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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Tenax Therapeutics, Inc. (the “Company”) was originally
formed as a New Jersey corporation in 1967 under the name Rudmer, David & Associates, Inc., and subsequently changed its
name to Synthetic Blood International, Inc. On June 17, 2008, the stockholders of Synthetic Blood International approved the
Agreement and Plan of Merger dated April 28, 2008, between Synthetic Blood International and Oxygen Biotherapeutics, Inc.,
a Delaware corporation. Oxygen Biotherapeutics was formed on April 17, 2008 by Synthetic Blood International to participate
in the merger for the purpose of changing the state of domicile of Synthetic Blood International from New Jersey to Delaware. Certificates
of Merger were filed with the states of New Jersey and Delaware and the merger was effective June 30, 2008. Under the Plan
of Merger, Oxygen Biotherapeutics was the surviving corporation and each share of Synthetic Blood International common stock outstanding
on June 30, 2008 was converted to one share of Oxygen Biotherapeutics common stock. On September 19, 2014, the Company changed
its name to Tenax Therapeutics, Inc.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On October 18, 2013, the Company created a wholly owned subsidiary,
Life Newco, Inc., a Delaware corporation (“Life Newco”), to acquire certain assets of Phyxius Pharma, Inc., a Delaware
corporation (“Phyxius”) pursuant to an Asset Purchase Agreement, dated October 21, 2013 (the “Asset Purchase
Agreement”), by and among the Company, Life Newco, Phyxius and the stockholders of Phyxius (the “Phyxius Stockholders”).
As further discussed in Note 7 below, on November 13, 2013, under the terms and subject to the conditions of the Asset Purchase
Agreement, Life Newco acquired certain assets, including a license granting Life Newco an exclusive, sublicenseable right to develop
and commercialize pharmaceutical products containing levosimendan, 2.5 mg/ml concentrate for solution for infusion / 5ml vial in
the United States and Canada.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On October 9, 2020, the Company entered into an Amendment (the “Amendment”)
to the License between the Company and Orion Corporation, a global healthcare company incorporated under the laws of Finland (“Orion”),
to include two new oral products containing levosimendan, in capsule and solid dosage form, and a subcutaneously administered product
containing levosimendan to the scope of the License, subject to specified limitations. The Amendment also amends the tiered royalty
payments based on net sales of the Product in the Territory (each as defined in the License, as amended by the Amendment) made
by the Company and its sublicensees. Pursuant to the Amendment, the term of the License has been extended until 10 years after
the launch of the Product in the Territory, provided that the License will continue after the end of the term in each country in
the Territory until the expiration of Orion’s patent rights in the Product in such country. In the event that no regulatory
approval for the Product has been granted in the United States on or before September 20, 2028, however, either party will have
the right to terminate the License with immediate effect. The Company intends to conduct an upcoming Phase 3 study in pulmonary
hypertension patients utilizing one of these oral formulations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On January 15, 2021, the Company, Life Newco II, Inc., a Delaware
corporation and a wholly-owned, direct subsidiary of the Company (“Life Newco II”), PHPrecisionMed Inc., a Delaware
corporation (“PHPM,”) and Dr. Stuart Rich, solely in his capacity as holders’ representative (in such capacity,
the “Representative”), entered into an Agreement and Plan of Merger, dated January 15, 2021 (the “Merger Agreement”),
pursuant to which, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, the Company would
acquire 100% of the equity of PHPM. Under the terms of the Merger Agreement, Life Newco II would merge with and into PHPM, with
PHPM surviving as a wholly owned subsidiary of the Company (the “Merger”). On January 15, 2021, the Company completed
the acquisition contemplated by the Merger Agreement (the “Acquisition”). As a result of the Acquisition the Company
intends to develop pharmaceutical products containing imatinib for the treatment of pulmonary arterial hypertension in the United
States and the rest of the world.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Basis of Presentation</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The accompanying unaudited condensed consolidated financial statements
include all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation of these financial statements.
The condensed consolidated balance sheet on December 31, 2020 has been derived from the Company’s audited consolidated financial
statements included in its Annual Report on Form 10-K for the period ended December 31, 2020. Certain footnote disclosures normally
included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”)
have been condensed or omitted pursuant to Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”)
rules and regulations. Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of results
for the full year or any other future periods. As such, it is suggested that these condensed consolidated financial statements
be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Going Concern</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Management believes the accompanying condensed consolidated financial
statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern. The Company
has an accumulated deficit of $270 million on March 31, 2021 and $246 million on December 31, 2020 and used cash in operations
of $3.2 million and $2.7 million during the three months ended March 31, 2021 and 2020, respectively. The Company requires substantial
additional funds to complete clinical trials and pursue regulatory approvals. Management is actively seeking additional sources
of equity and/or debt financing; however, there is no assurance that any additional funding will be available.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In view of the matters described above, recoverability of a major
portion of the recorded asset amounts shown in the accompanying March 31, 2021 balance sheet is dependent upon continued operations
of the Company, which in turn is dependent upon the Company’s ability to meet its financing requirements on a continuing
basis, to maintain present financing, and to generate cash from future operations. These factors, among others, raise substantial
doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not
include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification
of liabilities that might be necessary should the Company be unable to continue in existence.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Use of Estimates</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In preparing the unaudited condensed consolidated financial statements,
management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure
of contingent assets and liabilities at the dates of the unaudited condensed consolidated financial statements and the reported
amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates and the operating
results for the interim periods presented are not necessarily indicative of the results expected for the full year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On an ongoing basis, management reviews its estimates to ensure that
these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical
experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s
results of operations and financial position could be materially impacted.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Principles of Consolidation</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The accompanying condensed consolidated financial statements include
the accounts and transactions of the Company, Life Newco and Life Newco II. All material intercompany transactions and balances
have been eliminated in consolidation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Liquidity and Management’s Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On March 31, 2021, the Company had cash and cash equivalents, including
the fair value of its marketable securities, of approximately $4.0 million. The Company used $3.2 million of cash for operating
activities during the three months ended March 31, 2021 and had stockholders’ equity of $3.1 million, versus $4.6 million
on December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company expects to continue to incur expenses related to development
of levosimendan for pulmonary hypertension and other potential indications, as well as identifying and developing other potential
product candidates. Based on its resources on March 31, 2021, the Company believes that it has sufficient capital to fund its planned
operations through the third quarter of calendar year 2021. However, the Company will need substantial additional financing in
order to fund its operations beyond such period and thereafter until it can achieve profitability, if ever. The Company depends
on its ability to raise additional funds through various potential sources, such as equity and debt financing, or to license its
product candidates to another pharmaceutical company. The Company will continue to fund operations from cash on hand and through
sources of capital similar to those previously described. The Company cannot assure that it will be able to secure such additional
financing, or if available, that it will be sufficient to meet its needs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">To the extent that the Company raises additional funds by issuing
shares of its common stock or other securities convertible or exchangeable for shares of common stock, stockholders will experience
dilution, which may be significant. In the event the Company raises additional capital through debt financings, the Company may
incur significant interest expense and become subject to covenants in the related transaction documentation that may affect the
manner in which the Company conducts its business. To the extent that the Company raises additional funds through collaboration
and licensing arrangements, it may be necessary to relinquish some rights to its technologies or product candidates or grant licenses
on terms that may not be favorable to the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Any or all of the foregoing may have a material adverse effect on
the Company’s business and financial performance.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i> </i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>COVID-19 Impact and Related Risks</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The continued spread of COVID-19 globally could adversely affect
the Company’s ability to retain principal investigators and site staff who, as healthcare providers, may have heightened
exposure to COVID-19 if an outbreak occurs in their geography. Further, some of these investigators and site staff may be unable
to comply with clinical trial protocols if quarantines or travel restrictions impede movement or interrupt healthcare services,
or if they become infected with COVID-19 themselves, which would delay the Company’s ability to initiate and/or complete
planned clinical and preclinical studies in the future.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The full extent to which the COVID-19 pandemic and the various responses
to it might impact the Company’s business, operations and financial results will depend on numerous evolving factors that
are not subject to accurate prediction and that are beyond the Company’s control.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Net Loss per Share</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Basic net loss per share, which excludes antidilutive securities,
is computed by dividing net loss by the weighted-average number of common shares outstanding for that particular period. In contrast,
diluted net loss per share considers the potential dilution that could occur from other equity instruments that would increase
the total number of outstanding shares of common stock. Such amounts include shares potentially issuable under outstanding options,
convertible preferred shares and warrants.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following outstanding options, convertible preferred shares and
warrants were excluded from the computation of basic and diluted net loss per share for the periods presented because including
them would have had an anti-dilutive effect.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three months ended March 31,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2021</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt">Warrants to purchase common stock</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">21,057,508</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">14,362,007</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options to purchase common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">751,137</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">581,694</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Convertible preferred shares outstanding</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,442</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Leases</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company determines if an arrangement includes a lease at inception.
Operating leases are included in operating lease right-of-use assets, other current liabilities, and long-term lease liabilities
in the Company’s condensed consolidated balance sheets. Right-of-use assets represent the Company’s right to use an
underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising
from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the
present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses the
incremental borrowing rate based on the information available at the lease commencement date. The operating lease right-of-use
assets also include any lease payments made and exclude lease incentives. The Company’s leases may include options to extend
or terminate the lease which are included in the lease term when it is reasonably certain that the Company will exercise any such
option. Lease expense is recognized on a straight-line basis over the expected lease term. The Company has elected to account for
leases with an initial term of 12 months or less similar to previous guidance for operating leases, under which the Company will
recognize those lease payments in the consolidated statements of operations and comprehensive loss on a straight-line basis over
the lease term.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Recent Accounting Pronouncements</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In December 2019, the Financial Accounting Standards Board (“FASB”)
issued an accounting standard intended to simplify accounting for income taxes. It removes certain exceptions to the general principles
in Topic 740, Income Taxes and amends existing guidance to improve consistent application. This guidance is effective for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2020 and early adoption is permitted. The Company’s
adoption of this standard did not have a material impact on its consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In June 2016, the FASB issued an accounting standard that amends
how credit losses are measured and reported for certain financial instruments that are not accounted for at fair value through
net income. This standard requires that credit losses be presented as an allowance rather than as a write-down for available-for-sale
debt securities and will be effective for interim and annual reporting periods beginning January 1, 2023, with early adoption
permitted. A modified retrospective approach is to be used for certain parts of this guidance, while other parts of the guidance
are to be applied using a prospective approach. The Company does not believe the adoption of this standard will have a material
impact on its consolidated financial statements and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-indent: -63pt"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company determines the fair value of its financial assets and
liabilities in accordance with the Accounting Standards Codification (“ASC”) 820 Fair Value Measurements. The Company’s
balance sheet includes the following financial instruments: cash and cash equivalents, investments in marketable securities, and
warrant liabilities. The Company considers the carrying amount of its cash and cash equivalents to approximate fair value due to
the short-term nature of these instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Accounting for fair value measurements involves a single definition
of fair value, along with a conceptual framework to measure fair value, with a fair value defined as “the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date.” The fair value measurement hierarchy consists of three levels:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="border-top: #BFBFBF 1pt solid; width: 20%; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Level one</font></td>
<td style="border: #BFBFBF 1pt solid; width: 80%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Quoted market prices in active markets for identical assets or liabilities;</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Level two</font></td>
<td style="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Inputs other than level one inputs that are either directly or indirectly
observable; and</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Level three</font></td>
<td style="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; border-left: #BFBFBF 1pt solid; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company applies valuation techniques that (1) place greater
reliance on observable inputs and less reliance on unobservable inputs and (2) are consistent with the market approach, the
income approach and/or the cost approach, and include enhanced disclosures of fair value measurements in the Company’s condensed
consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Investments in Marketable Securities</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company classifies all of its investments as available-for-sale.
Unrealized gains and losses on investments are recognized in comprehensive income/(loss), unless an unrealized loss is considered
to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments
for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary
declines primarily resulting from interest rate changes. Realized gains and losses are reflected in other income in the condensed
consolidated statements of comprehensive loss and are determined using the specific identification method with transactions recorded
on a settlement date basis. Investments with original maturities at date of purchase beyond three months and which mature at or
less than 12 months from the balance sheet date are classified as current. Investments with a maturity beyond 12 months from the
balance sheet date are classified as long-term. As of March 31, 2021, the Company believes that the costs of its investments are
recoverable in all material respects.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the fair value of the Company’s
investments by type. The estimated fair value of the Company’s fixed income investments is classified as Level 2 in the fair
value hierarchy as defined in GAAP. These fair values are obtained from independent pricing services which utilize Level 2 inputs:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="18" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 2021</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Accrued Interest</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Gross Unrealized Gains</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Gross Unrealized losses</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Estimated Fair Value</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 46%"><font style="font-size: 8pt">Corporate debt securities</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">491,924</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">3,357</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">31</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">(435</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td style="width: 5%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Total investments</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">491,924</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">3,357</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">31</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(435</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">All of the Company’s investments have scheduled maturities
of less than one year as of March 31, 2021 and December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following tables summarize information regarding assets and liabilities
measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Fair Value Measurements at Reporting Date Using</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Balance as of March 31, 2021</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Quoted prices in Active Markets for Identical Securities (Level 1)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Significant Other Observable Inputs (Level 2)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Significant Unobservable Inputs (Level 3)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Current Assets</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3,536,787</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3,536,787</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 3%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Marketable securities</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Fair Value Measurements at Reporting Date Using</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Balance as of December 31, 2020</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Quoted prices in Active Markets for Identical Securities (Level 1)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Significant Other Observable Inputs (Level 2)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Significant Unobservable Inputs (Level 3)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Current Assets</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,250,241</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,250,241</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 3%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Marketable securities</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">462,687</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">462,687</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">There were no significant transfers between levels in the three months
ended March 31, 2021.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Property and equipment, net</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Property and equipment consist of the following as of March 31, 2021
and December 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Office furniture and fixtures</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">43,033</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">43,033</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Computer equipment and software</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,757</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">23,307</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">64,790</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">66,340</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Less: Accumulated depreciation</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(59,953</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(60,368</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">4,837</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">5,972</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Depreciation expense was approximately $1,100 for each the three
months ended March 31, 2021 and 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Accrued liabilities</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Accrued liabilities consist of the following as of March 31, 2021
and December 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Employee related</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">107,442</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">860,629</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Operating costs</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">84,595</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">319,608</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Lease liability</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">30,743</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">60,379</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">222,780</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,240,616</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">In
January 2011, the Company entered into the Lease with Concourse Associates, LLC for office facilities located at the premises
in Morrisville, North Carolina (the “Lease”).  The Lease was amended in August 2015 to extend the term for the
5,954 square foot rental.  The current term began on March 1, 2016 and continues for 64 months to June 30, 2021. Rent payments
began on July 1, 2016, following the conclusion of a four-month rent abatement period. The Company has two five-year options to
extend the Lease and a one-time option to terminate the Lease thirty-six months after the commencement of the initial term if
no additional space (“Expansion Space”) became available; none of these optional periods have been considered in the
determination of the right-of-use asset or the lease liability for the Lease as the Company did not consider it reasonably certain
that it would exercise any such options.  The Lease further provides that the Company is obligated to pay to the landlord
certain variable costs, including taxes and operating expenses. The Company also has a right of first offer to lease the Expansion
Space, of no less than 1,000 square feet, as that additional space becomes available adjacent to the premises over the remainder
of the initial term of the Lease, at the same rate per square foot as the current premises, with an extension of the term of sixty
additional months starting at the commencement date of acquiring the Expansion Space.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The
Company performed an evaluation of its other contracts with customers and suppliers in accordance with ASC 842 and determined
that, except for the Lease described above, none of the Company’s contracts contain a lease.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The
balance sheet classification of our lease liabilities was as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2021</b></font></p></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
31,</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2020</b></font></p></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; width: 76%"><font style="font: 8pt Times New Roman, Times, Serif">Current
portion included in accrued liabilities</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,743</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">60,379</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,743</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">60,379</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As
of March 31, 2021, the maturities of our operating lease liabilities were as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ending December 31, 2021</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; width: 88%"><font style="font: 8pt Times New Roman, Times, Serif">Total
lease payments</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,154</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less:
Imputed interest</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(411</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Operating
lease liability</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,743</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Operating
lease liabilities are based on the net present value of the remaining Lease payments over the remaining Lease term. In determining
the present value of lease payments, the Company used the incremental borrowing rate based on the information available at the
Lease commencement date. As of March 31, 2021, the remaining Lease term is 3 months and the discount rate used to determine the
operating lease liability was 8.0%. For the three months ending March 31, 2021, the Company paid $34,543 in total lease expenses,
including $3,895 for common area maintenance charges.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Payroll Protection Program Loan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On April 30, 2020, the Company received a loan pursuant to the Paycheck
Protection Program (the “PPP Loan”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES
Act”), as administered by the U.S. Small Business Administration. The PPP Loan in the principal amount of $244,657 was disbursed
by First Horizon Bank (the “Lender”) pursuant to a promissory note issued by us (the “Note”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The PPP Loan has a two-year term and bears interest at a rate of
1.00% per annum. Monthly principal and interest payments are deferred for sixteen months. Beginning September 30, 2021, the Company
is required to make monthly payments of principal and interest of approximately $31,100 to the Lender. The Company did not provide
any collateral or guarantees for the PPP Loan, nor did the Company pay any facility charge to obtain the PPP Loan. The Note provides
for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches of representations,
and material adverse effects. The Company may prepay the principal of the PPP Loan at any time, subject to certain notice requirements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Under the terms of the CARES Act, Paycheck Protection Program loan
recipients can apply for and be granted forgiveness for all or a portion of a loan granted under the program. Such forgiveness
will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of
mortgage interest, rent, and utilities. The Company is using the proceeds from the PPP Loan to fund payroll costs in accordance
with the relevant terms and conditions of the CARES Act. However, no assurance is provided that forgiveness for any portion of
the PPP Loan will be obtained.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, the current and long-term portions of the PPP
Loan were $213,577 and $31,080, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On January 15, 2021, the Company, Life Newco II, PHPM, and Dr. Stuart
Rich, solely in his capacity as Representative, entered into the Merger Agreement, pursuant to which, subject to the satisfaction
or waiver of the conditions set forth in the Merger Agreement, the Company would acquire 100% of the equity of PHPM. Under the
terms of the Merger Agreement, Life Newco II would merge with and into PHPM, with PHPM surviving as a wholly owned subsidiary of
the Company. On January 15, 2021, the Company completed the Acquisition.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As consideration for the Merger, the stockholders of PHPM received
(i) 1,892,905 shares of the Company’s common stock (“Common Stock”), and (ii) 10,232 shares of the Company’s
Series B convertible preferred stock, which are convertible into up to an aggregate of 10,232,000 shares of Common Stock (“Preferred
Stock”) (collectively, the “Merger Consideration”). The issuance of 1,212,492 shares of Common Stock issuable
upon conversion of the Preferred Stock, representing approximately 10% of the Merger Consideration, will be delayed as security
for closing adjustments and post-closing indemnification obligations of PHPM and the stockholders of PHPM. Each share of Preferred
Stock will automatically convert into (i) 881.5 shares of Common Stock following receipt of the approval of the stockholders of
the Company for the Conversion (as defined herein), and (ii) 118.5 shares of Common Stock 24 months after the date of issuance
of the Preferred Stock, subject to reduction for indemnification claims. The number of shares of Common Stock into which the Preferred
Stock converts is subject to adjustment in the case of stock splits, stock dividends, combinations of shares and similar recapitalization
transactions. The Preferred Stock does not carry dividends or a liquidation preference. The Preferred Stock carries voting rights
aggregating 4.99% of the Company’s Common Stock voting power immediately prior to the closing of the Merger. The rights,
preferences and privileges of the Preferred Stock are set forth in the Certificate of Designation of Series B Convertible Preferred
Stock that the Company filed with the Secretary of State of the State of Delaware on January 15, 2021 (the “Certificate of
Designation”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Pursuant to the Merger Agreement, the Company must, no later than
July 31, 2021, take all action necessary to call, convene and hold a meeting of the Company’s stockholders to vote upon the
conversion of the Preferred Stock pursuant to the Certificate of Designation (the “Conversion”). If stockholder approval
is not obtained at such meeting, the Company must call a meeting every 90 days thereafter to seek stockholder approval for the
Conversion until the earlier of the date stockholder approval for the Conversion is obtained or the Preferred Stock is no longer
outstanding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The terms of the Merger Agreement also require the board of directors
of the Company (the “Board”) to, subject to the Board’s fiduciary duties under applicable law, (i) recommend
to the Company’s stockholders that they approve the Conversion at any meeting of the Company’s stockholders called
for the approval of the Conversion, and (ii) use reasonable best efforts to solicit from the Company’s stockholders, the
affirmative vote of the holders of shares representing a majority of the shares of the Company’s capital stock voting in
person or by proxy at any such meeting. A vote on the Conversion is expected to take place at the Company’s next annual meeting
of stockholders. In addition, (i) at the Company’s first regularly scheduled Board meeting following the closing of the Merger,
the Board must appoint one director designated by the Representative to serve on the Board, and (ii) as promptly as practicable
after the Company has obtained stockholder approval for the Conversion, the Board must appoint two additional directors designated
by the Representative to serve on the Board. Dr. Stuart Rich, the co-founder and Chief Executive Officer, and a stockholder of
PHPM, and Dr. Michael Davidson and Dr. Declan Doogan, the two other designees of the Representative, were appointed to the Board
on February 25, 2021. In connection with the closing of the Merger, Dr. Stuart Rich was also appointed Chief Medical Officer of
the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company evaluated this acquisition in accordance with ASC 805,
Business Combinations, to determine whether the assets and operations of PHPM met the definition of a business. Included in the in-process
research and development project is the historical know-how, formula protocols, designs, and procedures expected to be needed
to complete the related phase of testing. The Company concluded that the in-process research and development (“IPR&D”)
project is an identifiable intangible asset that would be accounted for as a single asset in a business combination. The Company
also qualitatively concluded that there is no fair value associated with the clinical research organization contract
and the clinical manufacturing organization contract because the services are being provided at market rates and could be
provided by multiple vendors in the marketplace. Therefore, all of the consideration in the transaction will be allocated
to the in-process research and development project. As such, the Company concluded that substantially all of the fair value
of the gross assets acquired is concentrated in the single in-process research and development asset and the set is not
a business.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company is planning to use the acquired asset to further its
clinical develop in an upcoming phase 3 clinical trial for the treatment of patients with PAH. Although the acquired asset may
have utility in other patient populations, future development decisions for the acquired asset will be contingent upon the results
of the contemplated phase 3 program for PAH. As such, the acquired asset does not have an alternative future use at the acquisition
date. In accordance with ASC 730, Research and Development, the Company concluded the entire Purchase Price for the asset acquisition
will be recorded as an expense on the acquisition date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The consideration transferred, assets acquired and liabilities assumed
were recognized as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt">Fair value of shares of Common Stock issued</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3,369,371</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Fair Value of Series B Convertible Preferred Stock issued at closing</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">18,212,960</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">   Total fair value of consideration transferred</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">21,582,331</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Tangible assets acquired</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Accounts payable assumed</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(150,000</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.5in"><font style="font-size: 8pt">Total identifiable net assets</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(150,000</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">IPR&D expense recognized</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,732,331</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.5in"><font style="font-size: 8pt">Total fair value of consideration</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">21,582,331</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Simdax license agreement</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On November 13, 2013, the Company acquired, through its wholly owned
subsidiary, Life Newco, that certain License Agreement (the “License”), dated September 20, 2013 by and between Phyxius
and Orion Corporation, a global healthcare company incorporated under the laws of Finland (“Orion”), and that certain
Side Letter, dated October 15, 2013 by and between Phyxius and Orion. The License grants the Company an exclusive, sublicenseable
right to develop and commercialize pharmaceutical products containing levosimendan (the “Product”) in the United States
and Canada (the “Territory”) from Orion.  Pursuant to the License, the Company must use Orion’s “Simdax®”
trademark to commercialize the Product.  The License also grants to the Company a right of first refusal to commercialize
new developments of the Product, including developments as to the formulation, presentation, means of delivery, route of administration,
dosage or indication, i.e., line extension products.  Orion’s ongoing role under the License includes sublicense
approval, serving as the sole source of manufacture, holding a first right to enforce intellectual property rights in the Territory,
and certain regulatory participation rights.  Additionally, the Company must grant back to Orion a broad non-exclusive
license to any patents or clinical trial data related to the Product developed by the Company under the License.  The
License has a fifteen (15) year term, provided, however, that the License will continue after the end of the fifteen-year term
in each country in the Territory until the expiration of Orion’s patent rights in the Product in such country.  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On October 9, 2020, the Company entered into the Amendment to include
two new oral products containing levosimendan, in capsule and solid dosage form, and a subcutaneously administered product containing
levosimendan to the scope of the License, subject to specified limitations. The Amendment also amends the tiered royalty payments
based on net sales of the Product in the Territory (each as defined in the License, as amended by the Amendment) made by the Company
and its sublicensees. Pursuant to the Amendment, the term of the License has been extended until 10 years after the launch of the
Product in the Territory, provided that <font style="background-color: white">the License will continue after the end of the term
in each country in the Territory until the expiration of Orion’s patent rights in the Product in such country. In the event
that no regulatory approval for the Product has been granted in the United States on or before September 20, 2028, however, either
party will have the right to terminate the License with immediate effect.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Pursuant to the terms of the License, the Company paid to Orion a
non-refundable up-front payment in the amount of $1.0 million.  The License also includes the following development milestones
for which the Company shall make non-refundable payments to Orion no later than twenty-eight (28) days after the occurrence of
the applicable milestone event: (1) $2.0 million upon the grant of United States Food and Drug Administration approval, including
all registrations, licenses, authorizations and necessary approvals, to develop and/or commercialize the Product in the United
States; and (2) $1.0 million upon the grant of regulatory approval for the Product in Canada. Once commercialized, the Company
is obligated to make certain non-refundable commercialization milestone payments to Orion, aggregating up to $13.0 million, contingent
upon achievement of certain cumulative net sales amounts in the Territory. The Company must also pay Orion tiered royalties based
on net sales of the Product in the Territory made by the Company and its sublicensees. After the end of the term of the License,
the Company must pay Orion a royalty based on net sales of the Product in the Territory for as long as the Company sells the Product
in the Territory.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, the Company has not met any of the developmental
milestones and, accordingly, has not recorded any liability for the contingent payments due to Orion.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Preferred Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Under the Company’s Certificate of Incorporation, the Board
is authorized, without further stockholder action, to provide for the issuance of up to 10,000,000 shares of preferred stock, par
value $0.0001 per share, in one or more series, to establish from time to time the number of shares to be included in each such
series, and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations
and restrictions thereof.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>Series B Stock</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As further discussed in Note 7 above, on January 15, 2021 the Company
issued 10,232 shares of its Series B Stock, which were convertible into an aggregate of 10,232,000 shares of common stock, to the
stockholders of PHPM as partial consideration for the Merger with PHPM pursuant to the Merger Agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The rights, preferences and privileges of the Series B Stock are
set forth in the Certificate of Designation.  Each share of Series B Stock will automatically convert into (i) 881.5
shares of Common Stock following receipt of the approval of the stockholders of the Company for the Conversion, and (ii) 118.5
shares of Common Stock 24 months after the date of issuance of the Preferred Stock, subject to reduction for indemnification claims.
The number of shares of Common Stock into which the Preferred Stock converts is subject to adjustment in the case of stock splits,
stock dividends, combinations of shares and similar recapitalization transactions. The Preferred Stock does not carry dividends
or a liquidation preference. The Preferred Stock carries voting rights aggregating 4.99% of the Company’s Common Stock voting
power immediately prior to the closing of the Merger.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, there were 10,232 shares of Series B Stock
outstanding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>Series A Stock</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On December 11, 2018, the Company closed its underwritten offering
of 5,181,346 units for net proceeds of approximately $9 million. Each unit consists of (1) one share of the Company’s Series
A convertible preferred stock, par value $0.0001 per share (the “Series A Stock”), (2) a two-year warrant to purchase
one share of common stock at an exercise price of $1.93, and (3) a five-year warrant to purchase one share of common stock at an
exercise price of $1.93. In accordance with ASC 480, the estimated fair value of $1,800,016 for the beneficial conversion feature
was recognized as a deemed dividend on the Series A Stock during the year ended December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The table below sets forth a summary of the designation, powers,
preferences and rights of the Series A Stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 20%"><font style="font-size: 8pt"> Conversion</font></td>
<td style="vertical-align: bottom; width: 80%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Subject to the ownership limitations described below, the Series
A Stock is convertible at any time at the option of the holder into shares of the Company’s common stock at a conversion
ratio determined by dividing the stated value of the Series A Stock by a conversion price of $1.93 per share. The conversion price
is subject to adjustment in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company will not affect any conversion of the Series A Stock,
nor shall a holder convert its shares of Series A Stock, to the extent that such conversion would cause the holder to have acquired,
through conversion of the Series A Stock or otherwise, beneficial ownership of a number shares of common stock in excess of 4.99%
(or, at the election of the holder prior to the issuance of any shares of Series A Stock, 9.99%) of the common stock outstanding
after giving effect to such exercise.</p></td></tr>
<tr>
<td style="vertical-align: top">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Dividends</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p></td>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-size: 8pt">In the event the Company pays dividends on its shares of common stock, the holders of the Series A Stock will be entitled to receive dividends on shares of Series A Stock equal, on an as-if-converted basis, to and in the same form as paid on the common stock. No other dividends will be paid on the shares of Series A Stock.</font></td></tr>
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><font style="font-size: 8pt">Liquidation</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-size: 8pt">Upon any liquidation, dissolution or winding up of the Company after payment or provision for payment of debts and other liabilities of the Company, the holders of Series A Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders an amount equal to the amount that a holder of common stock would receive if the Series A Stock were fully converted to common stock, which amounts will be paid pari passu with all holders of common stock.</font></td></tr>
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><font style="font-size: 8pt">Voting rights</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-size: 8pt">Shares of Series A Stock will generally have no voting rights, except as required by law and except that the consent of holders of a majority of the then outstanding Series A Stock will be required to amend the terms of the Series A Stock or to take other action that adversely affects the rights of the holders of Series A Stock.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, there were 210 shares of Series A Stock outstanding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Common Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company’s Certificate of Incorporation authorizes it to
issue 400,000,000 shares of $0.0001 par value common stock. As of March 31, 2021, and December 31, 2020, there were 14,969,312
and 12,619,369 shares of common stock issued and outstanding, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On March 13, 2020, the Company completed a registered direct offering
to a single healthcare-focused institutional investor (the “Investor”) for the issuance and sale of 750,000 shares
of its common stock at a purchase price of $1.1651 per share and pre-funded warrants to purchase up to 1,610,313 shares of its
common stock, at a purchase price of $1.1650 per pre-funded warrant (which represents the per share offering price for the common
stock less $0.0001, the exercise price of each pre-funded warrant), for gross proceeds of approximately $2.75 million, priced at-the-market
under Nasdaq rules. Additionally, in a concurrent private placement, the Company issued to the Investor unregistered warrants to
purchase up to 2,360,313 shares of its common stock. The unregistered warrants have an exercise price of $1.04 per share and exercise
period commencing immediately upon the issuance date and a term of five and one-half years. The net proceeds from the offerings,
after deducting placement agent fees and other direct offering expenses were approximately $2.125 million. The fair value allocated
to the common stock, pre-funded warrants and warrants was $0.5 million, $1.1 million and $1.1 million, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On July 8, 2020, the Company completed a registered direct offering
with the Investor for the issuance and sale of 2,523,611 shares of its common stock at a purchase price of $1.0278 per share and
pre-funded warrants to purchase up to 652,313 shares of its common stock, at a purchase price of $1.0277 per pre-funded warrant
(which represents the per share offering price for the common stock less $0.0001, the exercise price of each pre-funded warrant).
The Company issued in a concurrent private placement unregistered pre-funded warrants to purchase up to 4,607,692 shares of common
stock at the same purchase price as the registered pre-funded warrants, and unregistered common stock warrants to purchase up to
7,783,616 shares of common stock for aggregate gross proceeds of approximately $8.0 million, priced at-the-market under Nasdaq
rules. The unregistered warrants have an exercise price of $0.903 per share and exercise period commencing immediately upon the
issuance date and a term of five and one-half years. The net proceeds from the offerings, after deducting placement agent fees
and other direct offering expenses were approximately $6.5 million. The fair value allocated to the common stock, pre-funded warrants
and warrants was $1.5 million, $3.0 million and $3.5 million, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, there were 5,260,005 pre-funded warrants outstanding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Warrants</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>March 2020 Warrants</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As part of the March 2020 registered direct offering, the Company
issued unregistered warrants to purchase 2,360,313 shares of its common stock at an exercise price of $1.04 per share and contractual
term of five and one-half years. The unregistered warrants were offered in a private placement under Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder and, along with the shares
of common stock underlying the warrants, have not been registered under the Securities Act, or applicable state securities laws.
In accordance with ASC 480, these warrants are classified as equity and their relative fair value of approximately $1.1 million
was recognized as additional paid in capital. The estimated fair value is determined using the Black-Scholes Option Pricing Model
which is based on the value of the underlying common stock at the valuation measurement date, the remaining contractual term of
the warrants, risk-free interest rates, expected dividends and expected volatility of the price of the underlying common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>July 2020 Warrants</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As part of the July 2020 offering, the Company issued unregistered
warrants to purchase 7,783,616 shares of its common stock at an exercise price of $0.903 per share and contractual term of five
and one-half years. The unregistered warrants were offered in a private placement under Section 4(a)(2) of the Securities Act,
and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered
under the Securities Act, or applicable state securities laws. In accordance with ASC 480, these warrants are classified as equity
and their relative fair value of approximately $3.5 million was recognized as additional paid in capital. The estimated fair value
is determined using the Black-Scholes Option Pricing Model which is based on the value of the underlying common stock at the valuation
measurement date, the remaining contractual term of the warrants, risk-free interest rates, expected dividends and expected volatility
of the price of the underlying common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>Warrants Issued for Services</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In connection with the March 2020 offering described above, the Company
issued designees of the placement agent warrants to purchase 177,023 shares of common stock at an exercise price of $1.4564 and
a contractual term of five years. In accordance with ASC 815, these warrants are classified as equity and its estimated fair value
of $66,201 was recognized as additional paid in capital. Additionally, the Company issued to its previous underwriter a warrant
to purchase 94,413 shares of common stock at an exercise price of $1.4564 per share and contractual term of five years. In accordance
with ASC 815, this warrant is classified as equity and its estimated fair value of $35,308 was recognized as additional paid in
capital. The estimated fair value is determined using the Black-Scholes Option Pricing Model which is based on the value of the
underlying common stock at the valuation measurement date, the remaining contractual term of the warrant, risk-free interest rates,
expected dividends and expected volatility of the price of the underlying common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In connection with the July 2020 offering described above, the Company
issued designees of the placement agent warrants to purchase 583,771 shares of common stock at an exercise price of $1.2848 and
a contractual term of five years. In accordance with ASC 815, these warrants are classified as equity and its estimated fair value
of $399,445 was recognized as additional paid in capital. Additionally, the Company issued to its previous underwriter a warrant
to purchase 311,345 shares of common stock at an exercise price of $1.2848 per share and contractual term of five years. In accordance
with ASC 815, this warrant is classified as equity and its estimated fair value of $213,038 was recognized as additional paid in
capital. The estimated fair value is determined using the Black-Scholes Option Pricing Model which is based on the value of the
underlying common stock at the valuation measurement date, the remaining contractual term of the warrant, risk-free interest rates,
expected dividends and expected volatility of the price of the underlying common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the three months ended March 31, 2021, the Company received
approximately $545,000 and issued 282,202 shares of common stock upon the exercise of previously outstanding warrants issued in
connection with the Company’s December 2018 offering.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the three months ended March 31, 2021, the Company issued
119,491 shares of common stock upon the cashless exercise of previously outstanding placement agent warrants issued in connection
with the Company’s March 2020 offering.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the three months ended March 31, 2021, the Company issued
399,883 shares of common stock upon the cashless exercise of previously outstanding placement agent warrants issued in connection
with the Company’s July 2020 offering.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, the Company has 15,797,503 warrants outstanding.
The following table summarizes the Company’s warrant activity for the three months ended March 31, 2021:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Warrants</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted Average Exercise Price</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt"><b>Outstanding at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt"><b>16,599,079</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt"><b>1.29</b></font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(801,576</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.54</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Outstanding at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"><b>15,797,503</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>1.27</b></font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>2016 Stock Incentive Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In June 2016, the Company adopted the 2016 Stock Incentive Plan (the
“2016 Plan”).  Under the 2016 Plan, with the approval of the Compensation Committee of the Board of Directors,
the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance
units, cash-based awards or other stock-based awards. On June 16, 2016, the Company’s stockholders approved the 2016 Plan
and authorized for issuance under the 2016 Plan a total of 150,000 shares of common stock. On June 13, 2019, the Company’s
stockholders approved an amendment to the 2016 Plan which increased the number of shares of common stock authorized for issuance
under the 2016 Plan to a total of 750,000 shares, up from 150,000 previously authorized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the shares available for grant under
the 2016 Plan for the three months ended March 31, 2021:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Shares Available for Grant</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt"><b>Balances, at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">356,500</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options granted</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(300,000</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balances, at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">56,500</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>2016 Plan Stock Options</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Stock options granted under the 2016 Plan may be either incentive
stock options (“ISOs”), or nonqualified stock options (“NSOs”). ISOs may be granted only to employees.
NSOs may be granted to employees, consultants and directors. Stock options under the 2016 Plan may be granted with a term of up
to ten years and at prices no less than fair market value at the time of grant. Stock options granted generally vest over three
to four years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the outstanding stock options under
the 2016 Plan for the three months ended March 31, 2021:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Outstanding Options</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number of Shares</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted Average Exercise Price</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt"><b>Balances at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">393,500</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.81</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options granted</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">300,000</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.85</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balances at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">693,500</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.83</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company chose the “straight-line” attribution method
for allocating compensation costs of each stock option over the requisite service period using the Black-Scholes Option Pricing
Model to calculate the grant date fair value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="background-color: white">The Company recorded compensation
expense for these stock option grants of $90,319 and $60,161 for the three months ended March 31, 2021 and 2020, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, there were unrecognized compensation costs
of approximately $503,592 related to non-vested stock option awards under the 2016 Plan that will be recognized on a straight-line
basis over the weighted average remaining vesting period of 1.57 years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company used the following assumptions to estimate the fair value
of options granted under the 2016 Plan for the three months ended March 31, 2021:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>For the three months ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"> </td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><font style="font-size: 8pt"><b>2021</b></font></td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td></tr>
<tr>
<td><font style="font-size: 8pt">Risk-free interest rate (weighted average)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">0.66%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">1.03%</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Expected volatility (weighted average)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">99.49%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">97.59%</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Expected term (in years)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">7</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">7</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Expected dividend yield</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">0.00%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">0.00%</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 21%"><font style="font-size: 8pt"><i>Risk-Free Interest Rate</i></font></td>
<td style="width: 79%"><font style="font-size: 8pt">The risk-free interest rate assumption was based on U.S. Treasury instruments with a term that is consistent with the expected term of the Company’s stock options.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt"><i>Expected Volatility</i></font></td>
<td><font style="font-size: 8pt">The expected stock price volatility for the Company’s common stock was determined by examining the historical volatility and trading history for its common stock over a term consistent with the expected term of its options.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt"><i>Expected Term</i></font></td>
<td><font style="font-size: 8pt">The expected term of stock options represents the weighted average period the stock options are expected to remain outstanding. It was calculated based on the Company’s historical experience with its stock option grants.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt"><i>Expected Dividend Yield</i></font></td>
<td><font style="font-size: 8pt">The expected dividend yield of 0% is based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not anticipate paying any dividends in the near future.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt"><i>Forfeitures</i></font></td>
<td><font style="font-size: 8pt">Stock compensation expense recognized in the statements of operations for the three months ended March 31, 2021 is based on awards ultimately expected to vest, and it has been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on the Company’s historical experience.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i> </i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>1999 Amended Stock Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In October 2000, the Company adopted the 1999 Stock Plan, as amended
and restated on June 17, 2008 (the “1999 Plan”). Under the 1999 Plan, with the approval of the Compensation Committee
of the Board of Directors, the Company could grant stock options, restricted stock, stock appreciation rights and new shares of
common stock upon exercise of stock options. On March 13, 2014, the Company’s stockholders approved an amendment to the 1999
Plan which increased the number of shares of common stock authorized for issuance under the 1999 Plan to a total of 200,000 shares,
up from 15,000 previously authorized. On September 15, 2015, the Company’s stockholders approved an additional amendment
to the 1999 Plan which increased the number of shares of common stock authorized for issuance under the 1999 Plan to a total of
250,000 shares, up from 200,000 previously authorized. The 1999 Plan expired on June 17, 2018 and no new grants may be made under
that plan after that date. However, unexpired awards granted under the 1999 Plan remain outstanding and subject to the terms of
the 1999 Plan.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i>1999 Plan Stock Options</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Stock options granted under the 1999 Plan may be either ISOs or NSOs.
ISOs could be granted only to employees. NSOs could be granted to employees, consultants and directors. Stock options under the
1999 Plan could be granted with a term of up to ten years and at prices no less than fair market value for ISOs and no less than
85% of the fair market value for NSOs. Stock options granted generally vest over one to six years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the outstanding stock options under
the 1999 Plan for the three months ended March 31, 2021:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Outstanding Options</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number of Shares</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted Average Exercise Price</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt"><b>Balances at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">57,648</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">46.34</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options cancelled</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(11</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">789.45</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balances at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">57,637</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">46.20</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company chose the “straight-line” attribution method
for allocating compensation costs of each stock option over the requisite service period using the Black-Scholes Option Pricing
Model to calculate the grant date fair value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="background-color: white">The Company recorded compensation
expense for these stock option grants of $1,290 and $12,215 for the three months ended March 31, 2021 and 2020, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, there were no unrecognized compensation costs
related to non-vested stock option awards under the 1999 Plan.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Inducement Stock Options</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company granted an employment inducement stock option award for
250,000 shares of common stock to our chief medical officer on January 15, 2021. This employment inducement stock option was awarded
in accordance with the employment inducement award exemption provided by NASDAQ Rule 5635(c)(4) and was therefore not awarded under
the Company’s stockholder approved equity plan. The option award will vest as follows: 25% upon initiation of a Phase 3 trial;
25% upon database lock; 25% upon acceptance for review of an NDA; and 25% upon approval. The options have a 10-year term and an
exercise price of $1.78 per share, the January 15, 2021 closing price of the Company's common stock. As of March 31, 2021, none
of the vesting milestones have been achieved.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The estimated fair value of the inducement stock option award granted
was $402,789 using a Black-Scholes option pricing model based on market prices and the following assumptions at the date of inducement
option grant: risk-free interest rate of 1.11%, dividend yield of 0%, volatility factor for our common stock of 103.94% and an
expected life of 10 years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Inducement stock option compensation expense totaled $0 for the three
months ended March 31, 2021. As of March 31, 2021, there was $402,789 of remaining unrecognized compensation expense related to
this inducement stock option.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The accompanying unaudited condensed consolidated financial statements
include all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation of these financial statements.
The condensed consolidated balance sheet on December 31, 2020 has been derived from the Company’s audited consolidated financial
statements included in its Annual Report on Form 10-K for the period ended December 31, 2020. Certain footnote disclosures normally
included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”)
have been condensed or omitted pursuant to Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”)
rules and regulations. Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of results
for the full year or any other future periods. As such, it is suggested that these condensed consolidated financial statements
be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Management believes the accompanying condensed consolidated financial
statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern. The Company
has an accumulated deficit of $270 million on March 31, 2021 and $246 million on December 31, 2020 and used cash in operations
of $3.2 million and $2.7 million during the three months ended March 31, 2021 and 2020, respectively. The Company requires substantial
additional funds to complete clinical trials and pursue regulatory approvals. Management is actively seeking additional sources
of equity and/or debt financing; however, there is no assurance that any additional funding will be available.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In view of the matters described above, recoverability of a major
portion of the recorded asset amounts shown in the accompanying March 31, 2021 balance sheet is dependent upon continued operations
of the Company, which in turn is dependent upon the Company’s ability to meet its financing requirements on a continuing
basis, to maintain present financing, and to generate cash from future operations. These factors, among others, raise substantial
doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not
include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification
of liabilities that might be necessary should the Company be unable to continue in existence.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In preparing the unaudited condensed consolidated financial statements,
management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure
of contingent assets and liabilities at the dates of the unaudited condensed consolidated financial statements and the reported
amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates and the operating
results for the interim periods presented are not necessarily indicative of the results expected for the full year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On an ongoing basis, management reviews its estimates to ensure that
these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical
experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s
results of operations and financial position could be materially impacted.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The accompanying condensed consolidated financial statements include
the accounts and transactions of the Company, Life Newco and Life Newco II. All material intercompany transactions and balances
have been eliminated in consolidation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On March 31, 2021, the Company had cash and cash equivalents, including
the fair value of its marketable securities, of approximately $4.0 million. The Company used $3.2 million of cash for operating
activities during the three months ended March 31, 2021 and had stockholders’ equity of $3.1 million, versus $4.6 million
on December 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company expects to continue to incur expenses related to development
of levosimendan for pulmonary hypertension and other potential indications, as well as identifying and developing other potential
product candidates. Based on its resources on March 31, 2021, the Company believes that it has sufficient capital to fund its planned
operations through the third quarter of calendar year 2021. However, the Company will need substantial additional financing in
order to fund its operations beyond such period and thereafter until it can achieve profitability, if ever. The Company depends
on its ability to raise additional funds through various potential sources, such as equity and debt financing, or to license its
product candidates to another pharmaceutical company. The Company will continue to fund operations from cash on hand and through
sources of capital similar to those previously described. The Company cannot assure that it will be able to secure such additional
financing, or if available, that it will be sufficient to meet its needs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">To the extent that the Company raises additional funds by issuing
shares of its common stock or other securities convertible or exchangeable for shares of common stock, stockholders will experience
dilution, which may be significant. In the event the Company raises additional capital through debt financings, the Company may
incur significant interest expense and become subject to covenants in the related transaction documentation that may affect the
manner in which the Company conducts its business. To the extent that the Company raises additional funds through collaboration
and licensing arrangements, it may be necessary to relinquish some rights to its technologies or product candidates or grant licenses
on terms that may not be favorable to the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Any or all of the foregoing may have a material adverse effect on
the Company’s business and financial performance.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i> </i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The continued spread of COVID-19 globally could adversely affect
the Company’s ability to retain principal investigators and site staff who, as healthcare providers, may have heightened
exposure to COVID-19 if an outbreak occurs in their geography. Further, some of these investigators and site staff may be unable
to comply with clinical trial protocols if quarantines or travel restrictions impede movement or interrupt healthcare services,
or if they become infected with COVID-19 themselves, which would delay the Company’s ability to initiate and/or complete
planned clinical and preclinical studies in the future.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The full extent to which the COVID-19 pandemic and the various responses
to it might impact the Company’s business, operations and financial results will depend on numerous evolving factors that
are not subject to accurate prediction and that are beyond the Company’s control.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Basic net loss per share, which excludes antidilutive securities,
is computed by dividing net loss by the weighted-average number of common shares outstanding for that particular period. In contrast,
diluted net loss per share considers the potential dilution that could occur from other equity instruments that would increase
the total number of outstanding shares of common stock. Such amounts include shares potentially issuable under outstanding options,
convertible preferred shares and warrants.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following outstanding options, convertible preferred shares and
warrants were excluded from the computation of basic and diluted net loss per share for the periods presented because including
them would have had an anti-dilutive effect.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three months ended March 31,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2021</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt">Warrants to purchase common stock</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">21,057,508</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">14,362,007</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options to purchase common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">751,137</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">581,694</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Convertible preferred shares outstanding</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,442</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company determines if an arrangement includes a lease at inception.
Operating leases are included in operating lease right-of-use assets, other current liabilities, and long-term lease liabilities
in the Company’s condensed consolidated balance sheets. Right-of-use assets represent the Company’s right to use an
underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising
from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the
present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses the
incremental borrowing rate based on the information available at the lease commencement date. The operating lease right-of-use
assets also include any lease payments made and exclude lease incentives. The Company’s leases may include options to extend
or terminate the lease which are included in the lease term when it is reasonably certain that the Company will exercise any such
option. Lease expense is recognized on a straight-line basis over the expected lease term. The Company has elected to account for
leases with an initial term of 12 months or less similar to previous guidance for operating leases, under which the Company will
recognize those lease payments in the consolidated statements of operations and comprehensive loss on a straight-line basis over
the lease term.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In December 2019, the Financial Accounting Standards Board (“FASB”)
issued an accounting standard intended to simplify accounting for income taxes. It removes certain exceptions to the general principles
in Topic 740, Income Taxes and amends existing guidance to improve consistent application. This guidance is effective for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2020 and early adoption is permitted. The Company’s
adoption of this standard did not have a material impact on its consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In June 2016, the FASB issued an accounting standard that amends
how credit losses are measured and reported for certain financial instruments that are not accounted for at fair value through
net income. This standard requires that credit losses be presented as an allowance rather than as a write-down for available-for-sale
debt securities and will be effective for interim and annual reporting periods beginning January 1, 2023, with early adoption
permitted. A modified retrospective approach is to be used for certain parts of this guidance, while other parts of the guidance
are to be applied using a prospective approach. The Company does not believe the adoption of this standard will have a material
impact on its consolidated financial statements and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-indent: -63pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three months ended March 31,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2021</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt">Warrants to purchase common stock</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">21,057,508</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">14,362,007</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options to purchase common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">751,137</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">581,694</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Convertible preferred shares outstanding</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">10,442</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210</font></td>
<td> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="18" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 2021</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Accrued Interest</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Gross Unrealized Gains</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Gross Unrealized losses</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Estimated Fair Value</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 46%"><font style="font-size: 8pt">Corporate debt securities</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">491,924</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">3,357</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">31</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">(435</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 7%; text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td style="width: 5%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Total investments</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">491,924</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">3,357</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">31</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(435</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Fair Value Measurements at Reporting Date Using</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Balance as of March 31, 2021</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Quoted prices in Active Markets for Identical Securities (Level 1)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Significant Other Observable Inputs (Level 2)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Significant Unobservable Inputs (Level 3)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Current Assets</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3,536,787</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3,536,787</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 3%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Marketable securities</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">494,877</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Fair Value Measurements at Reporting Date Using</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Balance as of December 31, 2020</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Quoted prices in Active Markets for Identical Securities (Level 1)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Significant Other Observable Inputs (Level 2)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Significant Unobservable Inputs (Level 3)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Current Assets</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,250,241</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,250,241</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 3%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Marketable securities</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">462,687</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">462,687</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Office furniture and fixtures</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">43,033</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">43,033</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Computer equipment and software</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,757</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">23,307</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">64,790</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">66,340</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Less: Accumulated depreciation</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(59,953</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(60,368</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">4,837</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">5,972</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Employee related</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">107,442</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">860,629</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Operating costs</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">84,595</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">319,608</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Lease liability</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">30,743</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">60,379</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">222,780</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,240,616</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Current portion included in accrued liabilities</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">30,743</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">60,379</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">30,743</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">60,379</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ending December 31, 2021</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; width: 88%"><font style="font: 8pt Times New Roman, Times, Serif">Total
lease payments</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,154</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less:
Imputed interest</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(411</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Operating
lease liability</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,743</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt">Fair value of shares of Common Stock issued</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3,369,371</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Fair Value of Series B Convertible Preferred Stock issued at closing</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">18,212,960</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">   Total fair value of consideration transferred</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">21,582,331</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Tangible assets acquired</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Accounts payable assumed</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(150,000</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.5in"><font style="font-size: 8pt">Total identifiable net assets</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(150,000</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">IPR&D expense recognized</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,732,331</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.5in"><font style="font-size: 8pt">Total fair value of consideration</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">21,582,331</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Warrants</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted Average Exercise Price</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt"><b>Outstanding at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt"><b>16,599,079</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt"><b>1.29</b></font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(801,576</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.54</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Outstanding at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"><b>15,797,503</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>1.27</b></font></td>
<td> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Shares Available for Grant</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt"><b>Balances, at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">356,500</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options granted</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(300,000</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balances, at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">56,500</font></td>
<td> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Outstanding Options</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number of Shares</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted Average Exercise Price</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt"><b>Balances at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">393,500</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.81</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options granted</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">300,000</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.85</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balances at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">693,500</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1.83</font></td>
<td> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>For the three months ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"> </td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><font style="font-size: 8pt"><b>2021</b></font></td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td></tr>
<tr>
<td><font style="font-size: 8pt">Risk-free interest rate (weighted average)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">0.66%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">1.03%</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Expected volatility (weighted average)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">99.49%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">97.59%</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Expected term (in years)</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">7</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">7</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Expected dividend yield</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">0.00%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 8pt">0.00%</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Outstanding Options</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number of Shares</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted Average Exercise Price</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt"><b>Balances at December 31, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">57,648</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">46.34</font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Options cancelled</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(11</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">789.45</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balances at March 31, 2021</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">57,637</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">46.20</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In January 2011, the Company entered into the Lease with Concourse
Associates, LLC for office facilities located at the premises in Morrisville, North Carolina (the “Lease”).  The
Lease was amended in August 2015 to extend the term for the 5,954 square foot rental.  The current term began on March 1,
2016 and continues for 64 months to June 30, 2021. Rent payments began on July 1, 2016, following the conclusion of a four-month
rent abatement period. The Company has two five-year options to extend the Lease and a one-time option to terminate the Lease thirty-six
months after the commencement of the initial term if no additional space (“Expansion Space”) became available. On April
2, 2021, the Company negotiated a 3-year extension to the existing lease term, commencing July 1, 2021.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Beginning on the commencement date, the annual base rent will be
increase to $125,034 and will increase 2.5% annually for lease years 2 and 3. In accordance with ASC 842, the Company remeasured
its lease classification, lease liability, its right-of-use asset and its lease expense as of the date of the extension (remeasurement
date) as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt">Current Lease liability</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">30,743</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Remeasured Lease liability</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">364,523</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Current Right of use asset</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">29,690</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Remeasured Right of use asset</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">363,469</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Original Lease expense</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,033</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Remeasured Lease expense</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,634</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt">Current Lease liability</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">30,743</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Remeasured Lease liability</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">364,523</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Current Right of use asset</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">29,690</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Remeasured Right of use asset</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">363,469</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Original Lease expense</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,033</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Remeasured Lease expense</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,634</font></td>
<td> </td></tr>
</table>