Meeting these chemistry,
manufacturing and control ("CMC") requirements is a complex task that requires specialized expertise. If we are not able to
meet the CMC requirements, we may not be successful in getting our products approved.
Enrollment and retention of patients
in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors
outside our control.
We may encounter delays
or difficulties in enrolling, or be unable to enroll, a sufficient number of patients to complete any of our clinical trials on its current
timelines, or at all, and even once enrolled we may be unable to retain a sufficient number of patients to complete any of our trials.
Enrollment in our clinical trials may be slower than we anticipate, leading to delays in our development timelines. For example, we may
face difficulty enrolling or maintaining a sufficient number of patients in our clinical trials due to the existing alternative treatments
approved for any of our targeted indications as patients may decline to enroll or decide to withdraw from our clinical trials due to the
risk of receiving placebo. Patient enrollment and retention in clinical trials depends on many factors, including the size of the patient
population, the nature of the trial protocol, our ability to recruit clinical trial investigators with the appropriate competencies and
experience, the existing body of safety and efficacy data with respect to the study drug, the number and nature of competing treatments
and ongoing clinical trials of competing drugs for the same indication, the proximity of patients to clinical sites, the eligibility criteria
for the trial and the proportion of patients screened that meets those criteria, our ability to obtain and maintain patient consents,
and our ability to successfully complete prerequisite studies before enrolling certain patient populations.
Furthermore, any negative
results or new safety signals we may report in clinical trials of our product candidates may make it difficult or impossible to recruit
and retain patients in other clinical trials. Similarly, negative results reported by our competitors about their drug candidates may
negatively affect patient recruitment in our clinical trials. Also, marketing authorization of competitors in this same class of drugs
may impair our ability to enroll patients into our clinical trials, delaying or potentially preventing it from completing recruitment
of one or more of our trials.
Delays or failures in
planned patient enrollment or retention may result in increased costs, program delays or both, which could have a harmful effect on our
ability to develop our product candidates or could render further development impossible. In addition, we expect to rely on CROs and clinical
trial sites to ensure proper and timely conduct of our future clinical trials, and, while we intend to enter into agreements governing
their services, we will be limited in our ability to compel their actual performance.
If our future pre-clinical development or future clinical Phase
I/II studies are unsuccessful, we may be unable to obtain regulatory approval of, or commercialize, our product candidates on a timely
basis or at all.
The successful completion of pre-clinical development and multiple
clinical trials is critical to the success of our future products. If the pre-clinical development and clinical trials are unsuccessful
or produce inconsistent results or unanticipated adverse side effects, or if we are unable to collect reliable data, regulatory approval
of our products could be delayed or not given and as a result we may be unable to commercialize our products. Generally, we expect to
engage third parties such as consultants, universities or other collaboration partners to conduct clinical trials on our behalf. Incompatible
practices or misapplication of our products by these third parties could impair the success of our clinical trials.
Even if we receive regulatory approval for any of our product
candidates, we may not be able to successfully commercialize the product and the revenue that we generate from their sales, if any, may
be limited.
If approved for marketing, the commercial success of our product
candidates will depend upon each product's acceptance by the medical community, including physicians, patients and health care payors.
The degree of market acceptance for any of our product candidates will depend on a number of factors, including:
●
demonstration of clinical safety and efficacy;
●
relative convenience, dosing burden and ease of administration;
●
the prevalence and severity of any adverse effects;
●
the willingness of physicians to prescribe our product candidates, and the target patient population to try new therapies;
●
efficacy of our product candidates compared to competing products;
●
the introduction of any new products that may in the future become available targeting indications for which our product candidates may be approved;
●
new procedures or therapies that may reduce the incidences of any of the indications in which our product candidates may show utility;
10
●
pricing and cost-effectiveness;
●
the inclusion or omission of our product candidates in applicable therapeutic and vaccine guidelines;
●
the effectiveness of our own or any future collaborators' sales and marketing strategies;
●
limitations or warnings contained in approved labeling from regulatory authorities;
●
our ability to obtain and maintain sufficient third-party coverage or reimbursement from government health care programs, including Medicare and Medicaid, private health insurers and other third-party payors or to receive the necessary pricing approvals from government bodies regulating the pricing and usage of therapeutics; and
●
the willingness of patients to pay out-of-pocket in the absence of third-party coverage or reimbursement or government pricing approvals.
If any of our product candidates are approved, but do not achieve an
adequate level of acceptance by physicians, health care payors, and patients, we may not generate sufficient revenues and we may not be
able to achieve or sustain profitability. Our efforts to educate the medical community and third-party payors on the benefits of our product
candidates may require significant resources and may never be successful.
In addition, even if we obtain regulatory approvals, the timing
or scope of any approvals may prohibit or reduce our ability to commercialize our product candidates successfully. For example, if the
approval process takes too long, we may miss market opportunities and give other companies the ability to develop competing products or
establish market dominance. Any regulatory approval we ultimately obtain may be limited or subject to restrictions or post-approval commitments
that render our product candidates not commercially viable. For example, regulatory authorities may approve any of our product candidates
for fewer or more limited indications than we request, may grant approval contingent on the performance of costly post-marketing clinical
trials, or may approve any of our product candidates with a label that does not include the labeling claims necessary or desirable for
the successful commercialization for that indication. Further, the FDA or comparable foreign regulatory authorities may place conditions
on approvals or require risk management plans or a Risk Evaluation and Mitigation Strategy ("REMS") to assure the safe use
of the drug. If the FDA or applicable foreign regulatory agency concludes a REMS is needed, the sponsor of the BLA must submit a proposed
REMS; the regulatory agencies will not approve the BLA without an approved REMS, if required. A REMS could include medication guides,
physician communication plans, or elements to assure safe use, such as restricted distribution methods, patient registries and other risk
minimization tools. The regulatory agencies may also require a REMS for an approved product when new safety information emerges. Any of
these limitations on approval or marketing could restrict the commercial promotion, distribution, prescription or dispensing of our product
candidates. Moreover, product approvals may be withdrawn for non-compliance with regulatory standards or if problems occur following the
initial marketing of the product. Any of the foregoing scenarios could materially harm the commercial success of our product candidates.
11
Adverse events involving our products may lead the FDA
or applicable foreign regulatory agency to delay or deny clearance for our products or result in product recalls that could harm our reputation,
business and financial results.
Once a product receives regulatory clearance or approval, the
agency has the authority to require the recall of commercialized products in the event of adverse side effects, material deficiencies
or defects in design or manufacture. The authority to require a recall must be based on a regulatory finding that there is a reasonable
probability that the product would cause serious injury or death. Manufacturers may, under their own initiative, recall a product if any
material deficiency in a product is found. A government-mandated or voluntary recall by us or one of our distributors could occur as a
result of adverse side effects, impurities or other product contamination, manufacturing errors, design or labeling defects or other deficiencies
and issues. Recalls of any of our products would divert managerial and financial resources and have an adverse effect on our financial
condition and results of operations. The regulatory agencies require that certain classifications of recalls be reported to them within
ten (10) working days after the recall is initiated. Companies are required to maintain certain records of recalls, even if they are not
reportable to the regulatory agency. We may initiate voluntary recalls involving our products in the future that we determine do not require
notification of the regulatory agencies. If the regulatory agency disagrees with our determinations, they could require us to report those
actions as recalls. A future recall announcement could harm our reputation with customers and negatively affect our sales. In addition,
the regulatory agency could take enforcement action for failing to report the recalls when they were conducted.
The in-licensing of technologies and the successful testing
and early development of technologies in the laboratory may not be indicative of future results and may not result in commercially viable
technologies or products. Further, our future products may have to be modified from their originally conceived versions in order to reach
or be successful in the market.
Positive results from laboratory testing and early developmental
successes, may not be predictive of future successful development, commercialization and sales results and should not be relied upon as
evidence that products developed from our technologies will become commercially viable and successful. Further, the products we plan to
develop in the future may have to be significantly modified from their originally conceived versions in order for us to control costs,
compete with similar products, receive market acceptance, meet specific development and commercialization timeframes, avoid potential
infringement of the proprietary rights of others, or otherwise succeed in developing our business and earning ongoing revenues. This can
be a costly and resource draining activity. What appear to be promising technologies when we license them may not lead to viable technologies
or products, or to commercial success.
Complying with numerous regulations pertaining to our business
is an expensive and time-consuming process, and any failure to comply could result in substantial penalties.
We are subject to the Clinical Laboratory Improvement Amendment
of 1988, or CLIA, which is a federal law regulating clinical laboratories that perform testing on specimens derived from humans for the
purpose of providing information for the diagnosis, prevention or treatment of disease. Our clinical laboratory is located in Richmond,
Virginia and must be certified under CLIA in order for us to perform testing on human specimens. CLIA is intended to ensure the quality
and reliability of clinical laboratories in the United States by mandating specific standards in the areas of personnel qualifications,
administration, and participation in proficiency testing, patient test management, quality control, quality assurance and inspections.
We currently hold a CLIA certificate to perform high-complexity testing. Laboratories performing high complexity testing are required
to meet more stringent requirements than laboratories performing less complex tests. CLIA regulations require clinical laboratories like
ours to comply with various operational, personnel, facilities administration, quality, and proficiency testing requirements intended
to ensure that testing services are accurate, reliable and timely. CLIA certification is a prerequisite for reimbursement eligibility
for services provided to state and federal health care program beneficiaries. CLIA is user-fee funded. Therefore, all costs of administering
the program must be covered by the regulated facilities, including certification and survey costs. To renew this certificate, we are subject
to survey and inspection every two years. Moreover, CLIA inspectors may make periodic inspections of our clinical laboratory outside of
the renewal process. The failure to comply with CLIA requirements can result in enforcement actions, including the revocation, suspension,
or limitation of our CLIA certificate of compliance, as well as a directed plan of correction, state on-site monitoring, civil money penalties,
civil injunctive suit and/or criminal penalties. We must maintain CLIA compliance and certification to be eligible to bill for assays
provided to Medicare beneficiaries. If we were to be found out of compliance with CLIA program requirements and subjected to sanctions,
our business and reputation could be harmed. Even if it were possible for us to bring our laboratory back into compliance, we could incur
significant expenses and potentially lose revenue in doing so.
12
Additionally, certain states require laboratory licenses in order
to test specimens from patients in those states or received from ordering physicians in those states. We may also be subject to regulation
in foreign jurisdictions if we seek to expand international distribution of our assays outside the United States.
If we were to lose our CLIA certification or state laboratory
licenses, whether as a result of a revocation, suspension or limitation, we would no longer be able to offer our assays (including our
AditxtScore™ platform), which would limit our revenues and harm our business. If we were to lose, or fail to obtain, a license in
any other state where we are required to hold a license, we would not be able to test specimens from those states.
Risks Related to the Company and our Business
Our technology is subject to licenses from LLU and Stanford,
each of which are revocable in certain circumstances, including in the event we do not achieve certain payments and milestone deadlines.
Without these licenses, we may not be able to continue to develop our product candidates.
The LLU License Agreement may be terminated by LLU in the event
of a breach by us of any non-payment provision (including the provision that requires us to meet certain deadlines for milestone events
(each, a "Milestone Deadline")) not cured within 90 days after delivery of written notice by LLU. Additional Milestone Deadlines
include: (i) the requirement to have regulatory approval of an IND application to initiate first-in-human clinical trials on or before
March 31, 2022, (ii) the completion of first-in-human (phase I/II) clinical trials by March 31, 2024, (iii) the completion of Phase III
clinical trials by March 31, 2026 and (iv) biologic licensing approval (BLA) by the FDA by March 31, 2027. If the LLU License Agreement
were to be terminated by LLU, we would lose our most significant asset and may no longer be able to develop our product candidates, which
would have a material adverse effect on our operations.
The February 2020 License Agreement with Stanford may be terminated
by Stanford if we (i) are delinquent on any report or payments; (ii) are not diligently developing and commercializing Licensed Product
(as defined in the February 2020 License Agreement); (iii) miss a milestone described in the agreement; (iv) are in breach of any other
provision of the agreement; or (v) if we provide a false report to Stanford. The Termination discussed above will take effect only upon
30 days written notice by Stanford unless we remedy the breach within a 30-day cure period. If the February 2020 License Agreement were
to be terminated by Stanford, we would lose a significant asset and may no longer be able to develop our product candidates, which would
have a material adverse effect on our operations.
Our results of operations will be affected by the level
of royalty and milestone payments that we are required to pay to third parties.
The LLU License Agreement and February 2020 License Agreement
with Stanford each require us to remit royalty payments and meet certain performance milestones related to in-licensed intellectual property.
Any failure on our part to pay royalties owed or meet milestones could lead to us losing rights under our licenses and could thereby adversely
affect our business. As our product sales increase, we may, from time-to-time, disagree with our third-party collaborators as to the appropriate
royalties owed and the resolution of such disputes may be costly and may consume management's time. Furthermore, we may enter into
additional license agreements in the future, which may also include royalty payments.
We face substantial competition, which may result in others
discovering, developing or commercializing products before or more successfully than we do.
The development and commercialization of drugs is highly competitive.
We compete with a variety of multinational pharmaceutical companies and specialized biotechnology companies, as well as products and processes
being developed at universities and other research institutions. Our competitors have developed, are developing or will develop product
candidates and processes competitive with our product candidates. Competitive therapeutic treatments include those that have already been
approved and accepted by the medical community and any new treatments that may enter the market. We believe that a significant number
of products are currently available, under development, and may become commercially available in the future, for the treatment of indications
for which we may try to develop product candidates.
13
More established companies may have a competitive advantage over
us due to their greater size, cash flows and institutional experience. Compared to us, many of our competitors may have significantly
greater financial, technical and human resources. As a result of these factors, our competitors may have an advantage in marketing their
approved products and may obtain regulatory approval of their product candidates before we are able to, which may limit our ability to
develop or commercialize our product candidates. Our competitors may also develop drugs that are safer, more effective, more widely used
and less expensive than ours, and may also be more successful than us in manufacturing and marketing their products.
Mergers and acquisitions in the pharmaceutical and biotechnology
industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller and other early-stage
companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies.
These companies compete with us in recruiting and retaining qualified scientific, management and commercial personnel, establishing clinical
trial sites and subject registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our
programs.
Our technologies and products under development, and our
business, may fail if we are not able to successfully commercialize them and ultimately generate significant revenues as a result.
Successful development of technologies and our product candidates
will require significant additional investment, including costs associated with additional development, completing trials and obtaining
regulatory approval, as well as the ability to manufacture or have others manufacture our products in sufficient quantities at acceptable
costs while also preserving product quality. Difficulties often encountered in scaling up production include problems involving production
yields, quality control and assurance, shortage of qualified personnel, production costs and process controls. In addition, we are subject
to inherent risks associated with new technologies and products. These risks include the possibility that any of our technologies or future
products may:
●
be found unsafe;
●
be ineffective or less effective than anticipated;
●
fail to receive necessary regulatory approvals;
●
be difficult to competitively price relative to alternative solutions;
●
be harmful to consumers or the environment;
●
be difficult to manufacture on an economically viable scale;
●
be subject to supply chain constraints for raw materials;
14
●
fail to be developed and accepted by the market prior to the
successful marketing of alternative products by competitors;
●
be difficult to market because of infringement on the proprietary
rights of third parties; or
●
be too expensive for commercial use.
Furthermore, we may be faced with lengthy market partner or distributor
evaluation and approval processes. Consequently, we may incur substantial expenses and devote significant management effort in order to
customize products for market partner or distributor acceptance, though there can be no assurance of such acceptance. As a result, we
cannot accurately predict the volume or timing of any future sales.
Customers may not adopt our products quickly, or at all.
Customers in the sector in which we operate can be generally
cautious in their adoption of new products and technologies. In addition, given the relative novelty of our future planned products (including
our AditxtScore™ platform), customers of those products may require education regarding their utility and use, which may delay their
adoption. There can be no assurance that customers will adopt our products quickly, or at all.
The significant level of competition in the markets for
our products developed in the future may result in pricing pressure, reduced margins or the inability of our future products to achieve
market acceptance.
The markets for our future products are intensely competitive
and rapidly changing. We may be unable to compete successfully, which may result in price reductions, reduced margins and the inability
to achieve market acceptance for our products.
Our competitors may have longer operating histories, significantly
greater resources, greater brand recognition and large customer bases than we do. As a result, they may be able to devote greater resources
to the manufacture, promotion or sale of their products, receive greater resources and support from market partners and independent distributors,
initiate or withstand substantial price competition or more readily take advantage of acquisition or other opportunities.
We rely on third parties for the distribution of our current
and future products, including our AditxtScore™ platform. If these parties do not distribute our products in a satisfactory
or timely manner, in sufficient quantities or at an acceptable cost, our sales and development efforts could be delayed or otherwise negatively
affected.
We rely on third parties for the distribution of our current
and future products, including our AditxtScore™ platform. Our reliance on third parties to distribute products may present significant
risks to us, including the risk that should any of these third parties fail to adequately distribute our products and services to end
consumers and other market participants, our business may be materially harmed. Additionally, if we need to enter into agreements for
the distribution of our future products with other third parties, there can be no assurance we will be able to do so on favorable terms,
if at all.
15
We may rely on third parties for the production of our
future products. If these parties do not produce our products at a satisfactory quality, in a timely manner, in sufficient quantities
or at an acceptable cost, our sales and development efforts could be delayed or otherwise negatively affected.
We may rely on third parties for the manufacture of our future
products. Our reliance on third parties to manufacture our future products may present significant risks to us, including the following:
●
reduced control over delivery schedules, yields and product
reliability;
●
price
increases;
●
manufacturing
deviations from internal and regulatory specifications;
●
the
failure of a key manufacturer to perform as we require for technical, market or other reasons;
●
difficulties
in establishing additional manufacturer relationships if we are presented with the need to transfer our manufacturing process technologies
to them;
●
misappropriation
of our intellectual property; and
●
other
risks in potentially meeting our product development schedule or satisfying the requirements of our market partners, distributors, direct
customers and end users.
If we need to enter into agreements for the manufacturing of our future
products, there can be no assurance we will be able to do so on favorable terms, if at all.
If we are unable to establish successful relations with
third-party market partners or distributors, or these market partners or distributors do not focus adequate resources on selling our products
or are otherwise unsuccessful in selling them, sales of our products may not develop.
We anticipate relying on independent market partners and distributors
to distribute and assist us with the marketing and sale of our products. Our future revenue generation and growth will depend in large
part on our success in establishing and maintaining this sales and distribution channel. If our market partners and distributors are unable
to sell our products, or receive negative feedback from end users, they may not continue to purchase or market our products. In addition,
there can be no assurance that our market partners and distributors will focus adequate resources on selling our products to end users
or will be successful in selling them. Many of our potential market partners and distributors are in the business of distributing and
sometimes manufacturing other, possibly competing, products. As a result, these market partners and distributors may perceive our
products as a threat to various product lines currently being distributed or manufactured by them. In addition, these market partners
and distributors may earn higher margins by selling competing products or combinations of competing products. If we are unable to establish
successful relationships with independent market partners and distributors, we will need to further develop our own sales and distribution
capabilities, which would be expensive and time-consuming and might not be successful.
If we are not able to attract and retain highly skilled
employees and contractors, we may not be able to implement our business model successfully.
We will rely upon employees and third-party consultant/contractors
to effectively establish, manage and grow our business. Consequently, we believe that our future viability will depend largely on our
ability to attract and retain highly skilled personnel. In order to do so, we may need to pay higher compensation, fees, and/or other
incentives to our employees or consultants than we currently expect, and such higher compensation payments would have a negative effect
on our operating results. Competition for experienced, high-quality employees, consultants and contractors is intense and we cannot assure
that we will be able to recruit and retain such personnel. We may not be able to hire or retain the necessary personnel to implement our
business strategy. Our failure to hire and retain such personnel could impair our ability to develop new products and manage our business
effectively.
16
The loss of our management team or other key personnel
would have an adverse impact on our future development and impair our ability to succeed.
In the early stages of development, our business will be significantly
dependent on the Company's management team and other key personnel. Our success will be particularly dependent upon Mr. Amro Albanna
and Dr. Shahrokh Shabahang. The loss of any one of these individuals or any other future key personnel could have a material adverse effect
on the Company and our ability to further execute our intended business.
The use of our products may be limited by regulations, and we
may be exposed to product liability and remediation claims.
The use of our planned products may be regulated by various local,
state, federal and foreign regulators. Even if we are able to comply with all such regulations and obtain all necessary registrations,
we cannot provide assurance that our future products will not cause injury to the environment, people, or animals and/or otherwise have
unintended adverse consequences, under all circumstances. For example, our products may be improperly combined with other chemicals or,
even when properly combined, our products may be blamed for damage caused by those other chemicals. The costs of remediation or products
liability could materially adversely affect our results, financial condition and operations.
We may be held liable for, or incur costs to settle, liability
and remediation claims if any products we develop, or any products that use or incorporate any of our technologies, cause injury or are
found unsuitable during product testing, manufacturing, marketing, sale or use. These risks exist even with respect to products that have
received, or may in the future receive, regulatory approval, registration or clearance for commercial use. We cannot guarantee that we
will be able to avoid product liability exposure.
At the stage customary to do so, we expect to maintain product
liability insurance at levels we believe are sufficient and consistent with industry standards for like companies and products. However,
we cannot guarantee that our product liability insurance will be sufficient to help us avoid product liability-related losses. In the
future, it is possible that meaningful insurance coverage may not be available on commercially reasonable terms or at all. In addition,
a product liability claim could result in liability to us greater than our assets or insurance coverage. Moreover, even if we have adequate
insurance coverage, product liability claims or recalls could result in negative publicity or force us to devote significant time and
attention to these matters, which could harm our business.
There may be limitations on the effectiveness of our internal
controls, and a failure of our control systems to prevent error or fraud may materially harm our Company.
We do not expect that internal control over financial accounting and
disclosure, even if timely and well established, will prevent all error and all fraud. A control system, no matter how well designed and
operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Further, the design
of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative
to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that
all control issues and instances of fraud, if any, have been detected. Failure of our control systems to prevent error or fraud could
materially adversely affect our business.
COVID-19 may impact our operations.
On January 30, 2020, the World Health Organization declared the COVID-19
coronavirus outbreak a "Public Health Emergency of International Concern" and on March 10, 2020, declared it to be a pandemic.
Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain
areas, and forced closures for certain types of public places and businesses. The COVID-19 coronavirus and actions taken to mitigate it
have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the
geographical area in which the Company operates. While it is unknown how long these conditions will last and what the complete financial
effect will be to the Company, capital raise efforts and additional development of our technologies may be negatively affected.
17
Risks Relating to Our Intellectual Property Rights
The failure to obtain or maintain patents, licensing agreements
and other intellectual property could materially impact our ability to compete effectively.
In order for our business to be viable and to compete effectively,
we need to develop and maintain, and we will heavily rely on, a proprietary position with respect to our technologies and intellectual
property. However, there are significant risks associated with our actual or proposed intellectual property. The risks and uncertainties
that we face with respect to our rights principally include the following:
●
pending
patent applications we have filed or will file may not result in issued patents or may take longer than we expect to result in issued
patents;
●
we
may be subject to interference proceedings;
●
we
may be subject to reexamination proceedings;
●
we
may be subject to post grant review proceedings;
●
we
may be subject to
inter partes
review proceedings;
●
we
may be subject to derivation proceedings;
●
we
may be subject to opposition proceedings in the U.S. or in foreign countries;
●
any
patents that are issued to us may not provide meaningful protection;
●
we
may not be able to develop additional proprietary technologies that are patentable;
●
other
companies may challenge patents licensed or issued to us;
●
other
companies may have independently developed and patented (or may in the future independently develop and patent) similar or alternative
technologies, or duplicate our technologies;
●
other
companies may design around technologies we have licensed or developed;
●
enforcement
of patents is complex, uncertain and very expensive and we may not be able to secure, enforce and defend our patents; and
●
in
the event that we were to ever seek to enforce our patents in ligation, there is some risk that they could be deemed invalid, not infringed,
or unenforceable.
We cannot be certain that any patents will be issued as a result of
any pending or future applications, or that any patents, once issued, will provide us with adequate protection from competing products.
For example, issued patents may be circumvented or challenged, declared invalid or unenforceable, or narrowed in scope. In addition, since
publication of discoveries in scientific or patent literature often lags behind actual discoveries, we cannot be certain that we or our
licensors were the first to invent or to file patent applications covering them.
It is also possible that others may have or may obtain issued
patents that could prevent us from commercializing our products or require us to obtain licenses requiring the payment of significant
fees or royalties in order to enable us to conduct our business. There is no guarantee that such licenses will be available based on commercially
reasonable terms. As to those patents that we have licensed, our rights depend on maintaining our obligations to the licensor under the
applicable license agreement, and we may be unable to do so.
18
If we are unable to obtain and maintain patent protection
for our products, or if the scope of the patent protection obtained is not sufficiently broad, competitors could develop and commercialize
products similar or identical to ours, and our ability to successfully commercialize our products could be impaired.
The patent prosecution process is expensive and time-consuming,
and we may not be able to file and prosecute all necessary or desirable patent applications at a reasonable cost, in a timely manner,
or in all jurisdictions. It is also possible that we will fail to identify patentable aspects of our development output before it is too
late to obtain patent protection.
The patent position of life science companies generally is highly
uncertain, involves complex legal and factual questions and has in past years been the subject of much litigation. In addition, the laws
of foreign countries may not protect our rights to the same extent as the laws of the United States and we may fail to seek or obtain
patent protection in all major markets. For example, unlike the U.S., European patent law restricts the patentability of methods of treatment
of the human body. Our pending and future patent applications may not result in patents being issued which protect our technology or products,
in whole or in part, or which effectively prevent others from commercializing competitive technologies and products. Changes in either
the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value of our patents or
narrow the scope of our patent protection, even post-grant.
Recent patent reform legislation has increased the uncertainties
and costs surrounding the prosecution of patent applications and the enforcement or defense of issued patents. On September 16, 2011,
the Leahy-Smith America Invents Act, or the Leahy-Smith Act, was signed into law. The Leahy-Smith Act includes a number of significant
changes to United States patent law. These include provisions that affect the way patent applications are prosecuted and may also affect
patent litigation. The U.S. Patent and Trademark Office, or USPTO, recently developed new regulations and procedures to govern administration
of the Leahy-Smith Act, and many of the substantive changes to patent law associated with the Leahy-Smith Act, and in particular, the
first to file provisions, only became effective on March 16, 2013. Accordingly, it is not clear what, if any, impact the Leahy-Smith Act
will have on the operation of our business. However, the Leahy-Smith Act and its implementation could increase the uncertainties and costs
surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents, all of which could have a
material adverse effect on our business and financial condition.
Moreover, we may be subject to a third-party pre-issuance submission
of prior art to the USPTO, or become involved in opposition, derivation, reexamination,
inter partes
review, post-grant
review or interference proceedings challenging our patent rights (whether licensed or otherwise held) or the patent rights of others.
An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate, our patent rights
(whether licensed or otherwise held), allow third parties to commercialize our technology or products and compete directly with us, without
payment to us, or result in our inability to manufacture or commercialize products without infringing third-party patent rights. In addition,
if the breadth or strength of protection provided by our patents and patent applications (whether licensed or otherwise held) is threatened,
it could dissuade companies from collaborating with us to license, develop or commercialize current or future product candidates.
Even if our patent applications (whether licensed or otherwise
held) result in the issuance of patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors
from competing with us or otherwise provide us with any competitive advantage. Our competitors may be able to circumvent our owned or
licensed patents by developing similar or alternative technologies or products in a non-infringing manner.
The issuance of a patent is not conclusive as to its inventorship,
scope, validity or enforceability, and our licensed or owned patents may be challenged in the courts or patent offices in the United States
and abroad. Such challenges may result in loss of exclusivity or freedom to operate or in patent claims being narrowed, invalidated or
held unenforceable, in whole or in part, which could limit our ability to stop others from using or commercializing similar or identical
products, or limit the duration of the patent protection of our products. Given the amount of time required for the development, testing
and regulatory review of new life science product candidates, patents protecting such candidates might expire before or shortly after
such candidates are commercialized. As a result, our intellectual property rights portfolio may not provide us with sufficient rights
to exclude others from commercializing products similar or identical to ours.
19
We may become involved in lawsuits to protect or enforce
our intellectual property rights, which could be expensive, time-consuming and ultimately unsuccessful.
Competitors may infringe our intellectual property. To counter
infringement or unauthorized use, we may be required to file infringement claims, which can be expensive and time-consuming. Any claims
we assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their
intellectual property or that our intellectual property is invalid or unenforceable. In addition, in a patent infringement proceeding,
a court may decide that a licensed or owned patent of ours is invalid or unenforceable, in whole or in part, construe the patent's
claims narrowly or refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover that
technology. Moreover, lawsuits to protect or enforce our intellectual property rights could be expensive, time-consuming and ultimately
unsuccessful.
Third parties may initiate legal proceedings alleging that
we are infringing their intellectual property rights, the outcome of which would be uncertain.
Our commercial success depends upon our ability to develop, manufacture,
market and sell our product candidates without infringing the proprietary rights of third parties. There is considerable intellectual
property litigation in the life sciences industry. We cannot guarantee that our product candidates will not infringe third-party patents
or other proprietary rights. We may become party to, or threatened with, future adversarial proceedings or litigation regarding intellectual
property rights with respect to our products and technology, including
inter partes
review, interference, or derivation
proceedings before the USPTO and similar bodies in other countries. Third parties may assert infringement claims against us based on existing
intellectual property rights and intellectual property rights that may be granted in the future.
If we are found to infringe a third party's intellectual
property rights, we could be required to obtain a license from such third party to continue developing and marketing our products. However,
we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we were able to obtain a license,
it could be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. We could be forced, including
by court order, to cease commercializing the infringing technology or product. In addition, we could be found liable for monetary damages,
including treble damages and attorneys' fees if we are found to have willfully infringed a patent. A finding of infringement could
prevent us from commercializing our product candidates or force us to cease some of our business operations, which could materially harm
our business. Claims that we have misappropriated the confidential information or trade secrets of third parties could have a similar
negative impact on our business.
Obtaining and maintaining our patent protection depends on compliance
with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our own
patent protection could be reduced or eliminated for noncompliance with these requirements.
Periodic maintenance fees and annuities on any issued patent
are due to be paid to the USPTO and foreign patent agencies in several stages over the lifetime of the patent. The USPTO and various foreign
governmental patent agencies require compliance with a number of procedural, documentary, fee payment and other similar provisions during
the patent application process. While an inadvertent lapse can in many cases be cured by payment of a late fee or by other means in accordance
with the applicable rules, there are situations in which noncompliance can result in abandonment or lapse of the patent or patent application,
resulting in partial or complete loss of patent rights in the relevant jurisdiction. Noncompliance events that could result in abandonment
or lapse of a patent or patent application include, but are not limited to, failure to respond to official actions within prescribed time
limits, non-payment of fees and failure to properly legalize and submit formal documents. In such an event, our competitors might be able
to enter our markets, which could have a material adverse effect on our business.
We may be subject to claims by third parties asserting
that our employees or we have misappropriated their intellectual property or claiming ownership of what we regard as our own intellectual
property.
Certain employees and contractors were previously employed at universities
or other companies, including potential competitors. Although we try to ensure that our employees and contractors do not use the proprietary
information or know-how of others in their work for us, we may be subject to claims that these employees or we have used or disclosed
intellectual property, including trade secrets or other proprietary information, of any such employee's former employer. Litigation
may be necessary to defend against these claims, and any such litigation could have an unfavorable outcome.
20
In addition, while it is our policy to require our employees and contractors
who may be involved in the development of intellectual property to execute agreements assigning such intellectual property to us, we may
be unsuccessful in executing such an agreement with each party who in fact develops intellectual property that we regard as our own. Our
and their assignment agreements may not be self-executing or may be breached, and we may be forced to bring claims against third parties,
or defend claims they may bring against us, to determine the ownership of what we regard as our intellectual property.
If we fail in prosecuting or defending any such claims, in addition
to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in prosecuting or
defending against such claims, litigation could result in substantial costs and adverse results, and be a distraction to management.
Some intellectual property which we own or have licensed
may have been discovered through government funded programs such as, for example, the government funded programs referenced in intellectual
property licensed under the LLU License Agreement, and thus may be subject to federal regulations such as "march-in" rights,
certain reporting requirements, and a preference for United States industry. Compliance with such regulations may limit our exclusive
rights, subject us to expenditure of resources with respect to reporting requirements, and limit our ability to contract with non-U.S.
manufacturers.
Some of the intellectual property rights we own or have licensed
have been generated through the use of United States government funding and may therefore be subject to certain federal regulations. As
a result, the United States government may have certain rights to intellectual property embodied in our current or future products and
product candidates pursuant to the Bayh-Dole Act of 1980. These United States government rights in certain inventions developed under
a government-funded program include a non-exclusive, non-transferable, irrevocable worldwide license to use inventions for any governmental
purpose. In addition, the United States government has the right to require us to grant exclusive, partially exclusive, or non-exclusive
licenses to any of these inventions to a third party if it determines that: (i) adequate steps have not been taken to commercialize
the invention; (ii) government action is necessary to meet public health or safety needs; or (iii) government action is necessary
to meet requirements for public use under federal regulations (also referred to as "march-in rights"). The United States government
also has the right to take title to these inventions if we fail to disclose the invention to the government and fail to file an application
to register the intellectual property within specified time limits. In addition, the United States government may acquire title to these
inventions in any country in which a patent application is not filed within specified time limits. Intellectual property generated under
a government funded program is also subject to certain reporting requirements, compliance with which may require us to expend substantial
resources. In addition, the United States government requires that any products embodying the subject invention or produced through the
use of the subject invention be manufactured substantially in the United States. The manufacturing preference requirement can be waived
if the owner of the intellectual property can show that reasonable but unsuccessful efforts have been made to grant licenses on similar
terms to potential licensees that would be likely to manufacture substantially in the United States or that under the circumstances domestic
manufacture is not commercially feasible. This preference for United States manufacturers may limit our ability to contract with non-U.S.
product manufacturers for products covered by such intellectual property. Any exercise by the government of any of the foregoing rights
could harm our competitive position, business, financial condition, results of operations and prospects.
Intellectual property litigation could cause us to spend
substantial resources and distract our personnel from their normal responsibilities.
Even if resolved in our favor, litigation or other legal proceedings
relating to intellectual property claims may cause us to incur significant expenses and could distract our technical and management personnel
from their normal responsibilities. In addition, there could be public announcements of the results of hearings, motions or other interim
proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have an adverse effect
on the price of our common stock. Such litigation or proceedings could increase our operating losses and reduce the resources available
for development activities or any future sales, marketing or distribution activities. We may not have sufficient financial or other resources
to conduct such litigation or proceedings adequately. Some of our competitors may be able to sustain the costs of such litigation or proceedings
more effectively than we can because of their greater financial resources. Uncertainties resulting from the initiation and continuation
of patent litigation or other proceedings could compromise our ability to compete in the marketplace.
We may spend considerable resources developing and maintaining
patents, licensing agreements and other intellectual property that may later be abandoned or may otherwise never result in products brought
to market.
Not all technologies and candidate products that initially show
potential as the basis for future products ultimately meet the rigors of our development process and as a result may be abandoned and/or
never otherwise result in products brought to market. In some cases, prior to abandonment we may be required to incur significant
costs developing and maintaining intellectual property and/or maintaining license agreements and our business could be harmed by such
costs.
21
We rely on information technology, and if we are unable
to protect against service interruptions, data corruption, cyber-based attacks or network security breaches, our operations could be disrupted,
and our business could be negatively affected.
We rely on information technology networks and systems to process,
transmit and store electronic and financial information; to coordinate our business; and to communicate within our Company and with customers,
suppliers, partners and other third-parties. These information technology systems may be susceptible to damage, disruptions or shutdowns,
hardware or software failures, power outages, computer viruses, cyber-attacks, telecommunication failures, user errors or catastrophic
events. If our information technology systems suffer severe damage, disruption or shutdown, and our business continuity plans do not effectively
resolve the issues in a timely manner, our operations could be disrupted, and our business could be negatively affected. In addition,
cyber-attacks could lead to potential unauthorized access and disclosure of confidential information, and data loss and corruption. There
is no assurance that we will not experience these service interruptions or cyber-attacks in the future.
Risks Related to Our Common Stock
We received a written notice from Nasdaq that we have failed
to comply with certain listing requirements of the Nasdaq Stock Market, which could result in our Common Stock being delisted from the
Nasdaq Stock Market.
On January 18, 2022, we received a notification from Nasdaq related
to our failure to maintain a minimum bid price of $1 per share. Based upon the closing bid price for the last 30 consecutive business
days, we no longer meet this requirement. However, the Nasdaq Listing Rules also provide us a compliance period of 180 calendar days in
which to regain compliance. Accordingly, if at any time from the date of this notice until July 18, 2022, the closing bid price our common
stock is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide us with written confirmation of compliance and
the matter will be closed. If we do not regain compliance with the minimum bid price requirement by July 18, 2022, we may be afforded
a second 180 calendar day period to regain compliance. To qualify, we would be required to meet all other initial listing standards, except
for the minimum bid price requirement. In addition, we would be required to notify Nasdaq of our intent to cure the deficiency during
the second compliance period. If we do not regain compliance with the minimum bid price requirement by the end of the compliance period
(or the second compliance period, if applicable), our common stock will become subject to delisting. If we are delisted from Nasdaq, our
common stock may be eligible for trading on an over-the-counter market. If we are not able to obtain a listing on another stock exchange
or quotation service for our common stock, it may be extremely difficult or impossible for stockholders to sell their shares. We intend
to monitor the closing bid price of our common stock and may be required to seek approval from our stockholders to affect a reverse stock
split of the issued and outstanding shares of our common stock. However, there can be no assurance that the reverse stock split would
be approved by our stockholders. Further, there can be no assurance that the market price per new share of our common stock after the
reverse stock split will remain unchanged or increase in proportion to the reduction in the number of old shares of our common stock outstanding
before the reverse stock split. Even if the reverse stock split is approved by our stockholders, there can be no assurance that we will
be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing rules.
If we are delisted from Nasdaq, but obtain a substitute listing
for our common stock, it will likely be on a market with less liquidity, and therefore experience potentially more price volatility than
experienced on Nasdaq. Stockholders may not be able to sell their shares of common stock on any such substitute market in the quantities,
at the times, or at the prices that could potentially be available on a more liquid trading market. As a result of these factors, if our
common stock is delisted from Nasdaq, the value and liquidity of our common stock, warrants and pre-funded warrants would likely be significantly
adversely affected. A delisting of our common stock from Nasdaq could also adversely affect our ability to obtain financing for our operations
and/or result in a loss of confidence by investors, employees and/or business partners.
We do not expect to pay dividends in the foreseeable future.
We do not intend to declare dividends for the foreseeable future,
as we anticipate that we will reinvest any and all future earnings in the development and growth of our business. Therefore, investors
will not receive any funds unless they sell their securities, and holders may be unable to sell their securities on favorable terms or
at all. We cannot assure you of a positive return on your investment or that you will not lose the entire amount of your investment.
22
Future sales or issuances of substantial amounts of our
common stock, including, potentially, as a result of the acquisition transaction with Cellvera Global f/k/a AiPharma Global, could result
in significant dilution.
On December 28, 2021, we entered into a Share Exchange Agreement
with Cellvera Global f/k/a AiPharma Global, pursuant to which we (i) will acquire 9.5% of the issued and outstanding equity interests
in Cellvera Global in exchange for the issuance of 4,816,193 shares of our common stock of Aditxt and a cash payment of $250,000, at an
initial closing upon the satisfaction or waiver of certain conditions to closing; and (ii) acquire the remaining 90.5% of the issued and
outstanding equity interests in Cellvera Global in exchange for the issuance of 39,927,974 shares of our common stock and a cash payment
of $250,000 at a secondary closing upon the satisfaction or waiver of certain conditions to closing. Additionally, we may elect to
raise additional capital due to market conditions or strategic considerations. If additional shares are issued in connection with the
proposed acquisition transaction or additional capital is raised through the sale of equity or convertible debt securities, the issuance
of those securities could result in further dilution to our stockholders.
While we have entered into a Share Exchange Agreement with Cellvera
Global, we cannot assure you that the transactions contemplated by the Share Exchange Agreement will be consummated or, that if such
transactions are consummated, they will be accretive to stockholder value.
The initial closing under the Share Exchange Agreement was expected
to occur on or before January 31, 2022. The initial closing has not occurred and we can provide no assurance that the conditions to the
initial closing will be satisfied. Further, even if we are able to complete the initial closing following the satisfaction of such
conditions, there is no guarantee that the conditions to the secondary closing, including but not limited to, the approval of the transaction
by our stockholders, will be completed in the time frame or in the manner currently anticipated, or that we will recognize the anticipated
benefits of the transaction.
In connection with the contemplated acquisition of Cellvera
Global, we have provided secured loans to Cellvera Global in the aggregate principal amount of $14.5 million, which amounts came due on
January 31, 2022. Although, we have agreed to forbear from exercising our rights and remedies against Cellvera Global while we continue
to work towards an initial closing under the Share Exchange Agreement, if we are unable to complete the transactions contemplated by the
Share Exchange Agreement, we cannot provide any assurance that we will be able to timely collect such amounts from Cellvera Global, if
at all.
In connection with the contemplated acquisition with Cellvera Global, we
entered into a secured credit agreement dated August 27, 2021 (the "Credit Agreement") with Cellvera Global and certain affiliated
entities (collectively, the "Borrower"), pursuant to which we made a secured loan to Cellvera Global in the principal amount
of $6.5 million (the "Loan"). The Loan was funded on August 31, 2021, following the closing of the Company's August
2021 Offering. The Loan bears interest at a rate of 8% per annum and matured on November 30, 2021. The Loan is secured by certain
accounts receivable and other assets of Cellvera Global and certain of its affiliates. The Credit Agreement also contains certain covenants
that prohibit Cellvera Global from incurring additional indebtedness, incurring liens or making any dispositions of its property.
On October 18, 2021, the Company entered into the first amendment
to the Credit Agreement with Cellvera Global and certain affiliated entities (the "Credit Agreement Amendment"), pursuant
to which the Company agreed to increase the amount which Cellvera Global was permitted to borrow under the Credit Agreement by $8.5 million
to an aggregate of $15.0 million, of which $6.5 million was outstanding prior to entering the Credit Agreement Amendment. The Company
agreed to fund such additional borrowings, as requested by Cellvera Global, by advancing 70% of any amounts received by the Company from
the exercise of existing warrants or any other capital raises, including the October Offering. As of December 31, 2021 an additional
$8.0 million was advanced under the Credit Agreement for a total of $14.5 million.
The Credit Agreement was amended on multiple occasions, for which the
final amendment was signed on December 31, 2021, extending the Loan's maturity date to January 31, 2022.
The Company determined that Cellvera Global may not have the ability
to repay the note receivable. Accordingly, the Company recognized a full impairment of $14.5 million as of December 31, 2021.
On January 31, 2022, the Company's $14.5 million loan to
Cellvera Global became fully due and payable under the Credit Agreement. On February 14, 2022, the Company entered into a Forbearance
Agreement and Seventh Amendment to Credit Agreement (the "Forbearance Agreement") with Cellvera Global.
23
Pursuant to the Forbearance Agreement, the Company agreed to forbear
from exercising its rights and remedies against Cellvera Global and certain affiliated guarantor parties until the earlier of (i) June
30, 2022 or (ii) the date of occurrence of any event of default under the Forbearance Agreement (the "Forbearance Period").
Given that the parties continue to conduct due diligence in connection with the Share Exchange Agreement the Company and Cellvera Global
also agreed that should the initial closing occur under the Share Exchange Agreement, the existing event of default will be waived. Under
the Forbearance Agreement, the Company and Cellvera Global also agreed to certain amendments to the Credit Agreement, including, but not
limited to: (i) the delivery by the Borrower of certain financial statements and forecasts, and (ii) certain regularly scheduled payments
to be made by Cellvera Global to the Company during the Forbearance Period. As of the date these financial statements were available to
be issued; the regularly scheduled payments under the Forbearance Agreement were not made, and the note receivable remains fully impaired.
On April 4, 2022, the Company and the Cellvera Global entered into
a Forbearance Agreement and Eighth Amendment to the Credit Agreement (the "April Forbearance Agreement") pursuant to which
among other things (i) the Company agreed to extend the forbearance period until the earlier of March 31, 2023 or the date of occurrence
of any event of default under the April Forbearance Agreement, (ii) Cellvera Global shall be permitted to factor certain receivables,
and (iii) certain conforming changes were made relating to the Revenue Sharing Agreement (as defined below). In connection with the Forbearance
Agreement, the Company entered into a series of security agreements with Cellvera Global (the "Security Agreements") and certain
affiliated entities pursuant to which Cellvera Global enhanced the Company's security interest in connection with the Credit Agreement.
In addition, and as a condition to entering into the April Forbearance Agreement, the Company required that Cellvera Global enter into
a Revenue Sharing Agreement (the "Revenue Sharing Agreement"), pursuant to which, among other things, Cellvera Global agreed
to pay the Company a certain portion of its revenues up to the aggregate amount of $30 million.
Concurrently with the execution of the April Forbearance Agreement
and the Revenue Sharing Agreement, the Company and AiPharma Group, Ltd. entered into an Amendment to the Share Exchange Agreement (the
"Share Exchange Amendment") which amended the Share Exchange Agreement to, among other things: (i) modify the financial statements
required to be delivered by AiPharma Group, Ltd. at the initial closing to include the unaudited financial statements for the three months
ended March 31, 2022 and 2021, (ii) permit the Company to amend its Certificate of Incorporation without the consent of AiPharma Group,
Ltd. in order to effect a reverse stock split of the Company's common stock, if necessary, in order to maintain its listing on the
Nasdaq Capital Market, and (iii) make certain other conforming changes related to the March Forbearance Agreement and Revenue Sharing
Agreement.
Global was deemed impaired and written down to zero at December 31,
2021.
24
We may engage in future acquisitions or strategic transactions,
including the transaction with Cellvera Global, which may require us to seek additional financing or financial commitments, increase
our expenses and/or present significant distractions to our management.
As described herein, we entered into a Share Exchange Agreement
with Cellvera Global in December 2021. We also entered into a non-binding letter of intent to acquire a point-of care diagnostic technology
development company in December 2021. We may need to acquire additional financing to fund our obligations under the Share Exchange Agreement,
the letter of intent or to fund other potential acquisitions or strategic transactions (particularly, if the acquired entity is not cash
flow positive or does not have significant cash on hand). Obtaining financing through the issuance or sale of additional equity and/or
debt securities, if possible, may not be at favorable terms and may result in additional dilution to our current stockholders. Additionally,
any such transaction may require us to incur non-recurring or other charges, may increase our near and long-term expenditures and may
pose significant integration challenges or disrupt our management or business, which could adversely affect our operations and financial
results. For example, an acquisition or strategic transaction may entail numerous operational and financial risks, including the risks
outlined above and additionally:
●
exposure to unknown liabilities;
●
disruption of our business and diversion of our management's time and attention in order to develop acquired products or technologies;
●
higher than expected acquisition and integration costs;
●
write-downs of assets or goodwill or impairment charges;
●
increased amortization expenses;
●
difficulty and cost in combining the operations and personnel of any acquired businesses with our operations and personnel;
●
impairment of relationships with key suppliers or customers of any acquired businesses due to changes in management and ownership; and
●
inability to retain key employees of any acquired businesses.
Accordingly, although there can be no assurance that we will undertake
or successfully complete any transactions of the nature described above, and any transactions that we do complete could have a material
adverse effect on our business, results of operations, financial condition and prospects.
Upon dissolution of our Company, you may not recoup all
or any portion of your investment.
In the event of a liquidation, dissolution or winding-up of our
Company, whether voluntary or involuntary, our assets would be used to pay all of our debts and liabilities, and only thereafter would
any remaining assets be distributed to our stockholders, subject to rights of the holders of the Preferred Stock, if any, on a
pro
rata
basis. There can be no assurance that we will have assets available from which to pay any amounts to our stockholders upon
such a liquidation, dissolution or winding-up. In such an event, you would lose all of your investment.
Limitation of Liability and Indemnification of Management.
The Delaware General Corporation Law and the Company's
Amended and Restated Certificate of Incorporation provide for the limitation of the liability of directors for monetary damages. Such
provisions may discourage shareholders from bringing a lawsuit against directors for breaches of fiduciary duty and may also have the
effect of reducing the likelihood of derivative litigation against directors and officers even though such action, if successful, might
otherwise be a benefit to the Company's shareholders. In addition, a shareholder's investment in the Company may be adversely
affected to the extent that costs of settlement and damage awards against the Company's officers or directors are paid by the Company
pursuant to such provisions. Additionally, in accordance with Delaware law and the Company's Amended and Restated Certificate of
Incorporation, the Company shall indemnify, hold harmless and provide advancement of expenses, to the fullest extent permitted by applicable
law, directors, officers, employees, and agents that are made a party or threatened to be made a party to legal proceedings by reason
of the fact that such parties were working at the request of the Company. We direct you to the Company's Amended and Restated
Certificate of Incorporation for more information.
Anti-takeover provisions under Delaware law could discourage,
delay or prevent a change in control of our Company and could affect the trading price of our securities.
We are a Delaware corporation and the anti-takeover provisions
of the Delaware General Corporation Law may discourage, delay or prevent a change in control by prohibiting us from engaging in a business
combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change
in control would be beneficial to our existing stockholders.
25
Our management team is required to devote substantial time to
public company compliance initiatives.
As a publicly reporting company, we incur significant legal,
accounting and other expenses. Our management and other personnel devote a substantial amount of time to comply with our reporting obligations.
Moreover, these reporting obligations increase our legal and financial compliance costs and make some activities more time-consuming and
costly.
Failure to develop our internal controls over financial
reporting as we grow could have an adverse impact on us.
As our Company matures, we will need to develop our current internal
control systems and procedures to manage our growth. We are required to establish and maintain appropriate internal controls over financial
reporting. Failure to establish appropriate controls, or any failure of those controls once established, could adversely impact our public
disclosures regarding our business, financial condition or results of operations. In addition, management's assessment of internal
controls over financial reporting may identify weaknesses and conditions that need to be addressed in our internal controls over financial
reporting or other matters that may raise concerns for investors. Any actual or perceived weaknesses and conditions that need to be addressed
in our internal control over financial reporting, disclosure of management's assessment of our internal controls over financial
reporting or disclosure of our public accounting firm's attestation to or report on management's assessment of our internal
controls over financial reporting may have an adverse impact on the price of our common stock.
We could issue "blank check" preferred
stock without stockholder approval with the effect of diluting interests of then-current stockholders and impairing their voting
rights, and provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable.
Our Amended and Restated Certificate of Incorporation provides
for the authorization to issue up to 3,000,000 shares of "blank check" preferred stock with designations, rights
and preferences as may be determined from time to time by our board of directors. Our board of directors is empowered, without stockholder
approval, to issue one or more series of preferred stock with dividend, liquidation, conversion, voting or other rights which could dilute
the interest of, or impair the voting power of, our common stockholders. The issuance of a series of preferred stock could be used as
a method of discouraging, delaying or preventing a change in control. For example, it would be possible for our board of directors to
issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of our
company. In addition, advanced notice is required prior to stockholder proposals, which might further delay a change of control.
Our Amended and Restated Certificate of Incorporation provides
that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between the
Company and its stockholders, which could limit stockholders' ability to obtain a favorable judicial forum for disputes with the
Company or its directors, officers or employees.
Our Amended and Restated Certificate of Incorporation provides
that unless the Company consents in writing to the selection of an alternative forum, the State of Delaware is the sole and exclusive
forum for: (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a
fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's stockholders, (iii)
any action asserting a claim against the Company, its directors, officers or employees arising pursuant to any provision of the Delaware
General Corporation Law (the "DGCL") or our Amended and Restated Certificate of Incorporation or the Company's
Amended and Restated Bylaws, or (iv) any action asserting a claim against the Company, its directors, officers, employees or agents governed
by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines
that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent
to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested in the exclusive
jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction.
This exclusive forum provision would not apply to suits brought to enforce any liability or duty created by the Securities Act or the
Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. To the extent that any such claims may be based
upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty
or liability created by the Exchange Act or the rules and regulations thereunder.
26
Section 22 of the Securities Act creates concurrent jurisdiction
for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder. However, our Amended and Restated Bylaws contain a federal forum provision which provides that unless the Company consents
in writing to the selection of an alternative forum, the federal district courts of the United States of America will be the exclusive
forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Any person or entity purchasing
or otherwise acquiring any interest in shares of capital stock of the Corporation are deemed to have notice of and consented to this provision.
The Supreme Court of Delaware has held that this type of exclusive federal forum provision is enforceable. There may be uncertainty, however,
as to whether courts of other jurisdictions would enforce such a provision, if applicable.
These choice of forum provisions may limit a stockholder's
ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or its directors, officers or other
employees, which may discourage such lawsuits against us and our directors, officers and other employees. Alternatively, if a court were
to find our choice of forum provisions contained in either our Amended and Restated Certificate of Incorporation or Amended and Restated
Bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other
jurisdictions, which could harm our business, results of operations, and financial condition.
We are an "emerging growth company" and will
be able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies, which could make our common stock
less attractive to investors.
We are an "emerging growth company," as defined in
the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and we intend to take advantage of certain exemptions from
various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including
not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
In addition, pursuant to Section 107 of the JOBS Act, as an "emerging growth company" we intend to take advantage of
the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting
standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. As a result, our financial statements may not be comparable to those of companies
that comply with public company effective dates for complying with new or revised accounting standards.
We cannot predict if investors will find our common stock less attractive
because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active
trading market for our common stock and our stock price may be more volatile. We may take advantage of these reporting exemptions until
we are no longer an "emerging growth company." We will remain an "emerging growth company" until the earliest
of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the
last day of our fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (iii) the
date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on
which we are deemed to be a large accelerated filer under the rules of the SEC.
27
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This prospectus contains forward-looking statements,
which reflect the views of our management with respect to future events and financial performance. These forward-looking statements are
subject to a number of uncertainties and other factors that could cause actual results to differ materially from such statements. Forward-looking
statements are identified by words such as "anticipates," "believes," "estimates," "expects,"
"intends," "plans," "projects," "targets," and similar expressions. Such forward-looking
statements may be contained in the sections "Risk Factors," and "Business," among other places in this prospectus.
Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on the information available to
management at this time and which speak only as of this date. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. For a discussion of some of the factors that may cause actual results
to differ materially from those suggested by the forward-looking statements, please read carefully the information under "Risk Factors."
The identification in this document of factors
that may affect future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive.
All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You may rely only on the information
contained in this prospectus.
We have not authorized anyone to provide information
different from that contained in this prospectus. Neither the delivery of this prospectus nor the sale of our common stock means that
information contained in this prospectus is correct after the date of this prospectus. This prospectus is not an offer to sell or solicitation
of an offer to buy these securities in any circumstances under which the offer or solicitation is unlawful.
DILUTION
If you purchase shares of our common stock in
this offering, you will experience dilution to the extent of the difference between the price per share you pay in this offering and the
net tangible book value per share of our common stock immediately after this offering. The net tangible book value of our common stock
on March 31, 2022 was approximately $[  ] million, or approximately $[  ] per share. Net tangible book value per share is equal to the amount
of our total tangible assets, less total liabilities, divided by the aggregate number of shares of our common stock outstanding.
After giving effect to the assumed sale by us
of shares of our common stock in this offering at an assumed public offering price of $[  ] per share of common stock, based on
the last reported sale price of our common stock on The Nasdaq Capital Market on July [  ], 2022, after deducting the placement
agent's fees and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2022 would
have been approximately $[  ] million, or approximately $[  ] per share of common stock. This represents an immediate
increase in net tangible book value of approximately $[  ] per share to existing stockholders and an immediate dilution of
approximately $[  ] per share to new investors purchasing shares of our common stock in this offering. The following table
illustrates this per share dilution:
Assumed combined public offering price per share
$
Net tangible book value per share as of March 31, 2022
$
Increase per share attributable to new investors in this offering
$
As adjusted net tangible book value per share as of March 31, 2022 after giving effect to this offering
$
Dilution per share to investors participating in this offering
$
28
Each $0.25 increase (decrease) in the assumed
public offering price of $[  ] per share would increase (decrease) our as adjusted net tangible book value after this offering by
$[  ] million, or $[  ] per share, and the dilution per share to new investors by $[  ] per share, assuming that the number of shares
of common stock offered by us, as set forth above, remains the same and after deducting the placement agent's fees and estimated
offering expenses payable by us.
We may also increase or decrease the number of
shares of common stock we are offering from the assumed number of shares of common stock set forth above. An increase of 1,000,000 shares
of common stock would increase our as adjusted net tangible book value after this offering by $[  ] million, or $[  ] per share, and the
dilution per share to new investors by $[  ] per share, assuming that the combined public offering price remains the same and after
deducting the placement agent's fees and estimated offering expenses payable by us. A decrease of 1,000,000 shares in the number
of shares offered by us would decrease the as adjusted net tangible book value per share after this offering by $[  ] million, or $[  ]
per share, and the dilution per share to new investors by $[  ], assuming no change in the assumed public offering price and after deducting
the estimated placement agent's fees and commissions and estimated offering expenses payable by us. The information discussed above
is illustrative only and will adjust based on the actual public offering price, the actual number of shares that we offer in this offering,
and other terms of this offering determined at pricing.
The foregoing discussion and table does not take
into account further dilution to investors in this offering that could occur upon the exercise of outstanding options and warrants having
a per share exercise price less than the public offering price per share in this offering.
The number of shares of our common stock to be
outstanding after this offering as shown above is based on
55,368,553
shares outstanding
as of July 7, 2022 and excludes as of that date:
●
45,964,942
shares of our common stock issuable upon exercise of warrants, subject to vesting having a weighted average exercise price of $1.24 per
share;
●
2,235,466
shares of our common stock issuable upon exercise of outstanding options under our 2017 Plan, subject to vesting; and
●
891,125 shares of our common stock subject to outstanding
Restricted Stock Units under our 2021 Omnibus Equity Incentive Plan, or the 2021 Plan, are subject to vesting.
29
USE OF PROCEEDS
We estimate that our net proceeds from this offering
will be approximately $10 million based on an assumed offering price of $[  ], the last reported sale price of our common stock on The
Nasdaq Capital Markets on July [  ], 2022.
An $0.25 increase (decrease) in the assumed public
offering price of $[  ] per share of our common stock would increase (decrease) the expected net cash proceeds of the offering to us by
approximately $[  ] million. An increase (decrease) of 1,000,000 shares in the assumed number of shares sold in this offering
would increase (decrease) the expected net cash proceeds of the offering to us by approximately $[  ] million, assuming a public offering
price of $[  ] per share.
We intend to use the net proceeds of this offering
for continuing operating expenses and working capital.
We may also use a portion of the net proceeds
of this offering to invest in or acquire complementary businesses, products, or technologies, or to obtain the right to use such complementary
technologies. We have no commitments with respect to any acquisition or investment and we are not currently involved in any negotiations
with respect to any such transactions.
As of the date of this prospectus, we cannot specify with certainty
all of the particular uses for the net proceeds to be received upon the completion of this offering. The amounts and timing of our actual
expenditures will depend on numerous factors, including the status of our product development efforts, sales and marketing activities,
technological advances, amount of cash generated or used in operations, and competition. Accordingly, our management will have broad discretion
in the application of the net proceeds and investors will be relying on the judgment of our management regarding the application of the
proceeds of this offering.
30
BUSINESS
Overview
We are a biotech innovation
company with a mission of prolonging life and enhancing its quality by improving the health of the immune system.
We are developing biotechnologies
specifically focused on improving the health of the immune system through immune mapping and reprogramming. Our immune mapping technologies
are designed to provide a personalized comprehensive profile of the immune system and we plan to utilize them in our upcoming reprogramming
clinical trials to monitor subjects' immune response before, during and after drug administration. Our immune reprogramming technologies
are designed to retrain the immune system to induce tolerance with the objectives of addressing rejection of transplanted organs as well
as ameliorate autoimmune diseases and allergies. These programs are currently in the pre-clinical stage with one product candidate slated
for GMP manufacturing (clinical grade material) and toxicology studies in preparation for clinical trials.
Immune Reprogramming - Immune Modulation
The discovery of immunosuppressive
(anti-rejection and monoclonal) drugs over 40 years ago has made possible life-saving organ transplantation procedures and blocking of
unwanted immune responses in autoimmune diseases. However, immune suppression leads to significant undesirable side effects, such as increased
susceptibility to life-threatening infections and cancers, because it indiscriminately and broadly suppresses immune function throughout
the body. While the use of these drugs has been justifiable because they prevent or delay organ rejection, their use for treatment of
autoimmune diseases and allergies may not be acceptable because of the above-mentioned side effects. Furthermore, transplanted organs
often ultimately fail despite the use of immune suppression, and about 40% of transplanted organs survive no more than 5 years.
New, focused therapeutic approaches
are needed that modulate only the small portion of immune cells that are involved in rejection of the transplanted organ, as this approach
can be safer for patients than indiscriminate immune suppression. Such approaches are referred to as immune tolerance, and when therapeutically
induced, may be safer for patients and also potentially allow long-term survival of transplanted tissues and organs.
In the late 1990s, academic
research on these approaches was conducted at the Transplant Center at Loma Linda University in connection with a project that secured
initial grant funding from the U.S. Department of Defense. The focus of that project was for skin grafting for burn victims. Twenty years
of research at LLU and an affiliated incubator led to a series of discoveries that have been translated into a large patent portfolio
of therapeutic approaches that may be applied to the modulation of the immune system in order to induce tolerance to self and transplanted
organs.
We have an exclusive worldwide
license from LLU for commercializing this nucleic acid-based technology (which is currently at the pre-clinical stage), called Apoptotic
DNA Immunotherapy™ (ADI™), which utilizes a novel approach that mimics the way our bodies naturally induce tolerance to our
own tissues ("therapeutically induced immune tolerance"). While immune suppression requires continuous administration to prevent
rejection of a transplanted organ, induction of tolerance has the potential to retrain the immune system to accept the organ for longer
periods of time. Thus, ADI™ may allow patients to live with transplanted organs with significantly reduced immune suppression. ADI™
is a technology platform, which we believe can be engineered to address a wide variety of indications.
31
We are developing ADI™
product candidates for organ transplantation including skin grafting, autoimmune diseases including psoriasis and type 1 diabetes (T1D),
and allergies, with an initial focus on psoriasis, T1D, and skin allografting., To submit a Biologics License Application ("BLA")
for a biopharmaceutical product, clinical safety and efficacy must be demonstrated in a series of clinical studies conducted with human
subjects. For products in our class of drugs, the first-in-human trials will be a combination of Phase I (safety/tolerability) and Phase
II (efficacy) in affected subjects. To obtain approval to initiate the Phase I/II studies, an Investigational New Drug (IND) Application
will be submitted compiling non-clinical efficacy data as well as manufacturing and pre-clinical or clinical toxicology data. To date,
we have conducted non-clinical studies in a stringent model of skin transplantation using genetically mismatched donor and recipient animals
demonstrating a 3-fold increase in the survival of the skin graft in animals that were tolerized with ADI™ compared to animals that
receive immune suppression alone. Prolongation of graft life was observed despite discontinuation of immune suppression after the first
5 weeks. Additionally, in an induced non-clinical model for psoriasis, ADI™ treatment resulted in a 69% reduction in skin thickness
and a 38% decrease in skin flaking (two clinical parameters for assessment of psoriasis skin lesions). The Phase I/II studies in psoriasis
will evaluate the safety/tolerability of ADI™ in patients diagnosed with psoriasis. Since the drug will be administered in subjects
diagnosed with psoriasis, effectiveness of the drug to improve psoriatic lesions will also be evaluated. In another Phase I/II study,
patients requiring skin allografts will receive weekly intra-dermal injections of ADI™ in combination with standard immune suppression
to assess safety/tolerability and possibility of reducing levels of immunosuppressive drugs as well as prolongation of graft life.
ADI™ Advantages
ADI™ is a nucleic acid-based
technology (
e.g.
, DNA-based) which we believe selectively suppresses only those immune cells involved in the rejection of tissues
and transplanted organs. It does so by tapping into the body's natural process of cell death (apoptosis) to reprogram the immune
system to stop unwanted attacks on self or transplanted tissues. Apoptosis is a natural process used by the body to clear dying cells
and to allow recognition and tolerance to self-tissues. ADI™ triggers this process enabling the cells of the immune system to recognize
the targeted tissues as "self". Conceptually, it is designed to retrain the immune system to become accepting of the organ
similar to how natural apoptosis reminds our immune system to be tolerant to our own "self" tissues.
While efforts have been made
by various groups to promote tolerance through cell therapies and
ex vivo
manipulation of patient cells (takes place outside the
body typically requiring hospitalization), to our knowledge, we will be unique in our approach of using in-body induction of apoptosis
to promote tolerance to specific tissues. In addition, ADI™ treatment itself will not require additional hospitalization, only an
injection of minute amounts of the therapeutic drug into the skin.
Reduce Chronic Rejection
While immunosuppressants control
acute rejection during the early time-period after receiving an organ, chronic rejection of the organ that occurs one or more years after
the transplant procedure continues to pose a major challenge for organ recipients.
Chronic rejection has been
likened to autoimmunity (a misdirected immune response that occurs when the immune system goes awry), where specific tissues in the transplanted
organ are attacked by the immune system. In other words, chronic rejection may not be caused just by differences between the donor and
the recipient, but rather by an immune response by the recipient to specific tissues in the organ. Our pre-clinical studies suggest that
ADI™ has the ability to tolerize to specific tissues in a transplanted organ, and conceivably, reducing incidences of chronic rejection.
Moreover, preclinical studies
have demonstrated that ADI™ treatment significantly and substantially prolongs graft survival, in addition to successfully "reversing"
other established immune-mediated inflammatory processes.
32
Reduce immune suppression
Studies in animal models have
shown that conditioning/desensitizing the animals to receive the transplant, prolongs the survival of the transplanted tissue or organ.
These studies have used repeated exposure to low doses of protein components in specific organs to reduce immunologic recognition and
attack on the transplanted organ.
Based on some of our data,
we believe that with ADI™ treatment, recipients can be conditioned/desensitized ahead of transplantation, thereby retraining the
immune system to more readily accept the organ and also reduce the levels of immunosuppressive drugs needed post-transplantation.
Preformed Antibodies
Studies have shown that presence
of preformed antibodies prior to transplantation procedures increases the rate of organ rejection. Preformed antibodies can develop in
previously transplanted patients, patients who have given birth, and patients who have previously received blood transfusions. With more
than 113,000 patients on transplant waiting lists in the U.S. alone, patients with pre-existing antibodies have much lower chances at
qualifying to receive organs due to their increased risk of rejection - even with immune suppression.
Sadly, transplanted patients
have a probability of needing re-transplantation at some point due to eventual chronic rejection of their transplanted organ, with the
possible exception of some newborn recipients. With increased incidence of preformed antibodies, these patients may never have the opportunity
to receive another organ. Based on experimental data, we believe that ADI™ may have the potential to address this issue providing
these individuals better opportunities at receiving an organ transplantation.
ADI™ Key Differentiators
Ease of Delivery
Therapeutic products are typically
administered systemically (i.e., by mouth in pill form or injected intramuscularly/intravenously). This requires repeated large doses
of the drug to allow sufficient concentrations to reach the affected sites. ADI™ is a DNA-based product that can be injected directly
into the skin where the target cells of the immune system reside, thereby significantly simplifying the delivery of the product and reducing
the amount of product needed.
Repeat Dosing
DNA-based products are less
likely to result in formation of neutralizing antibodies, which lend themselves to repeat dosing as may be required by ADI™ products.
Cost of Goods Advantage
ADI™ products are DNA-based
and cost-effective to manufacture. Furthermore, DNA-based products are very stable and do not require adherence to cold chain (temperature-controlled)
protocols for shipping. This also makes the product ideal for global distribution.
Simplified Therapy Delivery System
We believe that tolerance induction
using ADI™ may potentially obviate the need for hospitalization because it can simply be injected into the skin. This approach reduces
treatment costs and complexities in treatment delivery. The anticipated administration of ADI™ will include an initial priming regimen
that will require injections administered once a week for several weeks. Thereafter, booster or maintenance doses will be provided on
an individual basis as determined by immune and inflammation testing. ADI™ treatments will be significantly more convenient and
comfortable for patients because they do not require removal of patient cells for
ex vivo
manipulation.
33
ADI™ Technology Platform
ADI™ utilizes a novel
approach that mimics the way our bodies naturally induce tolerance to our own tissues. It is a technology platform which we believe can
be engineered to address a wide variety of indications. ADI™ includes two DNA molecules which are designed to deliver signals to
induce tolerance. The first DNA molecule encodes a pro-apoptotic protein, which induces 'programmed' cell death. This is a
core component of the technology because it is intended to greatly increase the recruitment of dendritic cells, which are implicated in
regulating the immune system. The second DNA molecule encodes the protein of interest (guiding antigen), which is modified to promote
a path of tolerance. The guiding antigen is intended to result in tolerance induction specific to the tissue where the protein is found.
ADI™ has shown efficacy
in several preclinical models (skin grafting, psoriasis, type 1 diabetes, alopecia areata and multiple sclerosis) and its efficacy can
be attributed to multiple factors:
1.
ADI™ does not rely on a single mechanistic approach. It has multiple components (interchangeable target antigen, apoptosis, methylated plasmid DNA) that affect different arms of the immune system, which can be manipulated.
2.
ADI™ activates key immune cells known to maintain tolerance in test animals and humans.
3.
ADI™ has been successfully applied to a stringent transplantation model.
4.
ADI™ lends itself to repeat dosing, which may be required to achieve its full potential therapeutic effect.
34
Proof of Concept: Skin Grafting
Results shown are 5 weeks
post-transplantation
The proof-of-concept experiment
performed in transplantation was a skin allograft transplantation procedure in which the donor skin was obtained from white BALB/c mice
and transplanted to black C57BL/6 mice. The experiment was designed to address a more challenging scenario where the donor tissue was
obtained from a donor which is genetically mismatched with the recipient. This is unlike clinical scenarios where the donor and recipient
are genetically matched as much as possible. While these experiments were repeated in several separate experiments, the results shown
here were obtained from a study conducted with 14 mice in the ADI™ treatment group and 7 mice in the control group. Prior to submission
of an Investigational New Drug Application, additional non-clinical studies will be conducted in a pig model to establish the precise
protocol (e.g. timing of vaccine administration, dosing, and appropriate immunosuppressive agents that will be used in combination with
ADI™) that will be used in the clinical trials. In addition, IND-enabling safety/toxicology studies will be conducted by a GLP lab
to ensure product safety for clinical testing.
35
Proof of Concept: Psoriasis
●
Psoriasis causes increased skin thickness and scaling in an established 10-day psoriasis model
●
ADI™ treatment resulted in a 69% reduction in skin thickening and 38% reduction in scaling over the 10-day study period
36
Proof of Concept: Type 1 Diabetes
90% of female NOD mice developed
spontaneous autoimmune diabetes. Disease progression may be different for individual animals.
ADI™ was administered
once a week for 8 weeks after each animal developed hyperglycemia. All animals responded with 80% showing durable response for the entire
40-week study period.
●
Type 1 or autoimmune diabetes is a condition where the body's immune system mistakenly attacks cells in the pancreas resulting in diminished production of insulin
37
●
ADI™ incorporates an antigen (GAD) expressed in the pancreas
●
Administration of ADI™ using GAD as the antigen over an 8-week period in animals with T1D restores insulin production and reverses hyperglycemia
License Agreement with Loma Linda University
-
On March 8, 2018, we entered
into an Assignment Agreement (the "Assignment Agreement") with Sekris Biomedical, Inc. ("Sekris"). Sekris was
a party to a License Agreement with Loma Linda University ("LLU"), entered into and made effective on May 25, 2011, and amended
on June 24, 2011, July 16, 2012 and December 27, 2012 (the "Original Agreement," and together with the Assignment Agreement,
the "Sekris Agreements"). Pursuant to the Assignment Agreement, Sekris transferred and assigned all of its rights and obligations
in and to liabilities under the Original Agreement, of whatever kind or nature, to us. In exchange, on March 8, 2018, we issued a warrant
to Sekris to purchase up to 500,000 shares of our common stock (the "Sekris Warrant"). The warrant was immediately exercisable
and has an exercise price of $4.00 per share. The expiration date of the warrant is March 8, 2023. On March 15, 2018, as amended on July
1, 2020, we entered into a LLU License Agreement directly with Loma Linda University, which amends and restates the Sekris Agreements.
Pursuant to the LLU License
Agreement, we obtained the exclusive royalty-bearing worldwide license in and to all intellectual property, including patents, technical
information, trade secrets, proprietary rights, technology, know-how, data, formulas, drawings, and specifications, owned or controlled
by LLU and/or any of its affiliates (the "LLU Patent and Technology Rights") and related to therapy for immune-mediated inflammatory
diseases (the ADI™ technology). In consideration for the LLU License Agreement, we issued 25,000 shares of common stock to LLU.
Pursuant to the LLU License
Agreement, we are required to pay an annual license fee to LLU. Also, we paid LLU $455,000 in July 2020 for outstanding milestone payments
and license fees. We are also required to pay to LLU milestone payments in connection with certain development milestones. Specifically,
we are required to make the following milestone payments: $175,000 on March 31, 2022; $100,000 on March 31, 2024; $500,000 on March 31,
2026; and $500,000 on March 31, 2027. Additionally, as consideration for prior expenses incurred by LLU to prosecute, maintain and defend
the LLU Patent and Technology Rights, we made the following payments to LLU: $70,000 due at the end of December 2018, and a final payment
of $60,000 due at the end of March 2019. We are required to defend the LLU Patent and Technology Rights during the term of the LLU License
Agreement. Additionally, we will owe royalty payments of (i) 1.5% of Net Product Sales and Net Service Sales on any Licensed Products
(defined as any finished pharmaceutical products which utilizes the LLU Patent and Technology Rights in its development, manufacture or
supply), and (ii) 0.75% of Net Product Sales and Net Service Sales for Licensed Products and Licensed Services not covered by a valid
patent claim for technology rights and know-how for a three (3) year period beyond the expiration of all valid patent claims. We also
are required to produce a written progress report to LLU, discussing our development and commercialization efforts, within 45 days following
the end of each year. All intellectual property rights in and to LLU Patent and Technology Rights shall remain with LLU (other than improvements
developed by or on our behalf).
The LLU License Agreement
shall terminate on the last day that a patent granted to us by LLU is valid and enforceable or the day that the last patent application
licensed to us is abandoned. The LLU License Agreement may be terminated by mutual agreement or by us upon 90 days written notice to LLU.
LLU may terminate the LLU License Agreement in the event of (i) non-payments or late payments of royalty, milestone and license maintenance
fees not cured within 90 days after delivery of written notice by LLU, (ii) a breach of any non-payment provision (including the provision
that requires us to meet certain deadlines for milestone events (each, a "Milestone Deadline")) not cured within 90 days after
delivery of written notice by LLU and (iii) LLU delivers notice to us of three or more actual breaches of the LLU License Agreement by
us in any 12-month period. Additional Milestone Deadlines include: (i) submission of an IND/clinical trial application to initiate first-in-human
clinical trials on or before March 31, 2022, (ii) the completion of first-in-human (phase I/II) clinical trials by March 31, 2024, (iii)
the completion of Phase III clinical trials by March 31, 2026 and (iv) biologic licensing approval by the FDA by March 31, 2027.
38
Pre-clinical and Clinical Plans
The resources and efforts
used for the IND-enabling work summarized below supports both the psoriasis and TID clinical programs
High-level objectives for
psoriasis clinical program:
●
Completion of IND-enabling work. Aditxt has initiated GMP manufacturing of clinical grade material that will be used for the first-in-human studies in subjects with psoriatic lesions. Included in the manufacturing program is stability studies; the regulatory agency requires one month of stability data for the GMP material for submission of the clinical trial application (CTA). Stability data will continue to be gathered while the clinical trials are ongoing and up to 24 months. Aditxt has also completed the in-life portion of the toxicology studies. Safety data have been recorded and Aditxt is now awaiting immunotoxicology data, which are forthcoming.
●
Upon completion of GMP manufacturing and toxicology studies, a CTA will be submitted in Q4 2022 to initiate the Phase I/II FIH clinical trials.
The FIH clinical studies will
combine Phase I (designed to test clinical safety) and Phase IIa (designed to obtain proof of effectiveness in human subjects), in subjects
with psoriatic skin lesions. We have selected this indication for several reasons, including:
1.
Our existing preclinical data have shown promising results in reducing scaling and skin thickness in the mouse model;
2.
The relative ease of visualization of healing of psoriatic lesions; and
3.
The need for therapies that suitable and justifiable in individuals with mild to moderate psoriasis (current biologic therapies are primarily used in moderate to severe cases).
We have identified a contract
research organization with capabilities to conduct a multi-center study and ability to recruit the needed number of subjects to complete
the clinical trials. Upon approval by the regulatory agency clinical trials will be initiated.
High-level objectives for
type 1 diabetes (T1D) clinical program:
●
Completion of IND-enabling work. Aditxt has initiated GMP manufacturing of clinical grade material that will be used for the first-in-human studies in subjects with psoriatic lesions. Included in the manufacturing program is stability studies; the regulatory agency requires one month of stability data for the GMP material for submission of the clinical trial application (CTA). Stability data will continue to be gathered while the clinical trials are ongoing and up to 24 months. Aditxt has also completed the in-life portion of the toxicology studies. Safety data have been recorded and Aditxt is now awaiting immunotoxicology data, which are forthcoming.
●
Clinical Phase I/II Study to demonstrate safety and clinical proof-of-concept in T1D
Our clinical studies will
combine Phase I (designed to test clinical safety) and Phase II (designed to obtain proof of effectiveness in human subjects), in T1D
patients. We have selected this indication for several reasons, including:
1.
Our existing preclinical data have shown promising results using ADI™ to reverse hyperglycemia in the mouse model; and
2.
There is currently no treatment for T1D and the only option for patients suffering from T1D is insulin replacement therapy.
We will be identifying clinical
trial centers with adequate patients. Upon approval by the FDA and/or the applicable regulatory agency clinical trials will be initiated.
39
High-level objectives for
skin allograft clinical program:
●
Completion of preclinical studies to identify the appropriate protocol for dosing and combination of ADI™ with immune suppression protocols.
●
Completion of IND-enabling work including GMP manufacturing and toxicology studies.
●
Clinical Phase I/II Study to demonstrate safety and clinical proof-of-concept in patients requiring skin allografts.
Our clinical studies will
combine Phase I (designed to test clinical safety) and Phase II (designed to obtain proof of effectiveness in human subjects), in patients
requiring skin allografts. We have selected this indication for several reasons, including:
1.
Our existing preclinical data have shown promising results using ADI™ to prolong skin allograft survival in mismatched mouse model; and
2.
The relative ease of visualization of graft quality without the need for biopsies.
We will be identifying clinical
trial centers with adequate patients. Upon approval by the FDA and/or the applicable regulatory agency clinical trials will be initiated.
We are developing our immune
monitoring platforms with the objective of utilizing them as clinical assays in pre-clinical and clinical studies. The multiplex technologies
could potentially allow evaluation of more analytes with less tissue samples.
Drug Approval Process
In the United States, FDA
approval is required before any new drugs can be introduced to the market. We currently have a product candidate for our first-in-human
studies, but as of the date of report, we have not submitted an application to the regulatory agencies for approval.
We are working with a contract
manufacturer who has the know-how, product ingredients including plasmid DNA molecules, and our patent-pending bacterial strain. Several
batch runs have been successfully completed to demonstrate our ability to produce the DNA plasmids in a GMP facility. Based on validation
studies, we are reasonably confident in our ability to produce clinical grade product candidates at larger scales. The contract manufacturer
has provided a proposal for manufacturing of our clinical grade material, which will be signed and accepted once we are ready to initiate
GMP manufacturing. We are not currently party to an agreement with this contract manufacturer.
The product candidate selected
for clinical trials must be subjected to pre-clinical safety/toxicology studies by an independent GLP (Good Laboratory Practice) laboratory
to demonstrate its suitability for clinical testing in human patients. Upon completion of manufacturing and safety/toxicology testing,
an Investigational New Drug (IND) application will be prepared for submission to the regulatory agencies.
Upon receipt of clearance
to initiate clinical testing, the ADI™ product can be tested in human patients. Our product will be tested in clinical trials, one
in patients with psoriasis and one in patients who require skin allografting. Therefore, our first-in-human studies will be combined Phase
I/Phase II studies in which safety and efficacy data will be obtained. We plan to start with in skin indications (psoriasis and skin allografting)
because we believe these indications will be most efficient in providing safety and efficacy data in clinical trials. In parallel, we
will continue to develop additional product formulations for other indications.
We are developing our immune
monitoring platforms with the objective of utilizing them as clinical assays in pre-clinical and clinical studies. The multiplex technologies
could potentially allow evaluation of more analytes with less tissue samples. In the U.S., FDA approval is required before any In Vitro
Diagnostic ("IVD") device can be introduced to the market for clinical use (excluding research purposes). This process does
not require clinical trials, but it does require validation data demonstrating accuracy of the device.
40
Target Market
Psoriasis affects close to
100 million people worldwide and presents a large market estimated at over $20 billion annually. Treatments range include topical and
systemic therapeutics including vitamin D analogs, steroids, retinoids, immunosuppressants and biologics (i.e. monoclonal antibodies).
While in more recent years, several classes of biologics have entered the market, most are primarily used for patients suffering from
moderate to severe psoriasis because of their impairment of systemic immune responsiveness to infections and cancers. Aditxt believes
that products based on the ADI™ platform will not be associated with similar side effects and can be targeted for use in mild to
moderate cases.
T1D is one of the most common
chronic disorders in children and affects nearly 2 million Americans, and has an incidence and prevalence increasing at alarming rates
in industrialized countries. Current treatment consists of daily delivery of insulin as replacement therapy, but administration of the
hormone can induce life-threatening hypoglycemia and does not completely prevent morbidity and mortality associated with the disease.
Aditxt is leveraging the ADI™ technology to develop a new class of immunotherapy designed to arrest the autoimmune destruction of
the insulin producing beta cells of the pancreas. This will be the first therapy to accomplish that long sought after goal, thus increasing
life span and quality of life for up to 40,000 of US citizens and about 300,000 people around the world who develop T1D each year, with
a 3-5% increase in yearly incidence.
In the U.S. alone, there are
over 36,000 patients who receive organ transplantations each year, with more than 113,000 on transplant waiting lists.
The field of organ transplantation
has been made possible and continues to rely on broad-acting immunosuppressive drugs, high levels of which can result in a compromised
immune system that renders organ recipients susceptible to cancer and potentially life-threatening infections including re-activation
of latent viruses.
In addition, immunosuppressants
control acute rejection during the early time-period after receiving an organ but chronic rejection of the organ remains an unmet challenge
for surgeons and transplant recipients.
While efforts have been made
by various groups to promote tolerance through cell therapies and
ex vivo
manipulation of patient cells, these procedures take
place outside the body and typically require hospitalization.
Moreover, transplanted patients
will need re-transplantation at some point, with the possible exception of some newborn recipients. With increased incidence of preformed
antibodies, these patients may never have the opportunity to receive another organ. Preformed antibodies can develop in previously transplanted
patients, patients who have given birth, and patients who have previously received blood transfusions. These patients have much lower
chances at qualifying to receive organs due to their increased risk of rejection - even with immune suppression. The potential to reduce
formation of preformed antibodies in these patients will provide better opportunities for them to receive another transplanted organ.
There are gaps between current
approaches and what the market needs. We believe that ADI™ addresses these gaps. ADI™ is easy to administer (does not require
ex-vivo
treatment of patient cells), it does not appear to suppress the immune system, it may allow patients to live with transplanted
organs with significantly reduced immune suppression, it may provide for long-term survival of transplanted tissues and organs, may be
more effective because it does not rely on a single immune pathway/mechanism, and potentially provides patients with pre-existing antibodies
a chance to qualify to receive organs.
While these advantages present
opportunities for unmet medical needs in the field of organ transplantation, the industry in which we operate is highly competitive. A
small company such as us will meet significant challenges including regulatory requirements for approval of a new class of therapeutic
agents, challenges in large scale manufacturing and marketing, cost of developing a novel therapeutic agent, which may require co-development
partners who may or may not be willing to work with us, and the willingness of transplant surgeons to adopt our therapeutic vaccines in
their existing immune suppression protocols. These challenges pose risks that we may not be able to overcome.
41
Immune Mapping - Immune Monitoring
We believe that understanding
the dynamic status of an individual's immune system is key to developing and administering precision immunotherapies such as ADI™.
We have secured an exclusive worldwide license for commercializing a technology platform which provides a personalized comprehensive profile
of the immune system. It is intended to be informative for individual immune responses to viruses, bacterial antigens, peptides, drugs,
bone marrow and solid organ transplants, and cancer. It has broad applicability to many other agents of clinical interest impacting the
immune system, including those not yet identified such as future infectious agents. We plan to brand this technology, and other future
licensed and/or in-house developed monitoring technologies collectively as AditxtScore™.
AditxtScore™ is being
designed to allow individuals to understand, manage and monitor their immune profiles in order to be informed about attacks on or by their
immune system. We believe AditxtScore™ can also assist the medical community in anticipating possible immune responses and reactions
to viruses, bacteria, allergens and transplanted organs. It can be useful in anticipating attacks on the body by having the ability to
determine its potential response and for developing a plan to deal with an undesirable reaction by the immune system. Its advantages include
the ability to provide a simple, rapid, accurate, high throughput, single platform assay that can be multiplexed to determine the immune
status with respect to several factors simultaneously, in 3-16 hours, as well as detect antigen and antibody in a single test (i.e. infectious,
recovered, immune). In addition, it can determine and differentiate between various types of cellular and humoral immune responses (T
and B cells). It also provides for simultaneous monitoring of cell activation and levels of cytokine release (i.e., cytokine storms).
We plan to utilize AditxtScore™
in our upcoming clinical trials to monitor subjects' immune response before, during and after ADI™ drug administration. We
are working with regulatory consultants with the objective to obtain FDA approval for AditxtScore™ as a clinical assay. We are currently
securing marketing and distribution partnerships for application of AditxtScore™ in the infectious diseases market. To obtain FDA
approval to use AditxtScore™ as a clinical assay, we are performing validation studies to demonstrate AditxtScore™'s
utility to evaluate various components of the immune system reproducibly. We believe that these data will show AditxtScore™'s
ability to measure various components of the immune system (e.g. humoral and cell-mediated immune responses) to provide a broader view
of the immune system and its status in health and disease. Our plan is to submit a 510(K) application to the FDA after compilation of
these data. Beyond infectious diseases, we plan to develop AditxtScore™ for applications in additional markets such as organ rejection,
allergies, drug/vaccine response, and disease susceptibility. The following are further descriptions of the applications of AditxtScore
TM
:
(1)
Organ Rejection
Typically, by the time a transplanted
or a native organ shows signs of failure, the damage is already done, and reversal of the tissue injury becomes challenging. Access to
early warning signs of damage would be invaluable to reverse or even prevent the damage. There are currently no practical, efficient assays
available to measure cellular immune responses and available tools do not provide timely information for patients. AditxtScore™
can be used to provide a sensitive and rapid tool to determine T cell response and to differentiate between various types of cellular
immune responses. It can be multiplexed providing information about the number of cells responding as well as quantifying the amounts
of various cytokines released by the cells in a single assay. Determination of cellular response has valuable applications for prediction,
monitoring, early detection, and treatment of disease, including organ failure/rejection, as well as treatment efficacy. It can also reveal
dysfunction of the immune system potentially contributing to more severe disease.
(2)
Allergies
Our immune system protects
us by acting as a barrier against foreign substances and by eliminating them when they penetrate our bodies. Once the initial exposure
has occurred, memory cells develop to prepare the body against a future exposure. This process is called immunity. In certain situations,
however, instead of immunity, the immune system develops memory cells that result in a more severe reaction during a future exposure to
the same substance. This type of response is called a hypersensitivity response, commonly known as an allergic response. AditxtScore™
can be used to develop multiplex assays each designed to test and monitor immune response to allergens. Based on the ability of this technology
to run multiple tests in a single assay, 100 or more substances can potentially be tested for simultaneously.
42
(3)
Drug/Vaccine Response
There are currently no effective
assays to predict and easily assess responses to vaccination. To determine whether an individual has responded to a particular vaccine,
antibody titers are measured. This process may take several days. Furthermore, for vaccines that require a series of injections, titers
are not measured between injections and may not be known for months. AditxtScore™ can be used to determine whether a patient is
a responder or non-responder. It can provide an effective and rapid tool for potentially determining beneficial responses to a vaccine
and can be used to monitor titer development post vaccination. It can allow evaluation of multiple vaccines in a single test (for memory
B cell detection). This application can be useful for vaccines, cancer therapeutics anti-rejection drugs, anti-viral drugs, among others.
(4)
Disease Susceptibility
Disease susceptibility can
vary from one individual to another, and it can be a function of various factors, including genetic variability and differences in human
leukocyte antigens (HLA) encoded by major histocompatibility complex (MHC) and responsible for regulation of the immune system in humans.
People with certain HLA types may have higher or lower susceptibility to diseases. AditxtScore™ can be used to develop assays to
evaluate differences in HLA types in individuals to help elucidate the relationship between certain HLA types and susceptibility to various
diseases.
(5)
Infectious Diseases
Infectious diseases can cause
a major predicament for scientific and medical professionals, epidemiologists, and infectious disease specialists, among others, who need
to determine how to treat patients in real time while efficacious therapies are still being developed. Proper decision making requires
understanding why some affected individuals show minor or no symptoms, some recover, and others die. This is fundamental to creating effective
targeted therapeutics which may differ depending on the underlying profile of the individual at risk for, or with, disease. The immune
system plays a major role in how any given individual responds to the infectious agent. This response can be inadequate or too robust
or appropriately effective. Regardless, the kinetics of the response by the cellular and humoral (antibody) immune systems to the infectious
agent are often unknown. A basic critical question, then, is what do the dynamics of the immune response look like from exposure to and
through the disease period and during convalescence for those who survive and those who don't; and how might vaccines and therapies
alter these profiles such that predictions of vaccine/drug efficacy could be inferred prior to vaccination/treatment and/or disease severity
or progression be prognosticated. AditxtScore™ can be used to help address these questions with multiplex assays each designed to
test and monitor the immune response to infectious agents. Based on the ability to run multiple tests in a single assay, 100 or more agents
can potentially be tested for simultaneously.
License Agreement with Leland Stanford Junior
University ("Stanford")
On February 3, 2020, we entered
into an exclusive license agreement (the "February 2020 License Agreement") with Stanford with regard to a patent concerning
a method for detection and measurement of specific cellular responses. Pursuant to the February 2020 License Agreement, other than as
described below, we received an exclusive worldwide license to Stanford's patent with regard to use, import, offer, and sale of
Licensed Products (as defined in the agreement). The license to the patented technology is exclusive, including the right to sublicense,
beginning on the effective date of the agreement and ending when the patent expires. Under the exclusivity agreement, we acknowledged
that Stanford had already granted a non-exclusive license in the Nonexclusive Field of Use, under the Licensed Patents in the Licensed
Field of Use in the Licensed Territory (as those terms are defined in the February 2020 License Agreement"). However, Stanford agreed
to not grant further licenses under the Licensed Patents in the Licensed Field of Use in the Licensed Territory. On December 29, 2021,
we entered into an amendment to the February 2020 License Agreement which extended our exclusive right to license the technology deployed
in AditxtScore
TM
and securing worldwide exclusivity in all fields of use of the licensed technology.
43
We were obligated to pay and
paid a fee of $25,000 to Stanford within 60 days of February 3, 2020. We also issued 18,750 shares of the Company's common stock
to Stanford. An annual licensing maintenance fee is payable by us on the first anniversary of the February 2020 License Agreement in the
amount of $40,000 for 2021 through 2024 and $60,000 starting in 2025 until the license expires upon the expiration of the patent. The
Company is required to pay and has paid $25,000 for the issuances of certain patents. The Company will pay milestone fees of $50,000 on
the first commercial sales of a licensed product and $25,000 at the beginning of any clinical study for regulatory clearance of an in
vitro diagnostic product developed and a potential licensed product. We are also required to: (i) provide a listing of the management
team or a schedule for the recruitment of key management positions by March 31, 2020 (which has been completed), (ii) provide a business
plan covering projected product development, markets and sales forecasts, manufacturing and operations, and financial forecasts until
at least $10,000,000 in revenue by June 30, 2020 (which has been completed), (iii) conduct validation studies by September 30, 2020 (which
has been completed), (iv) hold a pre-submission meeting with the FDA by September 30, 2020 (which has been completed), (v) submit a 510(k)
application to the FDA, Emergency Use Authorization ("EUA"), or a Laboratory Developed Test ("LDT") by March 31,
2021, (which has been completed), (vi) develop a prototype assay for human profiling by December 31, 2021 (which has been completed),
(vii) execute at least one partnership for use of the technology for transplant, autoimmunity, or infectious disease purposes by March
31, 2022, and (viii) will provide further development and commercialization milestones for specific fields of use in writing by December
31, 2022.
In addition to the annual
license maintenance fees outlined above, we will pay Stanford royalties on Net Sales (as such term is defined in the February 2020 License
Agreement) during the of the term of the agreement as follows: 4% when Net Sales are below or equal to $5 million annually or 6% when
Net Sales are above $5 million annually. The February 2020 License Agreement may be terminated upon our election on at least 30 days advance
notice to Stanford, or by Stanford if we: (i) are delinquent on any report or payment; (ii) are not diligently developing and commercializing
Licensed Product; (iii) miss certain performance milestones; (iv) are in breach of any provision of the February 2020 License Agreement;
or (v) provide any false report to Stanford. Should any events in the preceding sentence occur, we have a thirty (30) day cure period
to remedy such violation.
Plan of Operations - Immune Monitoring
As previously announced on
August 6, 2020, the initial application of the platform will be AditxtScore™ for COVID-19 which has been designed to provide a more
complete assessment of an individual's infection and immunity status with respect to the SARS-CoV-2 virus. Infection status will
be determined by evaluating the presence or absence of the virus, and immunity status by measuring levels of antibodies against viral
antigens and their ability to neutralize the virus. We will soon be expanding the panel to measure other components of the immune response
such as cellular immunity.
In August 2020, we filed for
an Emergency Use Authorization (EUA) with the FDA with the ultimate objective of filing a 510(K) application. On January 14, 2022, we
submitted requests to obtain two EUAs for our antibody and neutralizing tests following an on November 15, 2021 by the Department of Health
and Human Services that COVID-19 related tests will require FDA review and FDA's position that COVID-19 tests that have been in
use prior to the announcement must submit applications for EUAs but can continue to operate unless informed otherwise. In the meantime,
we are providing AditxtScore™ as a service as a Laboratory Developed Test (LDT) to assess immunity status to COVID-19.
In early 2021, we established
our AditxtScore™ Immune Monitoring Center in Richmond, Virginia (the "Center"). The Center operates as a Clinical Laboratory
Improvement Amendments (CLIA) certified facility for the processing of our AditxtScore™ for COVID-19 Lab Developed Test (LDT) for
our prospective channel partners, including labs and hospitals.
44
Intellectual Property (IP)
We strive to protect and enhance
the proprietary technology, inventions, and improvements that are commercially important to our business, including seeking, maintaining
and defending patent rights, whether developed internally or licensed from third parties. Our policy is to seek to protect our proprietary
position by, among other methods, filing patent applications in the United States and in jurisdictions outside of the United States, to
protect our proprietary technology, inventions, improvements and product candidates that are important to the development and implementation
of our business. We also rely on trade secrets and know-how relating to our proprietary technology and product candidates, continuing
innovation, and in-licensing opportunities to develop, strengthen and maintain our proprietary position in the field of immuno-therapy.
We also plan to rely on data exclusivity, market exclusivity, and patent term extensions when available. Our commercial success will depend
in part on our ability to obtain and maintain patent and other proprietary protection for our technology, inventions, and improvements;
to preserve the confidentiality of our trade secrets; to obtain and maintain licenses to use intellectual property owned by third parties;
to defend and enforce our proprietary rights, including any patents that we may own in the future; and to operate without infringing on
the valid and enforceable patents and other proprietary rights of third parties.
The ADi™ technology
falls in two main categories, the AditxtReprogramming™ therapeutic program (which includes Apoptotic DNA Immunotherapy™ also
known as ADi™) and the AditxtScore™ diagnostic technology. Both categories are protected by multiple families of patents and
patent applications, including several issued U.S. and non-U.S. patents.
The projected expiration dates
for the AditxtReprogramming™ patents and patents issuing from pending applications extend until 2043 for some patents. As of the
date of this report, our patent portfolio for AditxtReprogramming™ includes both patents and patent applications licensed from LLU
or Stanford and patent applications owned solely by Aditxt, including 7 U.S. patents, 6 U.S. applications, 88 foreign patents, and 13
foreign applications. These patents and patent applications cover three different technical aspects of AditxtReprogramming™, treatment
of autoimmune diseases and type 1 diabetes, treatment of organ transplantation, and development of a new class of immunotherapeutics for
various indications. The patents and patent applications cover both methods of treatment for these indications as well as a compositions
of matter including plasmids that are able to induce tolerance of antigens or immune attack on antigens, depending on the indication,
along with methods of producing such plasmids.
The AditxtScore™ technology
is also protected by protected by multiple families of patents and patent applications, including several issued U.S. and non-U.S. patents.
The projected expiration dates for these AditxtScore™ patents and patents issuing from pending applications ranges from 2037 to
2043. As of the date of this report, our patent portfolio for AditxtScore™ includes both patents and patent applications licensed
from Stanford and patent applications owned solely by Aditxt, including 2 U.S. patents, 4 U.S. applications, and 2 foreign applications.
These patents and patent applications encompass methods, systems and kits for detection and measurement of specific immune responses.
We also possess and/or in-license
substantial know-how and trade secrets relating to the development and commercialization of our product candidates, including related
manufacturing processes and technology. We plan to continue expanding and strengthening our IP portfolio with additional patent applications
in the future.
In March 2021, Aditxt signed
an agreement with a regulatory consultant based in Munich, Germany, which will play a central role in navigating the first AditxtReprogramming™
therapeutic program through the clinical trial and regulatory process. The firm will work with the Aditxt's AditxtReprogramming™
team to submit a clinical trial application to the regulatory agency in Germany. Psoriasis is the first indication being targeted for
clinical trial in the AditxtReprogramming™ therapeutics pipeline. Other candidates that are advancing toward clinical trials include
ADi™ for type 1 diabetes and skin allografting.
Employees
We have sixty-eight (68) full time employees. We consider the relations
with our employees to be good.
45
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
AND DIRECTOR INDEPENDENCE
Except as described below
and except for employment arrangements which are described under "executive compensation," since January 1, 2018, there has
not been, nor is there currently proposed, any transaction in which we are or were a participant, the amount involved exceeds the lesser
of $120,000 or 1% of the average of the total assets at December 31, 2021 and 2020, and any of our directors, executive officers, holders
of more than 5% of our common stock or any immediate family member of any of the foregoing had or will have a direct or indirect material
interest.
During the years ended December
31, 2019 and 2018, Rowena Albanna, the wife of Amro Albanna, our Chief Executive Officer, provided the Company with operations consulting
services. In July 2020, Ms. Albanna joined the Company as its Chief Operating Officer. As of December 31, 2018, $112,000 was accrued as
compensation. An additional $180,000 was expensed as compensation during the year ended December 31, 2019, and $17,000 was paid on the
accrued balance. As of December 31, 2019, $275,000 remained accrued and outstanding.
On January 22, 2018, the Company
issued an unsecured promissory note to Sekris for $40,000 that accrued interest of 4% annually. The note was due on the earlier of July
22, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.
On February 12, 2018, the
Company issued an unsecured promissory note to Sekris for $50,000 that accrued interest of 4% annually. The note was due on the earlier
of August 12, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.
On March 2, 2018, the Company
issued an unsecured promissory note to Sekris for $10,000 that accrued interest of 4% annually. The note was due on the earlier of September
2, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.
On March 8, 2018, we entered
into an Assignment Agreement (the "Assignment Agreement") with Sekris. See "Summary—Overview—License Agreement
with Loma Linda University." Dr. Shabahang, our Chief Innovative Officer, was the Chief Executive Officer of Sekris. Sekris was
subsequently dissolved in 2019.
On March 8, 2018, we issued
a warrant to purchase up to 500,000 shares of our common stock to Sekris. On March 2, 2018, we issued a 4% unsecured promissory note to
Sekris in the principal amount of $10,000. Principal and interest was due on September 2, 2018 or immediately upon an event of default.
On February 12, 2018, we issued a 4% unsecured promissory note to Sekris in the principal amount of $50,000. Principal and interest was
due on August 12, 2018 or immediately upon an event of default. On January 22, 2018, we issued a 4% unsecured promissory note to Sekris
in the principal amount of $40,000. Principal and interest was due on July 22, 2018 or immediately upon an event of default.
On June 18, 2018, the Company
issued an unsecured promissory note to Sekris for $17,502 that accrued interest of 4% annually. The note was due on the earlier of December
18, 2018 or in the event of default, as defined in the agreement. This note has been repaid as of December 31, 2019.
On January 1, 2019, we entered
into a consulting agreement with Rowena Albanna, the wife of Amro Albanna, our Chief Executive Officer, to perform operations consulting
services. As part of this agreement, we pay Ms. Albanna $15,000 per month for her services. This agreement terminated on June 30, 2020.
In July 2020, Ms. Albanna joined the Company as its Chief Operating Officer.
On March 21, 2019, we issued
a promissory note to Dr. Shabahang, our Chief Innovative Officer. The note has a principal amount of $10,000, was due on September 21,
2019, and bears an interest rate of 4% per year. This note remains outstanding.
During the year ended December
31, 2019, we assumed an aggregate of $189,625 of liabilities from Sekris in exchange for the return of 94,813 shares of our common stock.
46
On January 20, 2020, we issued
a promissory note to Brian Brady, a member of our board of directors. The note has a principal amount of $50,000, was due on the earlier
of April 19, 2020 or within 10 days of the closing of our initial public offering. This note carried an original issue discount of $25,000.
The note was amended on April 23, 2020 to extend the maturity date to the earlier of June 30, 2020 or within 10 days of the closing of
our initial public offering. This note was repaid in July 2020.
In July 2020, we issued units
of securities to the related parties listed below in conversion of their outstanding accrued compensation through March 31, 2020. The
units were the same type and form of the units offered in the IPO.
●
38,055 units to Amro Albanna, our Chairman and Chief Executive Officer, in conversion of $342,500 in accrued compensation through March 31, 2020;
●
47,222 units to Shahrokh Shabahang, D.D.S., MS, Ph.D., our Chief Innovation Officer and Director, in conversion of $425,000 in accrued compensation through March 31, 2020; and
●
35,555 units to Rowena Albanna, the wife of our Chief Executive Officer and an independent contractor providing services to the Company, in conversion of $320,000 in accrued compensation through March 31, 2020. In July 2020, Ms. Albanna joined the Company as its Chief Operating Officer.
Review, Approval and Ratification of Related
Party Transactions
Given our small size and limited
financial resources, we have not adopted formal policies and procedures for the review, approval or ratification of transactions, such
as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to establish formal policies
and procedures in the future, once we have sufficient resources and have appointed additional Directors, so that such transactions will
be subject to the review, approval or ratification of our Board of Directors, or an appropriate committee thereof. On a moving forward
basis, our Directors will continue to approve any related party transaction.
47
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth
certain information regarding beneficial ownership of shares of our common stock as of July 7, 2022, based on  55,368,553  shares
issued and outstanding by (i) each person known to beneficially own more than 5% of our outstanding common stock, (ii) each of our directors,
(iii) our executive officers and (iv) all directors and executive officers as a group. Shares are beneficially owned when an individual
has voting and/or investment power over the shares or could obtain voting and/or investment power over the shares within 60 days of the
Record Date. Except as otherwise indicated, the persons named in the table have sole voting and investment power with respect to all shares
beneficially owned, subject to community property laws, where applicable. Unless otherwise indicated, the address of each beneficial owner
listed below is c/o Aditxt, Inc., 737 N. Fifth Street, Suite 200, Richmond, VA 23219.
Number of
shares of
Common Stock
Beneficially
Owned
Percentage
Directors and Officers:
Shahrokh Shabahang, D.D.S., MS, Ph.D.
(1)
1,404,534
2.52
%
Amro Albanna
(2)
1,393,565
2.47
%
Corinne Pankovcin
(3)
425,470
*
%
Rowena Albanna
(4)
462,915
*
%
Brian Brady
(5)
34,000
*
%
Namvar Kiaie
(6)
24,833
*
%
Jeffrey Runge, M.D.
(7)
24,000
*
%
Thomas J. Farley
(8)
155,000
*
%
Matthew Shatzkes
(9)
273,750
*
%
All directors and executive officers as a group (9 persons)
4,198,067
7.51
%
*
less than 1%
(1)
Includes (i) 1,015,006 beneficially owned by Shabahang-Hatami Family Trust, of which Shahrokh Shabahang, D.D.S., MS, Ph.D. is the Trustee; (ii) warrants to purchase 220,153 shares, including 47,222 Series A Warrants issued as part of the conversion of outstanding accrued compensation through March 31, 2020, and 172,931 warrants beneficially owned by the Shabahang-Hatami Family Trust; (iii) 96,250 shares issuable pursuant to options that are fully vested or will vest within 60 days of July 7, 2022; (iv) 41,250 shares directly owned by Mr. Shabahang; and (v) and 31,875 restricted stock units that will vest within 60 days of July 7, 2022
(2)
Includes (i) 600,000 shares issuable pursuant to options that are fully vested or will vest within 60 days of July 7, 2022; (ii) 400,000 shares beneficially owned by the Albanna Family Trust, of which Mr. Albanna is the Trustee; (iii) 355,510 shares directly owned by Mr. Albanna; and (iv) 38,055 Series A Warrants issued as part of the conversion of outstanding accrued compensation through March 31, 2020. Mr. Albanna may be deemed to beneficially own the securities held by his wife Rowena Albanna, the Company's Chief Operating Officer.
(3)
Includes (i) 169,220 shares held directly by Ms. Pankovcin; and (ii) 256,250 shares issuable pursuant to options  that are fully vested or will vest within 60 days of July 7, 2022.
(4)
Includes (i) 108,610 shares held directly by Ms. Albanna; (ii) 31,250 restricted stock units that will vest within 60 days of July 7, 2022; (iii) 287,500 shares issuable pursuant to options  that are fully vested or will vest within 60 days of July 7, 2022; and (iv) 35,555 Series A Warrants issued as part of the conversion of outstanding accrued compensation through March 31, 2020. Ms. Albanna may be deemed to beneficially own the securities held by her husband Amro Albanna, the Company's Chief Executive Officer.
(5)
Includes (i) 24,000 shares held directly by Mr. Brady; and (ii) 10,000 shares issuable pursuant to options that have vested or will vest within 60 days of July 7, 2022.
(6)
Includes (i) 13,722 shares held directly by Mr. Kiaie; (ii) 1,111 shares issuable upon exercise of Series A Warrants; and (iii) 10,000 shares issuable pursuant to options that have vested or will vest within 60 days of July 7, 2022.
(7)
Includes (i) 2,500 shares held by Biologue, Inc., over which Dr. Runge has voting and dispositive control; (ii) 11,500 shares held directly by Dr. Runge; and (iii) 10,000 shares issuable pursuant to options and restricted stock units that have vested or will vest within 60 days of July 7, 2022.
(8)
Includes (i) 47,500 shares held directly by Mr. Farley; (ii) 55,000 restricted stock units that will vest within 60 days of July 7, 2022; and (iii) 52,500 shares issuable pursuant to options that have vested or will vest within 60 days of July 7, 2022.
(9)
Includes (i) 232,500 shares held directly by Mr. Shatzkes; and (ii) 41,250 restricted stock units that will vest within 60 days of July 7, 2022.
48
PLAN OF DISTRIBUTION
Pursuant to an engagement agreement, dated as
of July [ ], 2022, we have engaged H.C. Wainwright & Co., LLC, or the placement agent, to act as our exclusive placement agent to
solicit offers to purchase the securities offered pursuant to this prospectus on a reasonable best efforts basis. The engagement agreement
does not give rise to any commitment by the placement agent to purchase any of our securities, and the placement agent will have no authority
to bind us by virtue of the engagement agreement. The placement agent is not purchasing or selling any of the securities offered by us
under this prospectus, nor is it required to arrange for the purchase or sale of any specific number or dollar amount of securities. The
placement agent does not guarantee that it will be able to raise new capital in any prospective offering. The placement agent may engage
sub-agents or selected dealers to assist with the offering.
We will enter into a securities purchase agreement
directly with certain institutional investors, at such investor's option, which purchase our securities in this offering. Investors
that do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the purchase of our securities
in this offering. There is no minimum number of securities or amount of proceeds that is a condition to closing of this offering.
We expect to deliver the securities being offered
pursuant to this prospectus on or about [   ], 2022.
Fees and Expenses
The following table shows the per share and per
pre-funded and total placement agent fees we will pay in connection with the sale of the securities in this offering.
Per Share
Per Pre-Funded
Warrant
Placement Agent Fees
Total
We have agreed to pay the placement agent a cash
fee equal to 7% of the gross proceeds raised in this offering and a management fee equal to 0.5% of the gross proceeds raised in this
offering. In addition, we have agreed to pay the placement agent for its non-accountable expenses in the amount of $25,000, its legal
fees and expenses and other out-of-pocket expenses in an amount up to $40,000 and its clearing expenses in the amount of $15,950. We estimate
the total offering expenses of this offering that will be payable by us, excluding the placement agent fees and expenses, will be approximately
$[ ].
Placement Agent Warrants
In addition, we have agreed to issue to the placement
agent or its designees warrants to purchase up to [	] shares of common stock (which represents 6% of the aggregate number of shares
of common stock issued in this offering and issuable upon the exercise of the pre-funded warrants issued in this offering) with an exercise
price of $[ ] per share (representing 125% of the public offering price per share) and exercisable for five years from the date of the
effectiveness of this offering. The placement agent warrants are registered on the registration statement of which this prospectus is
a part. The form of the placement agent warrant has been included as an exhibit to this registration statement of which this prospectus
forms a part. Pursuant to FINRA Rule 5110(g), the placement agent warrants and any shares of common stock issued upon exercise of the
placement agent warrants shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale,
derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period
of 180 days immediately following the date of effectiveness or commencement of sales of this offering, except the transfer of any security:
(i) by operation of law or by reason of our reorganization; (ii) to any FINRA member firm participating in the offering and the officers
or partners thereof, if all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the
time period; (iii) if the aggregate amount of our securities held by the placement agent or related persons does not exceed[ ]% of the
securities being offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that
no participating member manages or otherwise directs investments by the fund and the participating members in the aggregate do not own
more than [ ]% of the equity in the fund; or (v) the exercise or conversion of any security, if all securities remain subject to the lock-up
restriction set forth above for the remainder of the time period.
Right of First Refusal
We have granted the placement agent, subject to
certain exceptions, a right of first refusal for a period of 9 months following the closing of this offering to act as exclusive financial
advisor, sole book-running manager, sole underwriter, sole placement agent or sole agent for each and every future debt financing or refinancing
and public or private equity offering or acquisition or disposition by us or any of our successors or subsidiaries.
49
Tail
We have also agreed to pay the placement agent a
tail fee equal to the cash and warrant compensation in this offering, if any investor, who was contacted or introduced to us by the placement
agent during the term of its engagement, provides us with capital in any public or private offering or other financing or capital raising
transaction during the 9-month period following expiration or termination of our engagement of the placement agent.
Lock-up Agreements
We and each of our officers and directors have
agreed with the placement agent to be subject to a lock-up period of     days following the date of closing of the
offering pursuant to this prospectus. This means that, during the applicable lock-up period, we and such persons may not offer for sale,
contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge, hypothecate or otherwise dispose of, directly
or indirectly, any of our shares of common stock or any securities convertible into, or exercisable or exchangeable for, shares of common
stock, subject to customary exceptions. The placement agent may waive the terms of these lock-up agreements in its sole discretion and
without notice. In addition, we have agreed to not issue any securities that are subject to a price reset based on the trading prices
of our common stock or upon a specified or contingent event in the future, or enter into any agreement to issue securities at a future
determined price for a period of two years following the closing date of this offering, subject to an exception. The placement agent may
waive this prohibition in its sole discretion and without notice.
Regulation M
The placement agent may be deemed to be an underwriter
within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale
of the securities sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities
Act. As an underwriter, the placement agent would be required to comply with the requirements of the Securities Act and the Exchange Act,
including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the timing of
purchases and sales of our securities by the placement agent acting as principal. Under these rules and regulations, the placement agent
(i) may not engage in any stabilization activity in connection with our securities and (ii) may not bid for or purchase any of our securities
or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed
its participation in the distribution.
Indemnification
We have agreed to indemnify the placement agent
against certain liabilities, including certain liabilities arising under the Securities Act, or to contribute to payments that the placement
agent may be required to make for these liabilities.
Determination of Offering Price and Warrant
Exercise Price
The actual offering price of the securities we
are offering has been negotiated between us and the investors in the offering based on the trading of our shares of common stock
prior to the offering, among other things. Other factors considered in determining the public offering price of the securities we are
offering include our history and prospects, the stage of development of our business, our business plans for the future and the extent
to which they have been implemented, an assessment of our management, the general conditions of the securities markets at the time of
the offering and such other factors as were deemed relevant.
Electronic Offer, Sale and Distribution of
Securities
A prospectus in electronic format may be made
available on the websites maintained by the placement agent, if any, participating in this offering and the placement agent may distribute
prospectuses electronically. Other than the prospectus in electronic format, the information on these websites is not part of this prospectus
or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the placement agent, and
should not be relied upon by investors.
Other Relationships
From time to time, the placement agent or its
affiliates have in the past or may in the future provide in the future, various advisory, investment and commercial banking and other
services to us in the ordinary course of business, for which they have received and may continue to receive customary fees and commissions.
However, except as disclosed in this prospectus, we have no present arrangements with the placement agent for any further services.
Listing
Our shares of common stock are listed on The Nasdaq
Capital Market under the symbol "ADTX."
50
LEGAL MATTERS
Sheppard, Mullin, Richter & Hampton LLP, New York, New York, will
pass upon the validity of the shares of our common stock offered hereby. Certain legal matters in connection with this offer will be passed
upon for the placement agents by Ellenoff Grossman & Schole LLP.
EXPERTS
dbb
mckennon
, an independent registered
public accounting firm, has audited our financial statements included in our Annual Report on Form 10-K for the year ended December 31,
2021, as set forth in their report, which includes an explanatory paragraph as to our ability to continue as a going concern, dated March
31, 2022, which is incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements
are incorporated by reference in reliance on dbb
mckennon
report, given on the authority of such firm as experts in accounting and
auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement
on Form S-1 under the Securities Act with respect to the securities offered by this prospectus. This prospectus, which constitutes a part
of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained
in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to
us and our securities, we refer you to the registration statement, including the exhibits filed as a part of the registration statement.
Statements contained in this prospectus concerning the contents of any contract or any other document is not necessarily complete. If
a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that
has been filed. Each statement is this prospectus relating to a contract or document filed as an exhibit is qualified in all respects
by the filed exhibit. We are subject to the informational requirements of the Exchange Act and in accordance therewith file annual, quarterly
and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet website that contains reports,
proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov
.
The
registration statement and the documents referred to below under "Incorporation of Documents By Reference" are also available
on our website, www.astrotechcorp.com. We have not incorporated by reference into this prospectus the information on our website,
and you should not consider it to be a part of this prospectus.
51
INCORPORATION OF DOCUMENTS BY REFERENCE
This prospectus is part of the registration statement
but the registration statement includes and incorporates by reference additional information and exhibits. The SEC permits us to "incorporate
by reference" the information contained in documents we file with the SEC, which means that we can disclose important information
to you by referring you to those documents rather than by including them in this prospectus. Information that is incorporated by reference
is considered to be part of this prospectus and you should read it with the same care that you read this prospectus. Information that
we file later with the SEC will automatically update and supersede the information that is either contained, or incorporated by reference,
in this prospectus, and will be considered to be a part of this prospectus from the date those documents are filed. We have filed with
the SEC, and incorporate by reference in this prospectus:
●
Current
Reports on Form 8-K, filed with the SEC on
January 26, 2021
,
February 26, 2021
,
March 24, 2021
,
May 10, 2021
,
June 21, 2021
,
July 8, 2021
,
August 30, 2021
,
September 3, 2021
,
September 30, 2021
,
October 8, 2021
,
October 20, 2021
,
November 24, 2021
,
December 3, 2021
,
December 7, 2021
,
December 9, 2021
,
December 13, 2021
,
December 20, 2021
,
December 23, 2021
,
December 28, 2021
,
January 21, 2022
,
February 3, 2022
,
February 14, 2022
,
April 5, 2022
,
June 3, 2022
,
June 15, 2022
,
June 16, 2022
, and
July 8, 2022
;
●
Annual Report on Form 10-K for the year ended December 31, 2021 originally filed with the SEC on
March 31, 2022
and amended on
April 15, 2022
;
●
Quarterly Report on
Form 10-Q
for the three months ended March 31, 2022 filed with the SEC on May 16, 2022;
●
Proxy
    Statement on
Schedule 14A
filed on May 10, 2022; and
●
the description of our common stock and our preferred stock contained in our Registration Statement on
Form 8-A12B/A
filed with the Commission on June 17, 2020, and any amendments or reports filed updating such description.
In addition, all documents subsequently filed
by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the termination of the
offering (excluding any information furnished rather than filed) shall be deemed to be incorporated by reference into this prospectus.
Notwithstanding the statements in the preceding
paragraphs, no document, report or exhibit (or portion of any of the foregoing) or any other information that we have "furnished"
to the SEC pursuant to the Securities Exchange Act of 1934, as amended shall be incorporated by reference into this prospectus.
We will furnish without charge to you, on written
or oral request, a copy of any or all of the documents incorporated by reference in this prospectus, including exhibits to these documents.
You should direct any requests for documents to:
Aditxt, Inc.
737 N. Fifth Street, Suite 200
Richmond, VA 23219
Phone: (650) 870-1200
You also may access these filings on our website
at http://www.aditxt.com. We do not incorporate the information on our website into this prospectus or any supplement to this prospectus
and you should not consider any information on, or that can be accessed through, our website as part of this prospectus or any supplement
to this prospectus (other than those filings with the SEC that we specifically incorporate by reference into this prospectus or any supplement
to this prospectus).
Any statement contained in a document incorporated
or deemed to be incorporated by reference in this prospectus will be deemed modified, superseded or replaced for purposes of this prospectus
to the extent that a statement contained in this prospectus modifies, supersedes or replaces such statement. Any statement contained herein
or in any document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded for purposes of
the registration statement of which this prospectus forms a part to the extent that a statement contained in any other subsequently filed
document which also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed to constitute a part of the registration statement of which this prospectus forms a part, except as
so modified or superseded.
52
Up to $10,000,000 consisting of
[
        ] Shares of Common Stock or
[Pre-Funded Warrants to Purchase [  
] Shares of Common Stock
(or some combination of Shares of Common Stock
and Pre-Funded Warrants)]
PROSPECTUS
H.C. WAINWRIGHT & CO.
, 2022
Part II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
We estimate that expenses in connection with the
distribution described in this registration statement (other than brokerage commissions, discounts or other expenses relating to the sale
of the shares in this offering) will be as set forth below. We will pay all of the expenses with respect to the distribution, and such
amounts, with the exception of the SEC registration fee and FINRA fee, are estimates.
SEC expenses
$
FINRA expenses
Legal fees and expenses
Accounting fees and expenses
Nasdaq listing and filing fees
Miscellaneous expenses
Total offering expenses (other than placement agent's fees)
$
Item 14. Indemnification of Directors
and Officers
Section 102 of Delaware General Corporation Law
(the "DGCL") permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or
its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty,
failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved
a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate
of incorporation provides that no director of Aditxt shall be personally liable to it or its stockholders for monetary damages for any
breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the DGCL
prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.
Section 145 of the DGCL provides that a corporation
has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of the corporation
for another corporation, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with an action, suit
or proceeding to which he was or is a party or is threatened to be made a party to any threatened, ending or completed action, suit or
proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect
to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the
extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all
of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery
or such other court shall deem proper.
Our Certificate of Incorporation as amended and
Bylaws provide indemnification for our directors and officers to the fullest extent permitted by the DGCL.
II-
1
Item 15. Recent Sales of Unregistered
Securities
On January 31, 2022, the Company issued a consultant 3,000 shares
of common stock for services rendered.
On February 28, 2022, the Company issued a consultant 3,000 shares
of common stock for services rendered.
On March 31, 2022, the Company issued a consultant 3,000 shares
of common stock for services rendered.
On June 27, 2022, the Company issued a consultant 1,534,243 shares
of common stock for services rendered.
The issuances above were made pursuant to Section 4(a)(2) of the Securities
Act.
On June 15, 2022, the Company
entered into a letter agreement (the "
Letter Agreement
") with a holder of certain of the Series C Warrants (the "
Holder
").
Pursuant to the Letter Agreement, the Holder has agreed to exercise in cash 8,970,947 of its Series C Warrants at a reduced exercise price
of $0.15 per Share (reduced from $1.15 per Share), for gross proceeds to the Company of approximately $1.35 million. As an inducement
to such exercise, the Company has agreed to reduce the exercise price of the Holder's remaining Series C Warrants to purchase up
to 2,457,623 Shares from $1.15 to $0.2479 per share (the "
Amended Series C Warrant
"). The Amended Series C Warrant
will be non-exercisable for a period of six months following the closing date. In addition, the Company shall issue to the Holder a new
warrant (the "
New Warrant
") to purchase up to 20,399,517 shares of the Company's common stock at an exercise
price of $0.2479 per share. The New Warrant will be non-exercisable for a period of six months following issuance date and have a term
of five and one-half years. The Shares of common stock issuable upon exercise of the Amended Series C Warrants are registered pursuant
to the Company's Registration Statement on Form S-3 (Registration No. 333-257645), which was initially filed with the Securities
and Exchange Commission on July 2, 2021, and declared effective on July 13, 2021, and prospectus supplement thereto. The New Warrants
were issued pursuant to Section 4(a)(2) of the Securities Act.
II-
2
Item 16. Exhibits and Financial Statement Schedules.
(a) Exhibits.
Exhibit
Number
Exhibit Description
2.1
Share Exchange Agreement, dated as of December 28, 2021 by and between AiPharma Group Ltd. and Aditxt, Inc. (incorporated by reference to the Registrant's Current Report on Form 8-K filed on December 28, 2021)
3.1
Amended and Restated Certificate of Incorporation (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
3.2
Certificate of Amendment, dated June 29, 2020 (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q, filed with the SEC on August 13, 2020)
3.3
Amended and Restated Bylaws (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
3.4
Certificate of Designation Series A Preferred Stock (incorporated by reference to the Registrant's Registration Statement on Form S-1 (File No. 333-248491)
3.5
Certificate of Amendment, filed with the Secretary of State of the State of Delaware on May 24, 2021 (incorporated by reference to the Registrant's Current Report on Form 8-K filed on May 25, 2021)
3.6
Certificate of Amendment, dated July 6, 2021 (incorporated by reference to the Registrant's Current Report on Form 8-K filed on July 8, 2021)
4.1
Description of Securities Registered Under Section 12 of the Exchange Act (incorporated by reference to the Registrant's Annual Report on Form 10-K filed on March 25, 2021)
4.2
Form the Company's common stock certificate (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
4.3
Form of Series A-1 Warrant Agent Agreement (including the terms of the Series A-1 Warrant) (incorporated by reference to the Registrant's Registration Statement on Form S-1 (File No. 333-248491)
4.4
Form of Series B-1 Warrant Agent Agreement (including the terms of the Series B-1 Warrant) (incorporated by reference to the Registrant's Registration Statement on Form S-1 (File No. 333-248491)
4.5
Form of Warrant (incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 30, 2021)
4.6*
Form of Placement Agent's Warrant
4.7*
Form of Pre-Funded Warrant
5.1*
Opinion of Sheppard, Mullin, Richter & Hampton, LLP
10.1
Form of Promissory Note issued to Sekris Biomedical, Inc. (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.2
Warrant, dated March 8, 2018, issued to Sekris Biomedical, Inc. (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.3
Form of Private Placement Subscription Agreement (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.4
Patent Licensing Agreement, dated February 3, 2020 (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.5
Patent and Technology License Agreement, dated March 15, 2018 between Loma Linda University and Aditx Therapeutics, Inc. (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.6
Amendment Agreement to the Patent and Technology License Agreement, dated July 1, 2020 by and between Loma Linda University and Aditx Therapeutics, Inc. (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q, filed with the SEC on August 13, 2020)
10.7
2017 Equity Incentive Plan and forms of award agreements thereunder (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.8
Consulting Agreement, dated March 1, 2018 between Aditx Therapeutics, Inc. and Canyon Ridge Development LLC d/b/a Mission Critical Solutions International (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
II-
3
10.9
Form of July 2018 Securities Purchase Agreement (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.10
Form of July 2018 Note (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.11
Form of April 2018 Promissory Note (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.12
Form of March 2019 Promissory Note (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.13
Form of October 2019 Securities Purchase Agreement (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.14
Form of October 2019 Note (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.15
Form of January 2020 Note Purchase Agreement (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.16
Form of January 2020 Private Placement Promissory Note (incorporated by reference to the Registrant's Registration Statement on Form S-1/A (File No. 333-235933)
10.17
Consulting Agreement by and between the Company and Salveo Diagnostics, Inc., dated November 18, 2020 (incorporated by reference to the Registrant's Current Report on Form 8-K filed on November 23, 2020)
10.18
Form of Senior Secured Convertible Promissory Note (incorporated by reference to the Registrant's Current Report on Form 8-K filed on January 26, 2021)
10.19
Form of Warrant (incorporated by reference to the Registrant's Current Report on Form 8-K filed on January 26, 2021)
10.20
Form of Securities Purchase Agreement (incorporated by reference to the Registrant's Current Report on Form 8-K filed on January 26, 2021)
10.21
Form of Registration Rights Agreement (incorporated by reference to the Registrant's Current Report on Form 8-K filed on January 26, 2021)
10.22
Employment Agreement, dated as of February 24, 2021, by and between the Company and Amro Albanna (incorporated by reference to the Registrant's Current Report on Form 8-K filed on February 26, 2021)
10.23
2021 Omnibus Equity Incentive Plan (incorporated by reference to the Registrant's Current Report on Form 8-K filed on February 26, 2021)
10.24
Lease Agreement, dated as of May 4, 2021, by and between LS Biotech Eight, LLC as Landlord, and Aditxt Therapeutics, Inc., as Tenant (incorporated by reference to the Registrant's Current Report on Form 8-K filed on May 10, 2021)
10.25
Form of Securities Purchase Agreement (incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 30, 2021)
10.26
Placement Agency Agreement (incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 30, 2021)
10.27
Form of Placement Agent Warrant (incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 30, 2021)
10.28
Waiver and Defeasance Agreement (incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 30, 2021)
10.29
Secured Credit Agreement, dated as of August 27, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.30
Security Agreement, dated as of August 27, 2021 by and between AiPharma Asia Limited and the Company (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
II-
4
10.31
Security Agreement, dated as of August 27, 2021 by and between AiPharma Limited and the Company (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.32
Security Agreement – AiPharma Limited and Aditxt (BVI Law) (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.33
Floating Charge (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.34
Transaction Agreement, dated as of October 4, 2021, by and between the Company and AiPharma Global Holdings LLC (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.35
First Amendment to Secured Credit Agreement with AiPharma Global Holdings LLC dated October 18, 2021 (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.36
Second Amendment to Secured Credit Agreement with AiPharma Global Holdings LLC dated October 27, 2021 (incorporated by reference to Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.37
Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Amro Albanna, Chief Executive Officer (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.38
Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Corinne Pankovcin, President and Secretary (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.39
Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Thomas Farley, Chief Financial Officer (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.40
Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Shahrokh Shabahang, Chief Innovation Officer (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.41
Employment Agreement, dated as of November 14, 2021 between Aditxt, Inc. and Rowena Albanna, Chief Operating Officer (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 15, 2021)
10.42
Form of Warrant Reduction and Release Agreement dated as of November 24, 2021 (incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.43
First Amendment to Transaction Agreement dated November 30, 2021, by and between the Company and AiPharma Global Holdings LLC(incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.44
Third Amendment to Secured Credit Agreement dated November 30, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company(incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.45
Second Amendment to Transaction Agreement dated December 7, 2021, by and between the Company and AiPharma Global Holdings LLC (incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.46#
Secured Credit Agreement, dated as of December 8, 2021, by and among the Company and the Target Company(incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.47
Third Amendment to Transaction Agreement dated December 17, 2021, by and between the Company and AiPharma Global Holdings LLC(incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.48
Fifth Amendment to Secured Credit Agreement dated December 22, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company(incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.49
Sixth Amendment to Secured Credit Agreement dated December 28, 2021, by and among AiPharma, AiPharma Holdings Limited, AiPharma Asia Limited and the Company(incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.50
Employment Agreement between Aditxt, Inc. and Matthew Shatzkes, Chief Legal Officer and General Counsel (incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
II-
5
10.51
Forbearance Agreement and Seventh Amendment to Secured Credit Agreement dated as of February 14, 2022 by and among the Company, Cellvera Global Holdings LLC, Cellvera Holdings Ltd., Cellvera Asia Limited (incorporated by reference to the Registrant's Form 10-K/A for the year ended December 31, 2021 filed on April 15, 2022)
10.52
Fourth Amendment to Transaction Agreement dated December 22,2021, by and between the Company and AiPharma Global Holdings LLC (incorporated by reference to the Registrant's Original Form 10-K for the year ended December 31, 2021 filed on March 31, 2022)
10.53
Series C Warrant Agent Agreement dated December 1, 2021 (incorporated by reference to the Registrant's Form 10-K/A for the year ended December 31, 2021 filed on April 15, 2022)
10.54
Form of Placement Agent Warrant dated January 25, 2021 (incorporated by reference to the Registrant's Form 10-K/A for the year ended December 31, 2021 filed on April 15, 2022)
10.55
Forbearance Agreement and Eighth Amendment to Secured Credit Agreement dated as of March 31, 2022 (incorporated by reference to the Registrant's Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)
10.56
Security Agreement between Cellvera Holdings and Aditxt, Inc. dated as of March 31, 2022 (incorporated by reference to the Registrant's Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)
10.57
Security Agreement between Cellvera Development LLC and Aditxt, Inc. dated as of March 31, 2022 (incorporated by reference to the Registrant's Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)
10.58
Security Agreement between Cellvera Global Holdings LLC and Aditxt, Inc. dated as of March 31, 2022 (incorporated by reference to the Registrant's Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)
10.59
Amended and Restated Security Agreement between Cellvera Asia Limited and Aditxt, Inc. dated as of March 31, 2022 (incorporated by reference to the Registrant's Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)
10.60
Revenue Sharing Agreement by and among Aditxt, Inc., Cellvera Global Holdings LLC and Cellvera Asia Limited dated as of March 31, 2022 (incorporated by reference to the Registrant's Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)
10.61
Amendment to Share Exchange Agreement by and between AiPharma Group Ltd. and Aditxt, Inc. dated as of March 31, 2022 (incorporated by reference to the Registrant's Form 10-Q for the period ended March 31, 2022 filed on May 16, 2022)
10.62
Form of Agreement for the Purchase and Sale of Future Receipts (incorporated by reference to the Registrant's Current Report on Form 8-K filed on June 3, 2022)
10.54
Amendment No. 1 to Series C Warrant Agent Agreement dated June 15, 2022 (incorporated by reference to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.55
Inducement Offer to Exercise Series C Common Stock Purchase Warrants (incorporated by reference to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.56
Form of New Warrant (incorporated by reference to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.57
Form of Placement Agent Warrant(incorporated by reference to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.58
Second Amendment to Share Exchange Agreement by and between AiPharma Group Ltd. and Aditxt, Inc. dated June 10, 2022 (incorporated by reference to the Registrant's Current Report on Form 8-K filed on June 16, 2022)
23.1
Consent of dbb
mckennon
, independent registered public accounting firm
23.2*
Consent of Sheppard, Mullin, Richter & Hampton LLP (included in Exhibit 5.1)
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
107
Filing Fee Table
*
To be filed by amendment
II-
6
Item 17. Undertakings.
The undersigned registrant hereby undertakes:
1.
To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to:
i.
Include
any prospectus required by Section 10(a)(3) of the Securities Act.
ii.
Reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement; and
iii.
Include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
provided, however
, that paragraphs (1)(i),
(ii) and (iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to
Rule 424(b) that is part of the registration statement.
2.
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof;
3.
To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering;
4.
That,
for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as
part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use.
The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to
section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
II-
7
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form S-1 to be signed on
its behalf by the undersigned, thereunto duly authorized in the City of Richmond, State of Virginia, on the 18th day of July, 2022.
Aditxt, Inc.
By:
/s/ Amro Albanna
Name:
Amro Albanna
Title:
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Amro Albanna, his or her true and lawful attorney-in-fact and agent with full power
of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities to sign any or
all amendments (including, without limitation, post-effective amendments) to this Registration Statement, any related Registration Statement
filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and any or all pre- or post-effective amendments
thereto, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully for all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming that said attorney-in-fact and agent, or any substitute or substitutes for him, may lawfully do or cause to be
done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, as amended, the following persons in the capacities
and on the dates indicated have signed this Registration Statement below.
Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement on Form S-1 has been signed by the following persons in the capacities and on
the dates indicated below.
Signature
Title
Date
/s/ Amro Albanna
Chief Executive Officer
July 18, 2022
Amro Albanna
(Principal Executive Officer)
/s/ Corinne Pankovcin
President
July 18, 2022
Corinne Pankovcin
/s/ Thomas J. Farley
Chief Financial Officer
July 18, 2022
Thomas J. Farley
(Principal Financial and Accounting Officer)
/s/ Brian Brady
Director
July 18, 2022
Brian Brady
/s/ Namvar Kiaie
Director
July 18, 2022
Namvar Kiaie
/s/ Jeffrey W. Runge
Director
July 18, 2022
Jeffrey W. Runge, M.D.
/s/ Shahrokh Shabahang
Chief Innovation Officer and Director
July 18, 2022
Shahrokh Shabahang
II-8